Connect with us
nairametrics
UBA ads

Business News

PwC is being dragged into Isabel dos Santos fraud case 

Critics are subtly questioning the integrity of global accounting firm, PwC.

Published

on

COVID-19, PwC admits 8 Nigerians, 16 others as partners across Africa 

Critics are subtly questioning the integrity of global accounting firm, PwC. This is because the firm’s Angolan unit audited the accounts of Angola’s state-owned oil company – Sonangol – during the same time the company’s former Chairwoman (Isabel dos Santos) allegedly embezzled up to $1 billion.

The critics have also pointed out what they are saying raises conflict of interest concerns after PwC was found to have been auditing Sonangol’s accounts while at the same time collecting separate fees to render advisory services to the company on a restructuring process it was embarking on.

Africa’s richest woman is in troubled waters, Africa’s richest woman has been dragged to court for corruption 

Even more controversial is the fact that PwC also audited, consulted for, and offered tax advisory for companies owned by Isabel dos Santos and her husband. Some of these companies are located in Angola, while others are in Switzerland, the Netherlands and other foreign countries where the embattled billionaire has been accused of moving her stolen money to.

The Guardian UK reported that popular University of Sheffield Accounting professor, Prem Sikka, is one of those criticising PwC for its alleged role in facilitating Dos Santos’ crimes against the Angolan state. He was quoted as saying that “there is a clear conflict of interest… There should be a major investigation into this.”

GTBank 728 x 90

In the meantime, PwC is fighting to distance itself from the scandal. Earlier this week while attending the ongoing World Economic Forum in Davos, PwC’s group Chairman, Bob Moritz, was asked to talk about the development. He told reporters that one of the worst things that have happened under his leadership is PwC being tied to the scandal engulfing Africa’s richest woman.

[READ MORE: Africa’s richest woman has been dragged to court for corruption)

Bob Moritz went further to issue a stern warning that some people’s jobs could suffer because of this revelation. In other words, some of those that were involved in the auditing of Sonangol during the controversial period under consideration, could either lose their jobs or get demoted.

Deal book 300 x 250

From all indications, it appears that Mr Moritz has already made good his threat. This is because PwC’s tax Lead in Angola and Portugal, Jaime Esteves, resigned shortly after revelations were made of how Dos Santos illegally amassed her $2.1 billion.

You may catch up on all the controversies trailing Isabel dos Santos by following this link.

Also note that PwC is one of the four biggest accounting firms in the world. The company has operations in over 150 countries, including Nigeria.

app

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

2 Comments

2 Comments

  1. Stanley

    January 23, 2020 at 4:09 pm

    The head of PWC just like heads of many other institutions, is just being hypocritical. They claim on one hand to be driven by good corporate standards & due diligence, but on the other hand, they put so much pressure on their managers to perform at all costs. Of course, corporate collusion in crimes cannot be excused, but sometimes the indicted managers may have found themselves caught in between losing their jobs amidst incessant pressures or threats from superiors, and having to compromise standards to generate the much needed financial gains for the company. Companies & multinationals operating in underdeveloped economies like Africa are the most vulnerable, because most lucrative contracts or businesses are controlled by corrupt government officials who require bribes and kickbacks before handing out juicy contracts.

    • Emmanuel Abara Benson

      January 23, 2020 at 5:53 pm

      Well done, Stanley. I see you saying what I couldn’t say in the article, for obvious reasons.
      Well said.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Appointments

Flour Mills Appoints Former 9Mobile MD as Director and Group Chief Operating Officer

The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors.

Published

on

Leading Integrated Food and Agribusiness giant, Flour Mills of Nigeria Plc, has announced the appointment of Mr Omoboyede Oyebolanle Olusanya to the Board of Directors of the firm.

The appointment of Olusanya, who recently joined Flour Mills as the Group Chief Operating Officer, took effect from July 29, 2020.

This disclosure was made in a notification which was sent to the Nigerian Stock Exchange (NSE) for the investing public and signed by the company’s Company Secretary/Director, Legal Services, Joseph Umolu.

