African markets and business updates

The Financial Reporting Council of Nigeria (FRC) has unveiled a range of incentives aimed at boosting the country’s actuarial workforce, as it moves to address what it described as a critical shortage of certified professionals. Speaking at Lagos State University of Science and Technology (LASUSTECH), Ikorodu, Former Head of Directorate of Audit Practice Standards, FRC, Mr. Mufutau Olasunkunmi, said: “The most endangered profession in Nigeria is the actuarial profession because out of about 240 million Nigerians, we have only 28 actuaries.” He added: “The shortage is so acute that when regulators advertise for actuarial roles, they don’t even get applications. We have to go to Kenya, South Africa, England and beyond to scout for actuaries.” To reverse the trend, Olasunkunmi said the FRC has introduced financial and academic support schemes for students. “Write the examination. If you pass today, the FRC will give you your money. As of this year, we are paying for about 17 students. Once you pass, bring your result, we will refund you,” he said. He further disclosed: “We are putting structures in place to help you prepare, including bringing in professionals from India and other countries to teach you online. We are also introducing scholarships for the best students and graduates, and even training your lecturers.” Also speaking, Head of Department of Insurance and Actuarial Science, LASUSTECH, Associate Professor Kudirat Banjo, said: “In a rapidly evolving world characterised by uncertainty and emerging risks, the ability to quantify and manage risk has never been more critical.” The post FRC unveils incentives to grow actuarial workforce appeared first on Vanguard News.

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has called on the Federal Government (FG) and the Nigerian National Petroleum Company Limited (NNPCL) to ensure that the newly signed partnership with Chinese firms for the rehabilitation of the Warri and Port Harcourt petrol refineries delivers concrete results, saying Nigerians are tired of repeated promises without visible progress. The President of NUPENG, Salmon Oladiti, made the call while reacting to the agreement aimed at reviving the nation’s struggling refineries, describing the initiative as a critical step toward repositioning Nigeria’s oil and gas sector. Oladiti commended FG on the partnership, noting that the continued failure of local refineries have inflicted severe economic hardship on Nigerians despite the country’s position as one of Africa’s leading crude oil producers. According to him, the failure of the refining sector over the years has contributed significantly to rising fuel prices, pressure on foreign exchange, inflation, unemployment, and the nation’s overdependence on imported petroleum products. He lamented that Nigerian workers and ordinary citizens have continued to bear the burden of unstable fuel supply, soaring transportation costs, and worsening living conditions caused by the country’s inability to sustain local refining capacity. Oladiti said the agreement with the Chinese firms offers an opportunity to restore public confidence in Nigeria’s refining industry, create employment opportunities, stimulate industrial growth, strengthen energy security, and reduce the economic pressure associated with fuel importation. He warned, however, that Nigerians would no longer tolerate another round of failed refinery rehabilitation projects after huge public funds had been spent previously without meaningful results. “Nigerians are tired of repeated refinery rehabilitation promises and projects that consumed huge public resources without delivering lasting results,” Oladiti stated. He therefore urged all stakeholders involved in the agreement to ensure transparency, accountability, professionalism, and timely execution of the refinery rehabilitation projects. The Warri and Port Harcourt refineries have remained largely inactive for years despite several turnaround maintenance efforts. The post REFINERIES: NUPENG demands results over FG, China partnership appeared first on Vanguard News.

H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, accompanied by H.E. Mr. Mikayil Jabbarov, Minister of Economy and IsDB Governor for the Republic of Azerbaijan, and H.E. Mr. Emin Amrullayev, Minister of Science and Education of the Republic of Azerbaijan, visited the Garabagh region as part of his official mission to the Republic of Azerbaijan, where they witnessed ongoing efforts aimed at advancing economic development, education, and community infrastructure across the region. The visit marked Dr. Al Jasser’s second visit to the Garabagh region, following his first visit in 2023, and provided an opportunity to witness firsthand the significant reconstruct

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Previously unreported affidavits have raised serious questions about the Industrial Development Corporation’s R1.1billion funding to SA Steel Mills, including allegations of weak due diligence, disputed financial records and internal accountability failures that have left more than 1 100 jobs at risk

