Connect with us

Business

Eskom initiates legal actions against Deloitte1 min read

The investigations and inquiries have linked the wealthy Gupta family, former President Jacob Zuma to the scandal

Published

on

Eskom initiates legal actions against Deloitte

South Africa’s cash-strapped state power firm, Eskom has filed court papers in a bid to recover R207 million ($14 million) in connection with contracts it alleged were improperly awarded to Deloitte Consulting in 2016.

Eskom, drowning in debt of over 450 billion rand and reliant on government bailouts to keep the lights on, is at the centre of a judicial inquiry into corruption at state entities, in addition to several other probes into mismanagement at the company. 

READ: South African electricity company Eskom suffers losses

On Monday, the power firm’s chief executive and chairman, Jabu Mabuza said in a statement that it was going after Deloitte for R207 million linked to contracts it was awarded by previous Eskom executives in 2016. 

“Information before us, shows that Deloitte engaged in activities that were unfair, inequitable, non-transparent and uncompetitive using off-the-record briefings with Eskom officials to submit proposals, and were granted contracts even though their pricing was way above their competitors,” says Mabuza. 

READ: South African electricity company, Eskom gets R59 billion bailout

Mabuza said Eskom was asking the court to declare the activities relating to a batch of tenders “unlawful and unconstitutional, to set aside the awards, and for Deloitte to pay back the amounts paid to them”. 

The investigations and inquiries were triggered by the 2016 leak of a trove of documents detailing relations between the wealthy Gupta family, former President Jacob Zuma, and deals struck with state firms like Eskom, as well a number of big companies including multinationals like McKinsey and Germany’s SAP. 

The Gupta family and Zuma have denied the allegations.

READ: South Africa’s Eskom suspends power cuts

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

Tell your story the right way

Have you witnessed a news worthy event? Want to become our citizen journalist and tell your own stories?

Send your stories to us or contact us via:
Email: digitalnc@newscentral.ng
Social media: Twitter and Facebook @NewsCentralTV
WhatsApp: Text or call +234 901 190 0000 .

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading
Click to comment

Leave a Reply

Business

Zimbabwe target cash shortages with new banknotes and coins

New two- and five-dollar notes were disbursed by the central bank on Monday.

Published

on

Zimbabwe target cash shortages with new banknotes and coins

Zimbabweans began using new banknotes and coins Tuesday, as the nation’s central bank seeks to ease chronic shortages.

The Zimbabwean dollar is being gradually reintroduced, after a prolonged loss in value caused by decades of economic mismanagement that forced the country to rely on US dollars for a decade.

New two- and five-dollar notes were disbursed by the central bank on Monday. 

One Zimbabwean dollar is currently worth around six US cents.

“Bond” notes — a legal tender pegged to the US dollar — were introduced in 2016 to alleviate chronic cash shortages and ease a transition back to Zimbabwean dollars.

These were then supplemented with electronic RTGS dollars in June 2019.

But cash remains hard to come by, and most people use mobile money and now-banned foreign currencies to pay for goods.

Withdrawals remain capped at a maximum of 300 new Zimbabwean dollars ($18) per week per customer – which buys less than three kilogrammes of beef.

Account-holders wait long hours to draw cash.

In Zimbabwe’s capital Harare, bank customers remained sceptical.

“There is no difference,” Milton Mushangwe, 37, told AFP. “The withdrawal limits remain the same.”

“We are still getting the same small amount of 100 dollars or less,” added another customer, Richard Govha.

Zimbabwe’s reserve bank said that only 31 million new Zimbabwean dollars (less than $2 million) had been disbursed so far, of a planned total of one billion that is to be drip-fed into the system over the next six months.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

Tell your story the right way

Have you witnessed a news worthy event? Want to become our citizen journalist and tell your own stories?

Send your stories to us or contact us via:
Email: digitalnc@newscentral.ng
Social media: Twitter and Facebook @NewsCentralTV
WhatsApp: Text or call +234 901 190 0000 .

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading

Business

The growth of digital and online marketing in Africa

Is Digital Marketing for Africa? How have businesses gained by marketing online?

Published

on

Growth of digital marketing

Innovative changes have over the years, proven to be a constant. Ways of doing things are changing globally at a rather fast pace; things that affect the way we live, the way we travel, study, do business, run homes and families, interact with others etc.

The influence of innovation is simply overwhelming! One sector that has been touched by the transformative wind of innovation is the business sector. In this article, we are going to evaluate the growth of digital marketing in Africa. Before we dissect the topic, let us first look at the meaning of digital marketing.