The notification from the company reads, “Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and Agro-allied group, owners of the iconic brand, Golden Penny, today announced the appointment of Mr Omoboyede Oyebolanle Olusanya, to the board of Directors effective 29 July 2020.’

The statement notes that Mr Olusanya, who holds a B. Sc. (Hons) in Civil Engineering from the University of Lagos and two Masters degrees in environmental engineering and Computer Science from the University of Liverpool and the University of Manchester respectively had recently joined Flour Mills as the Group Chief Operating Officer in January 2020.

GTBank 728 x 90

Before joining Flour Mill, Olusanya had served in similar leadership positions including Chief Business Transformation Officer at Dangote Group, where he spearheaded the transformation of the group, between July 2017 and October 2018. He was the Managing Director/Chief Executive of Emerging Market Telecommunications Service (9Mobile). He is also on the board of Axxela, Starsight and OVH Energy.

In his comment, the Chairman of the Board, Mr John Coumantaros, said, “We are most excited to welcome Mr Olusanya to our Board of Directors. He is a seasoned business leader, whose expertise and vast experience in areas such as Telecommunications, Financial Services, Energy and Manufacturing are mission-critical to our future operations and strategy and will help Flour Mill further its purpose of feeding the nation, every day.”

The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors.

Continue Reading

Coronavirus

COVID-19: Russia produces first batch of its newly approved vaccine

Published

on

COVID-19: J&J starts vaccine trials on humans after success on monkeys

Russia announced on Saturday, August 15, 2020, that it has produced the first batch of its newly approved vaccine, Sputnik V, hours after the health ministry reported the start of its production.

The disclosure was made in a statement by the Russian Health Ministry and quoted by Russian news agencies.

This is coming some days after the Russian President, Vladimir Putin, announced the registration of the world’s first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments.

The announcement is seen as a propaganda coup for the Russian government against the west amid a global race to develop vaccines against the coronavirus disease.

The announcement of the vaccine registration by Putin was met with caution from scientists and the World Health Organization (WHO), who said that it still needed a rigorous safety review. Some of the scientists fear that with this fast regulatory approval, Russia may be putting national prestige ahead of safety.

GTBank 728 x 90

Putin had said the vaccine was safe and that one of his own daughters had been inoculated, although the final stage testing involving over 2,000 people just started this week. Such trials are considered very important before a vaccine can secure regulatory approval.

Russia has said the vaccine which is the first for the coronavirus disease to go into production, will be rolled out by the end of August.

The Gamaleya Research Institute, which developed the vaccine in collaboration with the Russian Defence Ministry, said that Russia would be producing about 5 million doses a month by December or January.

Continue Reading

Companies

Heineken scoops more Nigerian Breweries shares in insider disclosure

The company has about 8 billion shares outstanding with Heineken as the majority shareholder.

Published

on

Nigerian Breweries major shareholder, Heineken disclosed it purchased 274,542 units at an average price N35.76 per unit.

Insider disclosures are reported on the Nigerian Stock Exchange as a regulatory requirement especially when it informs a major shareholder or director of a company purchasing shares in the company they own.

In a related development, its chairman Chief Kolawole Babalola Jamodu also purchased 10,000 units at N37 per unit.

Nigeria Breweries closed at N36 per share on Friday trading at a price to earnings of 34x. The company has about 8 billion shares outstanding with Heineken as the majority shareholder.

What this means: Insider purchases are often an indication of how shareholders perceive the company’s valuation. It can also mean a lot of things from a possible capital raise to a strengthening of their existing holdings.

GTBank 728 x 90

Nigerian Breweries has struggled for growth over the last few years as consumers continue to experience a change to taste and preference for alcohol.

Continue Reading
Advertisement
Advertisement
first bank
Advertisement
Advertisement
FCMB ads
Advertisement
Patricia
Advertisement
first bank
Advertisement
ccitraders
Advertisement
Heritage bank
Advertisement
beyondperception
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
financial calculator
Advertisement
Advertisement
deals book
Advertisement
app
Advertisement