Prepare for IFRS, Council Urges SMEs

By Obinna Chima

The Financial Reporting Council (FRC) has advised Small and Medium Scale Enterprises (SMEs) operating in the country to get ready for the adoption of the International Financial Reporting Standards (IFRS) from December 31, 2014.

The council also urged Chief Executive Officers (CEOs) of companies in the country to invest in the education of their employees on the recently adopted international accounting standard, so as to enhance accountability.

CEO/Executive Secretary, FRC, Mr Jim Obazee, gave this advice during an executive briefing on IFRS for CEOs and top management of companies in Lagos.

Gary Kovacs: Tracking the trackers

As you surf the Web, information is being collected about you. Web tracking is not 100% evil -- personal data can make your browsing more efficient; cookies can help your favorite websites stay in business. But, says Gary Kovacs, it's your right to know what data is being collected about you and how it affects your online life. He unveils a Firefox add-on to do just that.


Gary Kovacs is the CEO of the Mozilla Corporation, where he directs the development of Firefox.

Why you should listen to him:     

Gary Kovacs is the CEO of Mozilla Corporation with the responsibility for leading the overall direction of the organization and the Firefox Web browser. Prior to joining Mozilla, Gary held senior leadership roles as Senior VP of Markets, Solutions & Products at Sybase (through its acquisition by SAP earlier this year), as General Manager and VP of Mobile & Devices at Adobe and as VP of Product Marketing at Macromedia (through its acquisition by Adobe). Previously, he led the successful creation and growth of Zi Corporation, a company specializing in embedded software and services for mobile and consumer devices. Prior to Zi Corporation, Gary spent 10 years at IBM in leadership positions in product management, sales, marketing and operations within the global software division.

The 20 Most Powerful Women In African Business

“You have to think fast in business. If someone asks – Are you selling your blouse? Sell it!
You can always buy another one. The first day I opened my shop, I only had five bunches of roses.
My first customer didn’t see the flowers I had – all he saw was water. So he asked me: Are you selling water? I told him – Yes! That 20 cents he gave me was my first income. You have to be brave. You have to be aggressive. Don’t be embarrassed.” - DINAH BINAH, FLORIST, TANZANIA

VENTURES AFRICA - With incredible business savvy, determination and resilience, many African women have succeeded in creating a name for themselves. Whether they achieved by moving up the ranks of the corporate world, through entrepreneurial innovation or fighting for social justice, these 20 Women represent the most powerful of the African business cohort across various industries.
Like Dinah, each woman’s remarkable achievement is the result of a combination of many elements: identifying and maximising opportunities, striving for excellence in everything and a refusal to turn from their vision. Maybe you’re just starting out in your career; perhaps you are 30 years deep, let something from these women drive you to be the absolute best in whatever you do – be it creating floral masterpieces or brokering contracts worth millions.

Nonkululeko Nyembezi-Heita (South Africa) CEO ArcelorMittal
As the Chief Executive Officer of ArcelorMittal SA, Nonkululeko leads the South African branch of the global steel manufacturer which is the largest producer of steel on the African continent, a position requiring steely determination. Prior to this, she served as the Chief Officer in charge of Mergers and Acquisitions in the Vodacom Company.

Siza Mzimela (South Africa) CEO South African Airways, Oprah Winfrey Academy
Siza Mzimela was appointed in 2010 as the first female Chief Executive Officer of South African Airways. After joining the company in 1996 as a Research Analyst, Siza moved up the ranks to assume her current position while garnering recognition for her work in tourism. She serves on the Oprah Winfrey Leadership Academy board and was a finalist for 2002 Nedbank Businesswoman of the Year award.

Isabel Dos Santos (Angola) President’s daughter, oil, diamonds and media
First daughter of Jose Eduardo dos Santos, President of Angola, Isabel Dos Santos has made her mark as perhaps the most powerful and richest woman in her country. Deftly using family influence and financial backing by her father, she started her own business. Through strategic investing, she currently has holdings in diamond trading industry, media, retail and energy both in Angola and Portugal.