A whistleblower’s damning allegations against the Industrial Development Corporation paint a picture of an organisation characterised by fear, retribution, bullying and disregard for employee rights.  In a letter to IDC chief executive Mmakgoshi Lekhethe last month, Tebogo Vincent Modika, suspended for transgressing the IDC’s employment policies, accuses the company of abusing its powers and policies including the Prevention and Combating of Corrupt Activities Act, Public Finance Management Act and the Anti-Workplace Harassment Policy.  “I find it apposite and much prudent to highlight the key and relevant provision of the Companies Act, which you are advised to consider in determining my escalation to you – Section 77(3) of the Companies Act, which imposes personal liability on directors for loss, damages or costs sustained by the company due to breaches of fiduciary duties, reckless trading, fraud or ultra vires act,” read the letter. Modika, who until his suspension was the company’s senior employee relations specialist, further accuses his boss, the IDC’s head of talent management and organisational effectiveness and law firm Werksman Attorneys, of unethical conduct in managing issues that led to his suspension.  However, Modika, who is litigating against his employer, has repeatedly failed to overturn his suspension in both the CCMA and labour court.  He has since appealed to the Constitutional Court for urgent intervention while running a parallel matter with the Public Protector.  The question at the centre of the battle is whether Modika’s allegations are an accurate reflection of the IDC’s employee relations/work culture. Cynics and employees who spoke to the Mail & Guardian point to a trust deficit between staff and the organisation’s human capital division, which is one reason for the increase in number of disaffected employees running to a chapter 9 institution for arbitration of labour disputes. An IDC employee, who is also a shop steward in the Public Servants Association (PSA), the largest union in the organisation, told the M&G that IDC employees were sceptical of their employer to deal fairly with labour disputes.  Whether this scepticism is borne out of experience or perception is a different matter altogether. But the fact that the Public Protector has taken a keen interest in resolving some of these disputes is concerning.  The fact that Modika’s boss who suspended him and is conflicted in the matter allegedly contracted a law firm to oversee a disciplinary process against him raises questions of impartiality. “While true that the courts have ruled against him in some of his matters, it’s concerning that his boss who is the accused in his matters is managing these processes,” said the shop steward.  The M&G understands that the IDC has spent over R54 million in the last three years on various law firms just on ER matters alone.  Modika said the escalation of the complaint to Lekhethe was triggered by the IDC’s proposal, sent by the human capital division on 7 April 2026.  “Despite the aforementioned proposal and prior to IDC receiving my formal response to the proposal made thereof, I then discovered that, during this period of engagement, the corporation’s legal representatives under the instruction of (his boss) had already prepared an urgent court application seeking to compel a continuation of the internal process. “This came to my attention when the draft affidavit, which was drafted in preparation of the anticipated urgent application, was erroneously sent to me on 16 April 2026 by the IDC’s legal representative. He alleged that the negotiations were tainted and the outcome predetermined.  “The discovery of this draft affidavit and the anticipated urgent application is in my view a confirmation that the corporation has been dealing with me in bad faith,” said Modika.  He added: “This latest development affirms what I have always alleged that I am being targeted, set up and subjected to abuse of power, bullying and victimisation. “These latest developments further raise serious concerns regarding the bona fides of the engagement process and whether the corporation has acted consistently with its obligations of fairness, transparency and in good faith.” During his precautionary suspension, Modika had begun working on the disciplinary enquiry of Ken Ogwang. Ogwang, he said, was implicated in the Kivu Boats Water Activities matter and the internal audit report, which was circulated around April 2024.   Modika alleges that this report was not shared with him as the senior employee relations and transformation specialist. He said several meetings were set with the relevant divisional executive to implement the recommendations of the report.  “Strangely, our efforts were resisted until we wrote an advisory note on 13 February 2025.“ “This matter was still dragged until 15 June 2025, when Ogwang was eventually suspended. On 31 July 2025, I escalated the discovery of further incriminating evidence against Ogwang to you (Mmakgoshi Lekhethe), head of internal audit and human capital leaders,” he said in his letter to Lekhethe. Said a steward: “There is a suspicion that outcomes of these disciplinaries are predetermined. They just walk you through the process. They spend millions to get you out of the business for standing up for what is right … You are on your own.”  Werksman, ENS and CDH are the go-to law firms. Two whistleblowers and a former head of department who was forced to resign following a serious breakdown in a working relationship with his divisional executive corroborated this view. Results of a recent cultural survey in the M&G’s possession shows that staff morale was extremely low in the organisation, while bullying and intimidation were high among some of the concerns raised by employees who took part in the survey.  Modika is adamant he was suspended for standing up against bullying and insisting on pursuing disciplinary charges against an employee accused of defrauding the IDC.  On how many grievances the IDC employee relations had handled in the past 36 months, the IDC said the figure was negligible.  “Like any organisation, IDC Employee Relations has handled several grievances, as expected, given that it employs over 890 employees. The number of grievances in relation to the total staff complement is negligible.” None of the grievances, it said, had resulted in the dismissal of IDC employees as “grievance processes generally do not lead to dismissal”. In response to questions from the M&G on how much money the IDC’s Human Capital had spent on paying law firms to preside over employee relations matters over the last 36 months, the IDC said: “Due to client confidentiality and other contractual obligations, the IDC does not disclose such internal information.”

South Africa’s largest airline, FlySafair, has extended the surcharge on ticket prices in a bid to thicken its buffer against the steep increase in fuel costs triggered by conflict in the Middle East. It will be in effect until August, if leaders of the warring countries can agree on a ceasefire sooner rather than later. The low-cost airline , when jet fuel came under tremendous pressure after global oil prices surged to the highest since mid-2022 following the US and Israel’s war on Iran. The conflict in the Middle East has resulted in an effective , the narrow waterway through which roughly 20% of the world’s oil supply flows. As a result, tanke

President Tinubu had earlier in April this year constituted the board of the Exchange with Dalhatu Abubakar as the Chairman.

The federal government has validated a set of harmonised national protocols aimed at strengthening the conservation, characterisation, and monitoring of Nigeria’s Animal Genetic Resources (AnGR).