Archives: Anti-Corruption

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Opportunity in Africa: Covington Launches Johannesburg Office

Opportunity in Africa abounds. Half of the world’s 25 fastest-growing economies are on the continent and according to the United Nations (UN), half of the anticipated global population growth between now and 2050 will occur in Africa. Upwards of 800 U.S. companies have a presence in South Africa alone. Yet, challenges remain: only 35 percent … Continue Reading

Tanzania, Kenya and Nigeria Finally Stepping Up Anti-Corruption Efforts

Over the past two days, members of the private sector, government and civil society have gathered in Nairobi to discuss the role of the private sector in fighting corruption and implementing the Sustainable Development Goals.  The scourge of corruption has long been one of the main obstacles to realizing the incredible potential of the people … Continue Reading

AU-UN Report Reveals Startling Illicit Financial Flows in Africa

A new, comprehensive report published by the African Union’s high-level panel on illicit financial flows and the United Nations economic commission for Africa (Uneca) concludes that Africa loses more than $50 billion every year to illicit financial flows (IFFs).  The report, entitled Illicit Financial Flows, represents the first African initiative of its kind, and is … Continue Reading

Nigeria Launches New Corporate Governance Rating System

            Earlier this month, the Nigerian Stock Exchange (NSE) and Nigeria’s Convention on Business Integrity (CBi) announced the launch of a Corporate Governance Rating System (CGRS) that will rank NSE-listed companies based on their corporate governance practices and anti-corruption policies.  The new rating system is designed to promote a more transparent business climate in Nigeria … Continue Reading

Fighting Corruption to Achieve Security

On October 23, 2014, Assistant Attorney General for the Criminal Division of the United States Department of Justice, Leslie Caldwell, described the fight against corruption as “a necessary enforcement action to protect our own national security interests and the ability of our U.S. companies to compete on a global scale.”  These comments not only apply … Continue Reading

Recovering Abacha’s Billions

In a recent meeting with the leadership of the World Bank Group, African Finance Ministers requested assistance in supporting the battle to fight what is now estimated to be over $50 billion of illicit financial flows out of Africa.  The ongoing global efforts to recover the billions of dollars allegedly siphoned by the late Nigerian … Continue Reading

Voluntary Transparency Measures in the Extractive Industry

In many African countries, the potential of the extractive industry to develop local economies has yet to be fully realized, monitored, or regulated.  Although considerable attention has been paid to foreign government regulatory measures such as the European Union Accounting and Transparency Directives and Sections 1502 and 1504 of the U.S. Dodd-Frank Wall Street Reform … Continue Reading

Maintaining the Independence and Integrity of Central Banks

Despite various countries making great strides forward in responsible fiscal management, recent events have reignited concerns about the integrity and independence of central banks  in Africa.  Specifically, in the past few months, one central bank governor has been suspended, another has been threatened with arrest, and a third has abruptly resigned. Nigeria. Perhaps the most … Continue Reading
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