Mamphele Ramphele (South Africa) CEO Circle Capital Partners, former MD of World Bank
Former Managing Director of the World Bank group, Mamphele is a renowned academic and businesswoman. She has succeeded in her work as a medical doctor and anti-apartheid activist and she now sits on the board for the Rockefeller Foundation in New York, Mo Ibrahim Foundation, rewarding good governance in Africa and leads Circle Capital Ventures, a Black Economic Empowerment Private Equity firm.

Bridgette Radebe (South Africa) Founder and Chairman Mmakau (Platinum, coal, chrome gold)
Bridgette Radebe, elder sister of South African Billionaire Patrice Motsepe, wields great power in the mining industry. She founded and runs Mmakau Mining with investments in platinum, gold, coal and chrome. She is the nation’s first black female mining entrepreneur and serves as the President of the South African Mining Development Association and was awarded the International Business Person of the Year Award in 2008 from Global Foundation for Democracy.

Dr Ngozi Okonjo-Iweala (Nigeria) World Bank, Minister of Finance, Co-Founder Makeda fund
Well-known for her role as the Managing Director, World Bank and her part in shaking up Nigeria’s finances, Dr Ngozi has returned to her country as the current Minister of Finance and leader of President Jonathan’s economic team. She continues to work towards economic reform and investing in capital projects with the aim of reducing Nigeria’s high unemployment rates. She founded the Makeda Fund, investing in helping African women entrepreneurs.

Folake Folarin-Coker (Nigeria) CEO, Fashion designer, Tiffany Amber
Responsible for revolutionising the Nigerian fashion industry in 1998, Folake started the Tiffany Amber brand. Every collection created pays respect to her African heritage blended with the influence of her childhood spent in Europe. The Tiffany Amber collections have received wide acclaim in the global fashion industry, showing in fashion weeks in Lagos, London, Paris and South Africa. She is the first African designer to have shown at New York fashion week twice.

Dolly Mokgatle (South Africa) CEO Peotona Group Holdings Ltd and Thandi Orleyn (South Africa) Co-Founder, Peotona Group Holdings Ltd; Lawyer
Dolly and Thandi co-founded Peotona Capital, an innovative women’s investment company with stakes in De Beers, South Africa, the world’s top diamond miner as well as holdings in Lafarge, one of South Africa’s cement makers. Prior to this Dolly served as the CEO of Spoornet, a heave freight rail company and has set up and continues to support numerous women’s initiatives. Thandi is a highly qualified lawyer and expert on labour and employment matters.

Iman Abdulmajid (Somalia) Founder and CEO Iman cosmetics
Somali-born former supermodel Iman is best known for her high-profile modelling career and beautiful cosmetics created for women of colour. During her 14 years of modelling and TV appearances, Iman mixed her own products to match her skin tone and after retiring she started the self-named cosmetics brand to fill that gap. As of 2010, Iman Cosmetics is a $25 million a year business.

Joyce Banda (Malawi) Country Vice-President, CEO, Joyce Banda Foundation and National Association of Business Women
Joyce Banda has had a long and successful business and political career. Prior to her role as the current vice-president of Malawi, she was the founder and CEO of Joyce Banda Foundation, focused on improving educational opportunities to children and orphans and micro-credit to poor women. She also founded the National Association of Business Women to empower women economically. She received the United Nations Population Fund International Award for the Health and Dignity of Women in 2006 and the African Woman Development Fund Woman of Substance award in 2010.

Adenike Ogunlesi (Nigeria) Founder, CEO Ruff n Tumble
After dropping out of undergraduate Law program at the Ahmadu Bello University, Zaria in Nigeria, Adenike joined a tiny tailoring shop as the second member of staff, after her mother. In this shop, she found her calling and in 1996, her entrepreneurial spirit. She began selling the clothes she made from a suitcase and eventually turned Ruff N’ Tumble into a widely recognisable children’s brand across West Africa. She was featured in the documentary, Africa Open for Business and named the 2005 FATE Foundation Model Entrepreneur.

Maria Ramos (South Africa) Group CEO, Absa Group Bank
From her former role as Director General of South Africa’s National Treasury, Maria later became the CEO of the Barclays Bank subsidiary, Absa, a role in which she has excelled till date, raising the group profits significantly even through trying financial times.

