Kollective Technology to demonstrate scalability of Microsoft Teams and stream live events at Microsoft experience and technology centers worldwide

SINGAPORE – Media OutReach – 15 July 2020 – Leading
Software-Defined Enterprise Content Delivery Network (SD ECDN) provider
Kollective Technology today announced that it was selected by Microsoft Corp.
(Nasdaq: MSFT) to demonstrate the scalability of Microsoft Teams for live
events at Microsoft Experience and Technology Centers worldwide.

 

Designed to create
comprehensive and immersive technology experiences for Microsoft customers
looking to adopt innovations that accelerate their Digital Transformation
initiatives, Microsoft Experience and Technology Centers highlight the latest
in Modern Workplace use cases, including live video broadcasts. By selecting
Kollective as the certified ECDN of Experience Centers, Microsoft can now
easily showcase how Teams can deliver global, company-wide live events with the
help of ECDN technology.

 

Kollective’s ECDN
platform, utilizing browser-based peering technology, scales Teams live events
without the need to install software or invest in additional network
infrastructure. Leveraging the Kollective Demo Portal, Experience Center
visitors can not only learn how ECDNs scale live events but also immediately
start a free trial, enabling them to evaluate peer-assisted video delivery
within their own Microsoft 365 tenant. Real-time analytics, included with every
trial, provides teams with insights that easily demonstrate how peering
technology optimizes user experience and live event reach while minimizing
network impact.

 

“We are excited
Microsoft selected Kollective to bring ECDN technology to customers embarking
on their digital transformation journeys,” said Kollective CEO Dan Vetras. “Our
solution enables enterprise organizations to maximize the ROI of their
Microsoft 365 investment by optimizing networks to reliably deliver live and
on-demand video content.”

 

“At Experience
Center Asia, through enabling the use of Kollective Technology for Microsoft
Teams live events, not only do we showcase our commitment to partners and
innovation, we also clearly demonstrate to the market how the Future of Work
may look like,” said Microsoft’s Rebecca Hick, Director of Experience Center
Asia.

 

About Kollective

Kollective is the
leading provider of enterprise content delivery networking (ECDN)
infrastructure. Kollective’s cloud-based, software-only platform leverages
existing network infrastructure to deliver content faster, more reliably and
with less bandwidth. With numerous pre-built integrations to applications such
as Microsoft Teams, Kollective customers can easily and securely scale the best
technologies to the edge of their global networks. Over 135 organizations,
including many of the largest companies in the world, trust Kollective to
securely scale live streaming video, video on-demand, and software updates to
every device at the network edge.


About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) enables digital
transformation for the era of an intelligent cloud and an intelligent edge. Its
mission is to empower every person and every organization on the planet to
achieve more.

CIFI issues its first green bond of US$300 million in Hong Kong

To promote sustainable development and environment friendly property projects

 

HONG KONG,
CHINA – Media OutReach – 15 July 2020 – CIFI Holdings (Group) Co. Ltd. (“CIFI” or the
“Group”, HKEx stock code: 884), a leading real estate developer
engaged in the property development and investment business in the first-,
second- and robust third-tier cities in China, is pleased to announce that the
Group has successfully issued its first green bond (the “Green Bond”) in Hong
Kong with an issuance size of US$300 million, 5.95% coupon and a tenor of 5.25 years. Standard Chartered Bank, China
CITIC Bank International, Credit Suisse, Deutsche Bank, Goldman Sachs (Asia)
L.L.C., Haitong International, HSBC, Morgan Stanley and UBS are the joint
global coordinators, joint bookrunners and joint lead managers in respect of
the offer and sale of the Notes as well as the initial purchasers of the Notes.

 

HSBC and Standard Chartered Bank as Green
Structuring Advisors to develop a CIFI Green Bond Framework which is in
alignment with ICMA’s Green Bond Principles (GBP). In addition, CIFI has
engaged with Sustainalytics to issue a Second Party Opinion to serve as an
independent external review.

 

Despite the recent financial market volatility, the Green Bond saw
strong demand from international investors, attracting total orders at peak
time exceeding US$2.4 billion, which was over 8 times the issuance size. The
investors consisted of 67% from Asia and 33% from Europe.

