Economic Africa

Equity Group, Kenya’s second-largest bank by assets, has extended its internal review efforts to Uganda, building on its recent dismissal of over 1,500 employees in Kenya due to alleged misconduct and fraud. In Uganda, the bank has launched a “culture of accountability” initiative—part of a broader campaign aimed at enhancing ethical standards, eliminating conflicts of interest, and strengthening operational oversight across its regional branches. Equity Bank Uganda Managing Director Gift Shoko emphasized that the campaign isn’t tied to any specific incident but reflects the institution’s strategic commitment to robust governance. “We’re conducting thorough audits, evaluating staff performance, and proactively identifying risks related to conflicts of interest and fraud,” said Shoko. “This isn’t about retribution—it’s about fostering integrity and ensuring clarity in expectations. However, where trust is compromised, we will act.” As part of the initiative, the bank is ...

The House of Representatives has commenced an investigation into oil theft in Nigeria, vowing to uncover the root causes and bring those responsible to justice. The probe comes as Nigeria loses an estimated $10 billion to oil theft in just seven months. The Chairman of the House Committee on Petroleum Resources (Upstream), Rep. Ado-Doguwa, expressed determination to employ every legislative tool to address the issue, including inviting memoranda and presentations from key stakeholders, engaging in discussions with international and local oil companies, host community leaders, and relevant agencies. The Secretary to the Government of the Federation, George Akume, reiterated the Federal Government's commitment to securing the nation's oil and gas infrastructure, noting that over $1.5 billion has been spent in the past four years to combat oil theft. The committee identified several critical issues, including inadequate firepower and weapons for security operatives, collaboration ...