Linah Mohohlo (Botswana) Governor, Bank of Botswana
Linah Mohohlo has served as the Governor of the Bank of Botswana since 1999, following 23 years in other areas within the bank. She has also worked as International Monetary Fund Special Appontee and been a member of the International Monetary and Financial Committee. An eminent academic, she has published several papers, books and chapters in the field of economics, reserves management and governance. She is the recipient of Botswana’s highest public service award, Presidential Order of Honour.

These trailblazing women have opened the door for a younger generation of African power women. The next six women represent increasingly the next generation of African women taking the mantle in business.
 
Susan Mashibe (Tanzania) Founder and Executive Director TanJet Aviation
At 29, Susan Mashibe returned to her home of Tanzania to start up TanJet in 2002, a company offering logistical support for company, diplomatic and private jets. Her clients include Heads of State, monarchs, celebrities and corporate gurus. She has received numerous awards and was honoured as 2011 Young Global Leader by World Economic Forum.

Bethlehem Tilahun Alemu (Ethiopia) Founder and Managing Director, soleRebels
Bethlehem brought the soleRebels brand to life in 2004 in an attempt to create jobs in her community in Ethiopia. By innovatively fusing artisan skills and entrepreneurial wisdom, she has created a globally recognisable brand that produces excellent fair trade shoes sold and distributed in more than 30 countries around the world.

Chimamanda Ngozi Adichie (Nigeria) Author
According to her, Chimamanda began writing as soon as she could spell. She published her first book of poetry in 1997 and released her first novel, Purple Hibiscus, in 2003 to wide critical acclaim. She is the recipient of many awards including the Commonwealth Writer’s Prize for Best first book (2005). She is working to pass on her expertise and vision by teaching writing workshops in Nigeria.

Khanyi Dhlomo (South Africa) CEO, Editor, Destiny Magazine, Destiny Man
Through a combination of wit, passion for media and good luck, Khanyi Dhlomo has positioned herself as a leader in the South African media industry. At 22 she was appointed Editor of True Love magazine and succeeded in doubling circulation within her first year. She acquired an MBA from Harvard University and set up her own company, Ndalo Media, a joint venture with the publishing arm of South Africa’s largest media company. Destiny Magazine, Destiny Man and DestinyConnect.com are the successful products of Ndalo.

Isis Nyongo (Kenya) Managing Director, InMobi Africa
Isis was appointed Vice President and Managing Director of InMobi, the world’s largest independent mobile advertising network in 2011. She is well-suited to the task of driving the company’s business strategy for Africa having previously led the African business development initiatives for Google. A graduate of Stanford University and Harvard Business School, Isis has been instrumental in driving the launch of MTV networks and setting up Kenya’s first online recruitment service, MyJobsEye.

Magatte Wade (Senegal) CEO, Adina World Beat Beverages
Who knew a business could be based on the Hibiscus flower? Magatte Wade co-founded Adina World Beat Beverages in 2004, a manufacturing company based on a simple, sustainable, fair-trade model relying on manufacturing and products from Africa. Their beverages include herbal drinks, organic coffees and teas sold across the US. Her company supports the Quality Biological Agriculture Cooperative (QABCOO), a group of Senegalese women earn a living producing the traditional hibiscus drink. Adina’s annual revenues are reported to be over $3million by UNDP.

Nigeria: Central Bank Governor - 'I Don't Need Second Term'

Central Bank of Nigeria Governor Sanusi Lamido Sanusi may have foreclosed the possibility of a second term in office after the expiration of his term next year.

Sanusi was quoted in an interview with the London-based Banker Magazine as saying he had completed his assignment at the apex bank and would not be seeking a second term in office.
He said critics of his tight monetary policy had forgotten how unstable the nation's financial system was just three years ago.