What is digital marketing? 

Wikipedia defines digital marketing as the marketing of products or services using digital technologies, mainly on the internet, but also including mobile phones, display advertising, and any other digital medium. From the definition provided by Wikipedia, one may sum up the meaning of digital marketing as the use of technologies in marketing as opposed to the traditional ways of marketing we all know.

Before the digital era, marketing and advertisements were only done using traditional methods such as public announcements, newspaper, radio, television, billboards, posters and flyers. Digital marketing on the other hand employ methods such as social media marketing, search engine optimization (SEO), search engine marketing (SEM), e-Commerce marketing, content marketing among other methods.

Advertising has been taken to a whole new level through the help of online marketing. Business owners, especially startups in Africa now save millions hitherto used in running newspaper advertisements and paying for sessions on television channels that expire after a short time. They now spend less than half of that amount to advertise on various digital platforms, which enjoy more audience than the traditional means, including television and newspapers. 

The state of online marketing in South Africa

 In South Africa, a study by World Wide Worx in collaboration with Cisco Internet Business Solutions Group found that as at the year 2010 the number of South African internet users have grown beyond 5 million. Ever since figures continued to advance upwardly.

By 2016 the number of internet users stood a little below 29 million. That was more than half of South Africa’s 52 million population. With that number of internet users, digital marketing will continue to grow in leaps and bound in South Africa.

Kenya and Digital Marketing

In Kenya, the story is pretty much the same as in South Africa. If you are familiar with Kenya’s marketing terrain, you will understand how big it has grown in a very short period.  Just a couple of years ago, expensive traditional methods of marketing still thrived in the country but today the story has changed as around 22% of all media consumption in Kenya is digital.

What is more, this number is growing fast! The German online portal, Statista reported that Internet advertising spending in Kenya is expected to grow from US$72 million in 2015 to US$151 million in 2020.

Digital marketing in Nigeria

Digital Marketing started to gather momentum in Nigeria around 2012 with the entry of e-commerce platforms such as Jumia and Konga in the country. The period between 2015 to 2019 saw a massive increase of Small & Medium Enterprises in the country with a population of 190 million people.

According to Statista, Nigeria had 92.3 million internet users in 2018 and it is projected to grow to 187.8 million internet users in 2023. This was 47.1 per cent of the population in 2018. It is expected to climb to 84.5 per cent in 2023. With 92.3 million people using the internet, the place of digital marketing in Nigeria’s business space has been secured. The prospect for the growth of digital marketing in Nigeria seems pretty good.

From the situation reports in South Africa, Kenya and Nigeria – three of the largest economies in Africa, digital marketing is growing really fast in the continent. The future of Businesses in Africa can now be viewed better through the lens of the digital.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

Tell your story the right way

Have you witnessed a news worthy event? Want to become our citizen journalist and tell your own stories?

Send your stories to us or contact us via:
Email: digitalnc@newscentral.ng
Social media: Twitter and Facebook @NewsCentralTV
WhatsApp: Text or call +234 901 190 0000 .

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading

Business

Nigeria extends border closure to January 31

Illegal importation of cheap rice is seen as a major cause of the decision by the Nigerian government to close its borders

Published

on

Nigeria extends border closure to January 31

Nigerian President, Muhammad Buhari has announced an extension on the country border’s closure with neighbouring countries until 31 January, 2020.

The Nigerian government closed all its land borders two months ago in a bid to stop smugglers and criminals who pose a threat to the country and its economy.

“Mr President has approved the extension of the exercise to January 31, 2020. Consequently, you are requested to convey the development to all personnel for their awareness and guidance,” Victor Dimka, the Deputy Comptroller of Customs in charge of Enforcement, Investigation and Inspectorate, directed in a memo.

Even though the border closure had bore fruit, a few objectives are yet to be achieved.

Illegal importation of cheap rice is seen as a major cause of the decision by the Nigerian government to close its borders.

While some businessmen in the West African country say they have made huge losses since the directive took effect, officials are confident there is more to gain once the desired objectives are achieved.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

Tell your story the right way

Have you witnessed a news worthy event? Want to become our citizen journalist and tell your own stories?

Send your stories to us or contact us via:
Email: digitalnc@newscentral.ng
Social media: Twitter and Facebook @NewsCentralTV
WhatsApp: Text or call +234 901 190 0000 .

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading

Trending