In this week’s Business News Report – Nigeria loses its spot as Africa’s largest oil manufacturer and is in the spotlight of fraudulent payroll cases as the NSA uncovered 54,000 entries in the country alone.
After 30 years, Nigeria has finally lost its spot as Africa’s biggest oil manufacturer. According to a study by the Nigerian Petroleum Commission (NNPC), the country’s production fell to 972,000 barrels per day (down from about 1.1 million barrels per day in July).
With that said, Angola is now considered Africa’s biggest crude oil producer. Authorities blame rising cases of theft and sabotage at production sites. The Nigerian Petroleum Commission points out at least 200,000 barrels of crude oil being stolen per day.
With these thefts causing a major backlash to Nigeria’s economy, the country is now in a precarious economic position. Authorities now aim at increasing its surveillance and improving security to mitigate any further loss.
On September 9 in Abuja during the National Policy Dialogue on Corruption and Security organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the National Security Adviser (NSA) disclosed the amount of fraudulent payroll entries uncovered in its Integrated Personnel and Payroll Information System (IPPIS).
This event aimed at discussing the current flaws in security and how Nigeria’s corruption is a considerate blight to the country. Authorities noted the implementation of the Treasury Single Account (TSA) in more than 90 per cent of all Ministries.
When you are planning an expansion on the African continent, ensuring your operations are always compliant is certainly not a given. Managing payroll in Africa can be an intricate process that requires extensive knowledge of the continent’s legislation and tax policies.
Should you wish to mitigate any legal or financial risks that may damage your company’s reputation, you can entrust your payroll to Africa HR Solutions. For 12 years now, our team of payroll and HR compliance experts has grown to understand and tackle the intricacies of managing salary distribution to a distributed workforce across Africa.
Contact our team now to find out how we made payroll in Africa a streamlined and stress-free process for our clients for more than a decade.
Kevina Takoordyal has a BA Hons Business Management from the University of Glamorgan, UK, with MBA in leadership and Innovation, MBA General, PMP Certified, and Agile Scrum Master. She currently works as the Head of Operations at Africa HR Solutions Ltd with more than 20 years of proven leadership capabilities in Operations, Business Development, People Management, Process Optimization, and Project Management in the Financial Services, BPO, Banking Industry, and Heath Care Industry. In Senior leadership roles with an international footprint across Europe working and extensive Pan- African experience from a compliance, finance, and operations angle, Kevina comes across with a panoply of cross-functional skills. Kevina also serves on a few Boards, Non-Independent Executive at MioD and for NGOs on a voluntary basis, a coach and mentor to aspiring female leaders across Africa and Mauritius.
Kevina is a firm believer in Servant Leadership with a strong focus and commitment to uplifting others, with the ability to deliver through a highly engaged – diverse team, and works towards consistently synergistic value creation. While being a focused and adaptive thinker and Kevina is actively participating in panel discussions on Innovation, CX, Digital transformation.
Kevina serves as Project Assessor for the National Youth upskilling program. She has been recognized as Global Talent in a few companies, Ceridian, and International SOS Ltd whereby she has been awarded a few scholarships and had the opportunity to be mentored by Senior Vice President in the US. Award Winner in various fields and at a national level and recognized including Super Achiever Leader Award in Africa in 2016, Awarded Africa Women Leader 2018.
A qualified lawyer who joined Africa HR Solutions in July 2020, Mark Du Preez has experience working in private practice for a reputable law firm in South Africa. He also played commercially focused roles at a leading private bank, wealth management company, and outsourcing firm in South Africa and Mauritius.
Mark has played a pivotal role in Africa HR Solution’s risk mitigation strategy, which positively impacted P&L performance over the years.
He currently leads the Partnerships function of the company including relationships and oversight with in-country partners (ICPs) across Africa.
Alex has more than 15 years of experience in the global, strategic development of both enterprise and consumer brands in categories including technology, transport, enterprise software, entertainment, and travel.
With experience in roles on both agency and corporate side, he has worked across international brands and has led the development and execution of multi-discipline campaigns across EMEA, NORAM and Asia Pacific.
His focus is on driving meaningful business impact through brand differentiation and building high-functioning, digitally oriented, and analytically driven capabilities. He is motivated by working with, and developing dynamic people, teams, and organizations.
He leads, manages, develops and mentors the Key Account Management department, including line management responsibility for the team of Key Account Managers and Key Account Administrator who represent the Company as the primary communication link between all relevant stakeholders, including clients, third party in-country partners and internal functions.
Originally from Mauritius, he holds bachelor’s degrees in International Business, Finance and Management from the University of Nevada, Reno.