Though perceived to be controversial, Sanusi, who took over from Prof. Chukwuma Soludo as the apex bank's governor on June 3, 2009, is believed to be in good standing for re-appointment by President Goodluck Jonathan given his impressive record in office as CBN governor in the past four years.

recapitalisation of micro finance banks - CBN extends deadline

The Central Bank of Nigeria has extended the deadline for the recapitalisation of micro finance banks in Nigeria by one year. The new deadline for compliance is now the 31st of December, 2013.

The decision was reached at a meeting between the regulatory bank and the national executive committee of the National Association of Microfinance Banks, held at the CBN headquarters in Abuja.

The CBN had previously given the micro finance banks December 31st, 2012 to recapitalize, but the association had asked for an extension to enable its members streamline their operations. Meanwhile, micro-finance bank branches operating without due authorization and approval from the CBN have been advised to shut shop.

Caroline Casey: Looking past limits

Activist Caroline Casey tells the story of her extraordinary life, starting with a revelation (no spoilers). In a talk that challenges perceptions, Casey asks us all to move beyond the limits we may think we have.


First, Caroline Casey put Ireland on the accessibility map. Now she's changing the global social landscape for people with disabilities.

Why you should listen to her:     

Caroline Casey has dedicated the past decade of her life to changing how global society views people with disabilities. In 2000, she rode 1,000 kilometers across India on an elephant to raise funds for Sight Savers. Then, as founding CEO of Kanchi in Dublin, she developed a set of best practices (based on ISO 9000 quality standards) for businesses, to help them see "disabled" workers as an asset as opposed to a liability. Hundreds of companies have adopted the standards, changing their policies and attitudes.

In 2004, Casey started the O2 Ability Awards to recognize Irish businesses for their inclusion of people with disabilities, both as employees and customers. The initiative has received international praise and, in 2010, a parallel program was launched in Spain.


"She is one of those people who, instead of just talking about changing the world, gets up and actually does it however tough the doing of it turns out to be." - The Irish Times

Susan Cain: The power of introverts

In a culture where being social and outgoing are prized above all else, it can be difficult, even shameful, to be an introvert. But, as Susan Cain argues in this passionate talk, introverts bring extraordinary talents and abilities to the world, and should be encouraged and celebrated.


Our world prizes extroverts -- but Susan Cain makes a case for the quiet and contemplative.

Why you should listen to her:     

Susan Cain is a former corporate lawyer and negotiations consultant -- and a self-described introvert. At least one-third of the people we know are introverts, notes Cain in her new book Quiet: The Power of Introverts in a World That Can't Stop Talking. Although our culture undervalues them dramatically, introverts have made some of the great contributions to society – from Chopin's nocturnes to the invention of the personal computer to Gandhi’s transformative leadership. Cain argues that we design our schools, workplaces, and religious institutions for extroverts, and that this bias creates a waste of talent, energy, and happiness. Based on intensive research in psychology and neurobiology and on prolific interviews, she also explains why introverts are capable of great love and great achievement, not in spite of their temperaments -- but because of them.

"I prefer listening to talking, reading to socializing … I like to think before I speak (softly)."
Susan Cain

Kenya’s Eva Muraya: Entrepreneurship And Why The Women Of Africa Should Play Economics

VENTURES AFRICA – Ventures Woman had a chance to interview Eva Muraya, a renowned Kenyan entrepreneur. She is the co-founder of Color Creation Ltd, the first advertising and branding business to be ISO 9001 certified in Kenya. She runs BSD (EA) Ltd, a leading regional brand, strategy and design agency. Eva has won numerous awards including the premier Goldman Sachs Fortune Global Leaders Award. She was among 100 women nominated to receive The International Alliance for Women (TIAW) World of Difference 100 Award. She is an alumnus of the Legatum Pioneers of Prosperity and her business Color Creation Limited was a top finalist in the 2006 Africa Business Awards. In 2006, Eva was selected to represent Kenya in the Fortune/State Department International Women Leaders Mentoring Partnership. A motivational speaker, Eva has addressed the Fortune’s Most Powerful Women’s Summit. She serves on Vital Voices Africa Advisory Board and recently joined USIU’s Chandaria School of Business Advisory Board. Read on!