 

The Group plans to use the proceeds of the green bond to refinance
its existing debts. The Notes are being issued as ”Green Bonds” under a Green
Bond Framework and the Group extends its green strategy as a large proportional
of the Group’s existing projects provide tangible environment benefit and can
be classified as “Eligible Projects” as per its green bond framework.

 

There were 15 CIFI’s projects obtained China Green Building Label
2 stars or above, 2 projects obtained China Health Building Label. In terms of
new construction area in 2019, 23.9% of area were certified with 2-star or
above. Going forward, the Group will continue its commitment to all projects at
least 1-star and target to have 2-star or above accounted for one third of its
newly constructed area. In addition, all commercial properties and high-end
residential property projects of CIFI are required to achieve 2-star or above.

 

Mr. Lin Zhong, Chairman of CIFI Holdings’ Board of Directors,
said: “We are pleased to see such strong demand for the Green Bond. The
favourable response from international investors indicates not only their
recognition of CIFI’s positive business outlook, but also the support of our
determination and efforts in promoting sustainable development and environment
friendly property projects.”

About CIFI (Group):

Headquartered
in Shanghai, CIFI is one of China’s top real estate developers. CIFI
principally focuses on developing high-quality properties in first-, second-
and selective third-tier cities in China. CIFI develops various types of
properties, including residential, office and commercial complexes.

 

To
learn more about the Company, please visit CIFI’s website at:
http://www.cifi.com.cn

Everledger Platform Update to Boost Post-Pandemic Recovery in The Diamond Industry

New version of its blockchain platform supports demand generation, sustainability and compliance for manufacturers and jewellery retailers, also announces its new bridge funding through the UK government’s Future Fund and Tencent.

 

LONDON, UK – Media OutReach – 15 July 2020 – As the diamond industry adapts to the disruption of the
COVID-19 pandemic, Everledger has launched of a new version of the Everledger
Platform, with additional features that match the supply and demand of stones
based on criteria set by potential buyers. True to its mission, Everledger
brings additional transparency to the industry by capturing key characteristics
of the stones on the platform: diamond quality, sustainability footprint and
compliance standards.

 

Due to the lockdown in major cities across the world,
many jewellery retailers and diamond manufacturers closed and there was supply
chain uncertainty. To address this before markets begin opening up, and in time
for the peak season of Double 11, Christmas and Chinese New Year, Everledger is
providing a secure application that will help to improve recovery.

 

Commenting, Everledger CEO Leanne Kemp said: “For most
crises, there’s a life cycle. We are now beginning to see green shoots
especially in Asia and particularly China, significant signs of recovery as
demonstrated recently by the record breaking 618 sale. Consumption is on a steady rise in China
and particularly on ecommerce channels which have experienced a significant
sales boost over the lockdown period.”

 

The new version of the Everledger Platform
specifically aids demand generation for retailers searching for diamonds based
on their sustainability efforts, credentials and compliance standards. Of
course, this goes the other way, by matching suppliers who want to securely
share diamond, sustainability and compliance data with individual retailers,
brands or groups of retailers.

 

Ms Kemp complemented: “This enriched release of the
Everledger Platform is open for the diamond industry, as we work hard over the
next couple of months to provide the same level of transparency across the
other industries we work with, such as Wine and Spirits, Luxury and Apparel,
and Circular Economy, especially managing the life cycle of batteries in Electric
Vehicles and Portable Electronics.”

 

Like-minded partners

 

A key improvement in the platform is the increased
support for demand generation. Everledger offers a privileged networking tool
for connecting like-minded retailers and suppliers. The Search function
provides a match-making tool, allowing participants to search criteria across
three main categories: Diamond Quality, Sustainability Efforts and Compliance
Standards. This allows suppliers to boost their sales, while sharing data
around their efforts to reduce carbon impact and adhere to high compliance standards.

 

With Automated Data Sharing, suppliers can create
diamond data sharing rules to ensure new and updated diamond data is shared
with retailers automatically. This offers the opportunity to reach more
retailers as their ecosystem grows.

 

Ever more transparency

 

Transparency remains a bedrock of the updated
Everledger Platform. An exciting evolution is the introduction of Badges. These
proof-points (e.g. carbon offsetting certifications, Kimberley Process
certificate, invoices, etc.) reveal a diamond’s origin, characteristics, and
compliance standards, thus enabling the value chain to trade with higher
degrees of confidence.

