A Chinese firm, operating as Tibet-Hima Mining Company owned by Shanghai Baosteel Group and Chinalco Luoyang Copper, have reportedly bought stakes in Kilembe Copper Mines. According to an official at the Ministry of Finance Uganda, The Chinese firm is pledged to inject US $176m to resurrect Kilembe Mines and also to upgrade of Mobuku Power Plant to 12mw. Tibet-Hima committed to pay US $4.3m plus an annual concession fee of about US $1m, in addition to other benefits like employment generation, taxation revenue and improved amenities like hospitals and schools in the vicinity – Kasese in Western Uganda, where the…
Here is how to implement “Know Your Staff” policy effectively
Did you know that internal staff are responsible for most frauds in your company? Recent research by the Association of Certified Fraud Examiners (www.acfe.com) reveal that over 80% of the frauds are committed by first time offenders, of which insider involvement is 90%! Your fraud management strategy should focus on minimizing staff fraud. This means one off background checks on staff at recruitment does not add value, yet many companies spend a lot of money in the activity. Here is the deal: Undertake on-going background checks on your key staff. I mean, if someone is in charge of your mission…
“Know Your Staff” effectively, part 2
Below is a guide to implementing KYS policy. Every new employee must be required to complete the “new employee form.” This document is invaluable for investigators. Below is the minimum information HR must collect from each staff. It is recommended that a new form is completed by every staff every three years, and also updated on the automated HR management system. Error on having all your top managers and staff in charge of critical or high risky processes. It will go a long way in reducing fraud incidents. The explanations in italics are to give you insights on how to…
Of government inefficiency and bureaucracy!
Corrupt people like a lot of bureaucracy. That is why many initiatives aimed at creating agile and lean processes will always fail. The biggest culprits are in civil service, public institutions and multinationals. Bureaucracy gives some people a lot of powers. So much that when they go on leave, business stops. And they want it to remain that way! Don’t be surprised that most people will complain about low pay, but will never resign. They exploit the bureaucracy present in the system. Bribery is the act of paying people to do their job. It is a take it or leave…
Part 1: MTN Business Training Gulu dubbed as the best of its kind
Few companies that deliver what they promise. And MTN Business’ “With the Right Partner Any Thing is Possible”, always comes real when you partner with MTN. If you were in Gulu on 20th November 2013, at Bomah Hotel, you would have experienced firsthand why you need a right business partner. Over 80 entrepreneurs and business executives attended the MTN Business training, which many participants dubbed as “the best of its kind they have ever attended”. One entrepreneur, Odongpiny Yusuf of Gulu Youth Centre, said “I thank MTN for this training and for inviting me. I have learnt a lot in…
East Africa Cyber Security Forum – are we there yet?
The state of cybercrime in East Africa is worrying, and there appears no clear strategy to addressing the vice. As developed countries strengthen their cybercrime management capabilities, some questions are coming up: are East African countries ready? Does the East African community need to coordinate the cybercrime management strategy? The Snowden era has raised more questions than answers. The recent revelations that US could have eavesdropped on the Germany Chancellor’s communications and other top politicians have changed the way alliances look at each other when it comes to developing cyber weaponry and capabilities. This is an issue of national security.…