One on One With A Young Ghanaian Businessman, Shoemaker

VENTURES AFRICA – At the 10th Anniversary dinner and awards of The Global Professional Achievers Award (GPA) held in Accra, Ghana, a certain Tonyi Senayah, a young Ghanaian businessman in his late 20′s and CEO of Horseman Shoes, was awarded the YOUNG ENTREPRENEUR OF THE YEAR 2011. Receiving the award Tonyi said, “I believe in Ghana and also believe there are a lot of opportunities in Ghana and pray the youth take advantage. The vision of Horseman Shoes is to be the biggest footwear manufacturing company in Ghana and beyond in terms of employment and brand preference.”

Today, Horseman shoes is a footwear manufacturing company that makes quality and fashionable footwear with the finest leather. Some of the company’s products are men’s dress shoes, Unisex sandals and slippers, School sandals and Security boots. But just how did this young entrepreneur get into the business of shoemaking? The shoemaking entrepreneur has also undergone series of training programs some which include leadership, business management and financial management. In his chat with Ventures Africa, Tonyi tells us about his passage into entrepreneurship, his shoe making business, challenges, aspiration and hope for his business. As a young entrepreneur himself, Tonyi advise young entrepreneurs to step out of their comfort zone and not let the fear of failure hold them back.

Entrepreneurial journey
When asked if he had always wanted to be an entrepreneur, Tonyi said: “I would not say I had always wanted to be an entrepreneur but I had always wanted to drive change. I had always wanted to be part of a solution to our challenges instead of sit and complain. And it so happened that I found the opportunity to start with the unemployment situation among the Ghanaian youth.”

Starting his business
Tonyi started his business, Horseman shoe, while he was an undergraduate at the University. He started by buying from manufacturers in November 2009 and by August 2010, he had opened his own workshop and employed artisans.

“The business idea came when I first bought a locally made shoe for myself and anytime I put them on I had unending compliments. Friends became interested in owning pairs. It then dawned on me that there’s an opportunity to make a viable venture out of it for myself and the craftsmen who usually operate on very small and informal scale. The whole idea was to migrate these guys from their corner shops into a factory”

“I also wanted us (Ghanaians) to move away from the patronage of second hand products. I believe we deserved something new and decent for our souls rather than pre-owned stuffs imported from Europe. So we have to create something by us and for us”, he added.

Migrating shoe makers from their corner shops into a factory
Horseman CEO explained that “It was just a matter of identifying these young people who had the desire and passion for it. I scouted for them and got others through recommendation. I’m still on the search for more young artisans.”

Horseman Shoes, its target audience and distinguishing factor from its counterpart in the African market
“We have a range of products and each range has its targeted audience. Our products include men’s dress shoes targeted at the young professionals and the working class. We also have female flat shoes made from leather, our unique local fabrics: GTP and Kente. We manufacture school sandals for senior high schools and we do also safety boots for industries and the security.
What set us apart from other manufacturers is that, our shoes especially for the men and women are handcrafted with genuine materials. Our shoes are a blend of quality, comfort and style. We also make bespoke shoes.”

Why the name Horseman Shoes?
“Horseman represents the unique features of horses. They are fast, strong; they have stamina and are beautiful. These are what our brand stands for. We want to associate with the young people who aspire greater heights in their various fields of endeavor. It takes determination and focus to achieve. So like the horse, they have to keep running in horseman shoes,” Tonyi explains.

Sourcing for materials internationally?
Currently we source raw materials from local importers who import from Europe and Asia. But very soon there are certain materials we will be sourcing directly from suppliers.

Creativity in the shoe making business
Business has certain principles that must be followed if you want to be successful, regardless the industry you find yourself in. Creativity is the fulcrum of the industry (fashion) I operate. If you don’t have it you cannot stay in business.

Challenges starting the business + lesson learnt managing the challenge(s).
The challenges we face as an infant enterprise are numerous but are however surmountable. One of the challenges is the availability quality human resource. Getting young people with the right attitudes and the willingness to start small is very difficult. Easy access to finance is also another great challenge we face as young enterprises.