Using the Access Control List, manufacturers and
retailers can determine different access rights for their data on the platform,
ensuring the highest levels of data privacy and control, both within their
company and to select partners. With
this upgraded platform, Everledger is enhancing its reputation for
blockchain-powered privacy and security. Everledger was certified ISO 27001 last
year, which represents the highest level of security management for sensitive
data.

 

Today’s launch focuses predominantly on the diamond
industry and its key stakeholders, but the platform will soon carry
transferable features through to all verticals, including fine wines,
gemstones, e-waste, apparel and luxury goods.

 

Strengthening its position to
lead the future of transparency

 

The launch of Everledger’s new platform comes off the
back of a USD7 million funding round from the UK Government’s Future Fund and
Tencent. Tencent has continued its investment in Everledger, following the
company’s $20 million series A funding round at the back end of last year.

 

Ms Kemp emphasised the importance of China for
Everledger: “Last year we launched the world’s first WeChat Mini Program for
blockchain-enabled diamonds, and this year we’ll be announcing a partnership
with one of China’s largest e-commerce companies. Having Tencent on board is
invaluable for strengthening and extending our developments in China.”

NCC Resolves 98% Consumer Complaints in 15 Months

…Urges consumers to follow established channels of complaints reporting.
…Reiterates commitment to improving QoS, QoE.

98% of the total service-related complaints received from telecoms consumers within a 15-month period, spanning January 2019 to April 2020, have been successfully resolved, the Nigerian Communications Commission (NCC) has said in a report.

Professor Umar Garba Danbatta, Executive Vice Chairman, Nigerian Communications Commission (NCC).

Besides this declaration, the Commission has reiterated its commitment to ensuring improvement in the Quality of Service (QoS) and Quality of Experience (QoE) for the nation’s over 190 million telecom subscribers, even as the global community grapples with the challenges of containing the spread and management of COVID-19 pandemic.

According to the Commission, in the period under review, 26,169 complaints were received and managed by the Commission to the satisfaction of the overwhelming majority of telecom consumers. Of that number, 25,575, representing 98 percent of the total complaints received were expeditiously resolved.

Many of the satisfied consumers reverted to either acknowledge the prompt resolution of their complaints or to thank the Commission for its intervention in service-related issues between them and their respective service providers.

The complaints were received through all the Commission’s official channels of communication. These include 24,481 complaints received through Commission’s Contact Centres; 1,007 complaints received through the NCC Consumer Portal; and 296 others received as written complaints submitted at NCC Head Office in Abuja and at the Commission’s five zonal offices in Lagos, Enugu, Port Harcourt, Kano and Ibadan.

Complaints also reached the Commission through its official email while 366 of the complaints were transmitted to the Commission through its social media handles on Facebook, Twitter, Instagram, LinkedIn, and the specially-dedicated Twitter handle for consumer issues (@ConsumersNCC).

Also, 19 complaints were also referred to the Commission during the period through the Twitter account of Honourable Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami.

According to the Executive Vice Chairman (EVC) of NCC, Prof, Umar Danbatta, “the Commission is pleased to find that consumers are increasingly accessing the numerous complaint channels instituted by the Commission to resolve second level complaints brought to its attention.”

The EVC said the NCC has emplaced all the channels to enable consumers to escalate to the Commission complaints earlier reported to their service providers that may not have been addressed promptly and/or satisfactorily.

“It is important to note that Commission’s actions in this regard is in congruence with NCC’s mandate to protect and defend the rights of the consumer, and to give concrete expression to its faith in the consumer as the lifeblood of the telecom sector, and therefore deserving of priority attention as enshrined in the Nigerian Communications Act (NCA) 2003,” Danbatta said.

He emphasised the Commission’s commitment to taking several steps, in collaboration with relevant stakeholders, to continuously improve QoS both for voice and data services.

According to him, such responsibility has become more imperative, in view of the outbreak of COVID-19 and the attendant necessities for containing the contagion, giving that telecom consumers, in their majority, have come to rely more on telecom services in order to cope with the restrictions to physical movement and close contacts.

Danbatta assured consumers of NCC’s readiness to sustain existing measures put in place to sustain improvement in QoS, in order to reduce incidents of complaints and to ensure the overall protection of the rights of the telecom consumer.

