Business News Report October 2022

Business News Report - October 2022

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.

Nigeria is no longer the leading force in oil production in Africa

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. 

The NSA revealed 54,000 fraudulent payroll entries in Nigeria

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. 

Africa HR Solutions: your trusted partner for payroll compliance

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.