Experience of failure as an entrepreneur?
Tonyi says “Whoever has not experienced failure probably has not tried anything before. I encountered a lot of failures and challenges. I think that’s one of advantages of starting small. You make small mistakes and you learn from them. I had no business background in terms of academic or experience starting my business. So I obviously had difficulties in managing certain aspects, especially finance. I’ve lost some money before due to poor management. And I’ve learnt a great deal of lesson from it.”

Doing business in Ghana?
Doing business is Ghana is not easy I’m sure just like many other developing countries. But generally there’s condusive atmosphere in terms of political stability, security and macro economic growth that facilitate business. There are however some institutional challenges young enterprises encounter such as taxation among others which we hope to sort out through advocacy.

Most significant and exciting experience since venturing into the business world
I have had quite some few high points but what comes readily to mind is having the rare opportunity to represent Ghana in the US President’s Young African Leaders Initiative 2012. I had the opportunity to network with sixty (60) other participants from all over Africa.

Experience as the representative of Ghana in the US President’s Young African Leaders Initiative 2012
It was such a huge and varied set of experiences I had being part of the US President Young African Leaders Initiative. To start with, the recognition by the US embassy in Ghana in nominating me indicated that somebody is watching whatever you are doing. Because it is not a program one applies to attend but they rather identify you.

Pitching Horseman Shoe to investors and buyers
There were several platforms where I pitched my business to investors, buyers and many other groups.

Meeting other 60 young people from the continent was a networking opportunity to expand social, political and business ties. It also created a platform to network and share ideas with American businesses. I did an internship with an American Branding and Advertising for two weeks which gave me a lot of insights for my brand building.

Minimum start-up capital for shoe making Business
Using his case as an example, Tonyi said although he cannot say there’s a stated minimum capital requirement for shoe making and for that matter many other businesses. But he started his shoe business with only 100USD.

Company’s worth today
About $90,000

Will he say Horseman shoe business is successful and why?
It depends on what indices you are using to measure success. Unfortunately success is often measured in materiality. But in my own small way, I would say Horseman Shoes has been a success so far. It is a business I created out of nothing and today I am known for Horseman Shoes. There has always been the perception that made in Ghana products are of inferior quality but I’m very happy to see that my shoes defeated that misconception. I think it is a feat to be proud of. We can also measure our success in the creation of employment for other young people. Although it’s not a significant number, putting food on the tables of 10 people is a starting point.

Horseman shoes in the near future
The vision of Horseman Shoes is to build the biggest footwear manufacturing company in Africa in terms of employment and brand preference. In line with our vision, we hope to create employment for several hundreds and thousands of the Ghanaian youths. We also hope to expand our product line to include belts, wallets, bags and other fashion accessories. In pursuance of all these we seek to build a world class brand.

Business outside Ghana?
“Currently I don’t have any business outside Ghana,” he says.

Expansion plans
Of course there are plans to expand within the sub region and other parts of the world. But it’s a step at a time. We want to grow organically.

Other venture apart from the shoe business
Currently all my time and resources are devoted to the nurture of my infant business – Horseman Shoes.

If he is not into shoe making business, what else?
Very interesting question. I believe God has a purpose and a role for every individual and I think he would have used me in some other way.

Mentors in the business industry
I have quite a few people I look up to as mentors – both local and international entrepreneurs. One of such people is Prince Kofi Amoabeng, CEO of UT Holdings in Ghana. He’s a very real and practical person but highly principled. Another person whose story inspired me is Richard Branson of Virgin Atlantic. I got encouraged when I read his book – “Loosing My Virginity.”

Advice to budding entrepreneurs
What I will say is there are a lot of opportunities around us. It is often not the biggest of ideas that works but rather the small ones. The most important step is the beginning. Young people should step out of their comfort zone and try. They should not let the fear of failure hold them back. With the right attitude and determination; nothing cannot be achieved.

Dangote retains Africa’s richest man ranking

Aliko Dangote, president, Dangote Group, has retained his position as Africa’s richest man for the third year in a row. Dangote, whose net-worth climbs to $16.1 billion by end of March from $12 billion of last year, is also 43rd richest man in the world.