“Such measures include monthly engagement sessions with operators on QoS; quarterly QoS Industry Working Group (IWG) meetings on QoS; continuous engagement with the Nigerian Governors’ Forum (NGF) on Right of Way (RoW) issue; regular publication of QoS performance data on the Commission’s website; instituting benchmarking drive test across the country to measure the performance of each operator; establishing new QoS measurement mechanisms for assessing operators’ performance across all states of the Federation, among others,” Danbatta emphasised.

The EVC assured telecom consumers of its readiness to address every challenge stifling robust delivery of telecom services, and he urged that:telecom consumers should continue to report challenges about quality of service, first with their service providers, and if not satisfied with the handling of the complaints by service providers, the consumer may then escalate the matter to the Commission through various channels provided as mentioned above.”

MTN Nigeria to Run Limited Trial of e-SIM Technology…First of it’s kind in West Africa

In its continued drive to lead digital transformation, foster inclusion, improve customer experience and maintain the highest quality of service for its customers MTN Nigeria Plc today announced the trial of e-SIM services on their network based on approvals received from the Nigerian Communications Commission (NCC).

The next step in the evolution of Subscriber Identity Modules (SIM cards), e-SIMs are designed to deliver unprecedented freedom and flexibility. Unlike the physical SIMs, e-SIMs are built into smartphones, devices and wearables. They support multiple profiles and allow customers to connect multiple numbers to their e-SIM devices.

Notwithstanding the sophistication of e-SIMs, the onboarding requirements are the same as are required for a physical SIM. Hence, SIM registration in line with existing regulatory prescriptions remains a requirement for activating a device embedded with an e-SIM.

e-SIMs are particularly useful for people who want to manage personal and business lines easily and effectively or want a separate profile for data. The new technology will also be extremely convenient for frequent travellers and tourists, making it easier for them to opt for and keep a local subscription when visiting Nigeria.

The trial which kicked-off today will run for one year and is open on a first come first served basis to a limited number of subscribers who own compatible devices. Expressing satisfaction at the development, Mazen Mroue, Chief Operating Officer, MTN Nigeria said the company was eager to get through the trial process so that the technology can be deployed for the benefit of every Nigerian.

“We are in a fast-paced digital age with new technological advancements driving the constantly changing landscape. Against this backdrop, customers depend on us to provide high quality, reliable and easy-to-use connectivity solutions.

“With the introduction of the e-SIM, we will offer customers a seamless and distinctive digital experience with new levels of flexibility, simplicity and convenience. This is a further demonstration of our firm commitment to delivering the benefits of a bold new digital world to our customers; and we will continue seeking new ways to provide solutions that address old and new challenges, making life a little easier and brighter,” Mroue stated.

MTN is spearheading e-SIM adoption in Nigeria as part of efforts to enable the digital economy. For all MTN mobile subscribers who own e-SIM compatible devices, setting up an e-SIM profile with a new or existing mobile plan is quick and easy.

All it takes is a visit to an MTN service centre where frontline staff will help in registration and onboarding at no cost. Soon, e-SIM users will also be able to link multiple compatible devices and smart wearables such as tablets, smartwatches etc to their profile.

SAP names Claudio Muruzabal Regional President of EMEA South

0
SAP has appointed Claudio Muruzabal as the new President for SAP‘s EMEA south region that comprises Southern Europe, the Middle East and Africa. Muruzabal replaces Steve Tzikakis who is leaving SAP to pursue a leadership opportunity outside of the company.
With a presence in 75 countries, 24 offices and 5000 employees across EMEA South, SAP has doubled its business in the region over the last five years.
Muruzabal who joined SAP in 2015 as President of SAP Latin America and the Caribbean has over 25 years of technology industry leadership. A visionary of the role of technology-driven innovation in business, Muruzabal has enjoyed great success in SAP’s Latin America region. Prior to joining SAP, he was CEO of NEORIS, successful global management and IT consulting business.
A strong advocate of education, entrepreneurship and the promotion of diversity, Muruzabal has been recognized as one of the HITEC Top 50 Most Influential and Notable Hispanic Professionals in the IT Industry in Latin America and Spain and in 2019, he received a Bravo Award from the Council of the Americas organization, as Technology Leader of the Year.
Claudio Muruzabal‘ s leadership is grounded in building robust relationships to deliver strong business outcomes and exceptional experiences for our customers. I’m confident our customers in EMEA South will enjoy tremendous value from Claudio’s expertise,” said Adaire Fox-Martin, Member of the SAP Executive Board, Customer Success. “Steve Tzikakis has delivered tremendous outcomes for our customers over his 12- year tenure at SAP and his contributions to our customers and to SAP will endure for years to come.” 
“With over 23,000 customers and more than 19,000 partners across the EMEA South region, I am both honoured and excited to take on this new role,” commented Muruzabal. “EMEA South represents a tremendously dynamic market for SAP and the opportunity to grow in the region is significant. I look forward to helping customers capitalize on their SAP investment and reach their full potential.”