The past year has been eventful for Dangote who in October sold off a controlling stake in his flour milling company to Tiger Brands of South Africa. He pocketed $190 million in cash.

In February, his Dangote Sugar Refineries acquired a 95 percent stake in Nigerian sugar producer, Savannah Sugar, in a bid to maintain its dominant position in the Nigerian sugar industry. Dangote stepped up his philanthropy in the past year, giving over $100 million to causes ranging from education to health, flood relief, poverty alleviation and the arts. He also acquired a yacht, which he named after his mother, Amiya.

Dangote started building his fortune more than three decades ago when he began trading in commodities like cement, flour and sugar with a loan he received from his maternal uncle.

He delved into full production of these items in the early 2000s and went on to build the Dangote Group, West Africa’s largest publicly-listed conglomerate, which now owns sugar refineries, salt processing facilities and Dangote Cement, the continent’s largest cement producer. A fitness buff, Dangote jogs everyday.

Tax War: ICAN, CITN Claim Victory from Court Ruling

President of CITN, Mr. Sunday Jegede

Even with the recent ruling by the Appeal Court sitting in Lagos, the last has not been heard on the raging taxation practice jurisdictional dispute between the Chartered Institute of Taxation of Nigeria (CITN) and the Institute of Chartered Accountants of Nigeria (ICAN).

Both parties have been celebrating the ruling of recent, claiming the same ruling was in their favour and as such, they are laying respective claims to be the umbrella organisation regulating taxation practice in the country.

7 Leading African Women Innovators 2012

VENTURES AFRICA – What a year it has been! Since its launch in March, Ventures Woman has shared stories of inspiring women making headway in Africa’s dynamic economic environment. Despite significant economic and political upheavals in many African countries, these women, and many more unnamed, have strived, pushed and broken down barriers to succeed in many industries, particularly male-dominated industries. These pioneers have gained national and international recognition for their work and found ways to give back to their local communities, inspiring younger African women to follow in their footsteps. Looking back over the year, Ventures Africa presents seven of Africa’s most innovative business women for the year 2012.

Divine Ndhlukuka
Founder and Managing Director of Zimbabwe’s first ISO certified Security Company SECURICO Divine Ndhlukula is a pioneer in the securities industry. Securico currently leads the industry in providing customised security services and electronic solutions. Divine has taken the company from a small cottage business to a $13 million business with over 3,400 employees, 900 of whom are women. She received the prestigious Legatum Africa Awards for Entrepreneurship in recognition of her outstanding work.

Nigerian GDP to overtake SA's

The ever-expanding moonscape that stretches out behind a wall holding back the Atlantic Ocean here will one day host a project designed to help anchor Nigeria as Africa's biggest economy.

But if the ambitious plan to construct a new city on land reclaimed from the sea represents Nigeria's future, it is one that will be outsourced. Nearly every aspect of it will be privately run, from electricity supply to security.
Economists expect Nigeria, already the continent's most populous nation and largest oil producer, to overtake South Africa in terms of gross domestic product (GDP) over the next several years, technically making it Africa's biggest economy.

Chartered Accountants can practice taxation unhindered, says ICAN

By BABAJIDE KOMOLAFE

The Institute of Chartered Accountants of Nigeria (ICAN) has insisted that its members can practice taxation unhindered.

In a statement issued weekend, ICAN President, Mr. Adedoyin Owolabi, said that the judgment of February 15, 2013 by the Court of Appeal did not restrained its members who are not members of Chartered Institute of Taxation (CITN) from practicing taxation.

He said that the judgment has rather vindicated ICAN MEMBERS and made it clear that there is no order restraining members of the Institute from practicing tax in Nigeria.

LSE expectss growth in Nigeria, Africa listings

The London Stock Exchange expects an increase in new listings from African companies this year as businesses in the continent's fast-growing economies seek to attract foreign investors. London, which has seen a general drop off in listing activity over the past few years due to the global financial crisis, expects companies from countries including Chad, Mozambique, Nigeria and Kenya could go public on its markets.

"Africa is a very big focus for us in terms of future opportunity," Ibukun Adebayo, the LSE's Head of Equity Primary Markets for Africa, Middle East and South Asia, said. "You will see Africa have its fair share among this year's listings."