73% of Nigerian SMBs on Facebook remain optimistic and resilient about the future of their businesses despite the COVID-19 pandemic – Report

0

To lay bare the scale of challenges small businesses are facing during the COVID-19 pandemic, and to understand their ongoing challenges and areas for further support, Facebook today published the Global State of Small Business Report. Compiled in partnership with the World Bank and the OECD, it surveyed over 30,000 small business owners and employees from around the world in over 50 countries. In Nigeria, the survey reveals that despite the challenges, SMBs are very optimistic about the future of their businesses.

Over 73% of operational SMBs on Facebook feel optimistic about the future of their business, with 77% of female-led SMBs on Facebook (and 72% of male-led SMBs) currently operational or engaging in revenue lead activities. Compared to other African small, medium businesses (SMBs) surveyed, Nigerian SMBs on Facebook seem to be more optimistic when looking ahead to cash flow over the coming months, with 37%, compared to 45% in South Africa, 47% in Kenya and 42% in Ghana saying they expect cash flow to be a challenge in the next few months.

Despite the positive outlook, 46% of operational SMBs on Facebook has reduced the number of employees/workers as a result of the COVID-19 pandemic, with 37% of those operational reported that their sales this year were lower than last year.

However, digital continues to play a key part in the economic recovery of these businesses, with 43% of operational SMBs on Facebook reporting 25% or more of their sales were made digitally in the past month.

“Small businesses are the heart of our communities – from coffee shops, and bookstores to plumbers, taverns and graphic designers,” said Nunu Ntshingila, Regional Director, Facebook Africa. “But we know they are facing the challenge of a lifetime. These survey results further highlight what we are already seeing, that the COVID-19 pandemic isn’t just a public health emergency, but also an economic crisis that is hitting SMBs exceptionally hard, and one that collectively as a community we need to urgently address.”

The global survey also highlights that globally the tourism and hospitality sector worldwide has borne the brunt of COVID-19 related restrictions and reduced consumer spending – with around half of businesses in these sectors reporting that they have had to close. Smaller businesses, those owned and operated by one person, have seen these closures at a greater rate than others, with globally 26% of SMBs reported that they had closed between January and May 2020 – over 50% in some countries.

Ntshingila added: “Globally more than 160 million businesses use Facebook, Instagram, Messenger, or WhatsApp every month to reach their customers, sell their products or services and ultimately to grow. They are the heartbeat of Facebook’s community and since the early days of the pandemic, we have taken steps to help them weather the storm. These are tough times for businesses all over the world, we would like to help with their recovery.”

As part of its ongoing commitment, Facebook continues to support SMBs and has created a Business Resource Hub where SMBs can get training, advice, and information – including from healthcare experts.

Audi is number one in terms of patents for electric drives

Technical Development – internally referred to at Audi as “TE” – is the place where the brand’s heartbeats. It is the place where “Vorsprung Durch Technik” becomes a reality. The engineers develop innovations from the initial idea to market level. The new “Audi TechFocus” online newsletter provides detailed insights behind the scenes of TE. The topic of the premiere issue: patents. Or: this is how we document “Vorsprung Durch Technik.”

In 1970 – in other words, exactly 50 years ago – the “Technical Development” department moved into the first new facilities on the northern periphery of Ingolstadt. The complex has continuously been expanded ever since. By now, nearly 10,000 technicians and engineers are engaged in research and development just at the Ingolstadt location. Together with the nearly 2,000 TE employees in Neckarsulm and the developers in Győr, Beijing and San José Chiapa they form the innovation laboratory of the Four Rings – and very successfully so. The number of patent applications filed is one of the benchmarks for the brand’s strong innovative prowess.

How many patent applications does Audi file per year?