Improving equity markets -- the UK's FTSE100 blue-chip index is up about 7.6 percent this year -- and lower volatility are helping to entice companies, while Africa's attractive growth prospects are drawing in investors seeking an alternative to the moribund returns on offer in the developed world.

Africa's food market can hit $1 trillion value by 2030 - World Bank

Africa's agricultural sector could become a $1 trillion industry by 2030 if governments and the private sector radically rethink policies and support for farmers, the World Bank said in a report released on Monday. Africa's food market, currently valued at $313 billion a year, could triple if farmers modernized their practices and had better access to credit, new technology, irrigation and fertilizers, according to the new report "Growing Africa: Unlocking the Potential of Agribusiness."

The World Bank said African farmers have a unique opportunity to tap into growing demand from a burgeoning middle class with more expensive tastes, an expected four-fold increase in urban supermarkets in Africa and higher commodity prices.

Oracle sees fresh opportunities in data centre deployment

Oracle, United States (US) technology firm, says it is well positioned to assist banks in Nigeria build world-class data centres needed to improve business flexibility. Tom Pegrume, Vice President, hardware sales for Middle East and Africa, Oracle Corporation made this known in Lagos while speaking with BusinessDay. Driven by regulatory pressure, banks are expected to build in data centres in-country. With the implementation of the International Financial Reporting Standard (IFRS) for banks in 2011, the Central Bank of Nigeria (CBN) had disclosed plans that required lenders to maintain independent servers within Nigeria to manage their critical and sensitive data.

Unleashing Africa’s Potential With Cameroon’s Kah Walla

VENTURES AFRICA – In a historic 2011 campaign, Kah Walla, an entrepreneur, activist and elected official in Cameroon, ran for the country’s Presidency. She was the country’s first female presidential candidate and she ran the ground-breaking ‘The Time is Now’ campaign as well as the Cameroon Ô’Bosso citizen movement to register voters and encourage electoral participation. But long before emerging as a political contender, Kah Walla made her mark as an entrepreneur, Founder and CEO of Strategies!, the nation’s leading consulting firm in leadership and strategy development.
After studying in the United States and gaining an MBA, Kah Walla returned home to Douala, Cameroon where she worked as the Marketing & Technical Director then General Manager for a small consulting firm. When mismanagement and poor financial handling sent the company into the ground, Kah took a bold step and begin her own consulting firm.

Weaker-than-expected Corporate Earnings Jolt Stock Market

By Goddy Egene and Eromosele Abiodun

The Nigerian equities market recorded mixed performance last week as corporate earnings release by Nigerian Breweries and Nestle Nigeria Plc, failed to kindle a demand that could sustain positive run of the previous week.

NSE DG, Oscar Onyema

While volume of shares traded appreciated, the Nigerian Stock Exchange (NSE) All-Share Index, which mirrors the aggregate growth of the stock market fell by 2.1 per cent to close at 33,183.20.

One of the major drivers of the stock market early this year was high expectation that companies would turn in highly impressive 2012 financial results and declare high dividends. However, Nestle Nigeria Plc and Nigerian Breweries Plc that were the first firms to announce their results the previous week, did not impress many investors the performance fell below expectation.

AfDB agrees loan to help Nigeria adopt IPSAS

By Vivienne Russell | 28 February 2013

The African Development Bank has approved a $300m loan to Nigeria to support its public financial management reforms, including the adoption of International Public Sector Accounting Standards.

Other financial programmes that will benefit from the loan include Nigeria’s Internal Audit Modernisation Plan, Government Integrated Public Financial Management, and Transparency and Compliance in Procurement and Audit Practices.

The bank said the loan formed an ‘integral part of a broader set of interventions… designed to support Nigeria’s Transformation Agenda with emphasis on economic governance and infrastructure development’. It covers the period 2013 to 2017.

Transport reforms in Nigeria will also be accelerated thanks to the loan. They include the establishment of a Federal Road Authority, a National Road Maintenance Fund, and road tolling and axle load control policies.