In 2019, there were more than 1,200 patent applications filed, in other words, more than three on each day of the year. The subject matter and focus of patents change in line with shifts in social awareness. In earlier years, the main emphasis was put on ideas and inventions from the areas of chassis, conventional engine technology and transmission. At the moment, digitalization and electric mobility are at the top of the list.

In total, the company currently holds some 13,000 patent families worldwide, which equates to about 23,000 individual patents and patent applications. For the complex procedures involved, Audi employs specialized patent attorneys. “We protect the ideas and inventions of our engineers and thus our ‘Vorsprung Durch Technik,’” says Jama Askaryar, the patent attorney responsible for electric and hybrid drives.

AUDI AG is the leader in patent applications filed for electric drives in Germany

Whereas many competitors purchase electric drive technology, Audi develops it in-house in many areas. As the most innovative premium brand, Audi is the leader in patent applications filed for electric powertrains in Germany. The statistics prove this, too: According to an analysis of the German Patent and Trade Mark Office and the European Patent Office (EPO), in 2019, a total of 660 patents were filed with effectiveness just in Germany. These applications refer only to vehicles with electric powertrains. Compared to 2017, this corresponds to an increase of 42 percent.

With 57 patent applications filed for the plug-in hybrids and the models of the all-electric Audi e-Tron, Audi occupied the top spot. “This is ‘Vorsprung Durch Technik’ and shows the great innovative spirit of our developers,” says Roman Straßer, Head of Development, Power Electronics and Charging Systems. But not just the Patent Office documents Audi’s top ranking in the area of ideas and inventions. In 2020, the renowned Center of Automotive Management (CAM) recognizes Audi as the winner in the area of alternative drives with the AutomotiveINNOVATIONS Award.

What are examples of patent applications?

Two Audi engineers have invented a new method of operating the electric machines of the Audi e-Tron. Their function for predictive energization of the e-machines via smart and innovative power electronics enhances driving dynamics. At the same time, it minimizes electric power consumption by “anticipating” the desired driving commands and predictively initiating them.

Audi patents are also found in the field of fluid mechanics, in other words, the utilization of the physical flow behaviour of fluids. For instance, to efficiently cool the rotor in an electric motor. Traditionally, the heat is dissipated from the outside. Audi does this additionally via a coolant fluid and smart cooling ducts directly in the rotor core – in other words, from the inside. The complex technological feat of assembling the individual rotor sheets results in particularly effective rotor cooling.

Another example of e-mobility ingenuity at Audi is a patent on a solution enabling the absorption of hectic accelerator pedal actuation, which makes it possible to avoid load alternations from acceleration to deceleration mode. This is achieved by complex filtering of driving behaviour, which considers and optimizes all parameters from the driver’s wish to the current torque distribution on the two axles and on all four wheels.

Technology highlights from Audi’s history

The fast-running permanent Quattro all-wheel-drive has been and will remain a shining beacon of “Vorsprung Durch Technik.” With the all-wheel-drive technology unveiled in the original Quattro at the 1980 Geneva Motor Show following a three-year development period, Audi revolutionized not only the automotive industry but motorsport, too.

A large number of other Audi innovations and patents have decisively shaped the automobile as well. For instance, the Audi Space Frame (short: ASF) unveiled at the Frankfurt Motor Show IAA in 1993, on which aluminium replaced the previously used steel as the material for the unibody in the Audi A8. To this day, this lightweight engineering know-how has seen consistent further development. The current Audi A8 in its structural components even combines a material mix of four different lightweight materials: aluminium, steel, magnesium and carbon fibre reinforced plastics (CFRP) – for a new level of multi-material design.

The new Mercedes-AMG GT Black Series

The most powerful AMG V8 series engine of all time, the most elaborate aerodynamics, the most intelligent material mix, the most expressive design, the most distinctive driving dynamics: For the new Mercedes-AMG GT Black Series, Affalterbach’s engineers have raised the bar in the art of vehicle design.

This new super sports car perfectly embodies the brand’s rich tradition in motorsport, as well as its expertise in developing complete vehicles which impress in every respect. The result is an awe-inspiring vehicle with 720 hp from a Handcrafted AMG V8 engine with a flat-plane crankshaft, combined with active aerodynamics and design stemming directly from the current AMG GT3 racing car.

At Mercedes-AMG, the Black Series has been synonymous with a very special type of car since 2006: uncompromisingly sporty, with an expressive design and the most direct technology transfer from motorsport to series production. Black Series models are exclusive automotive rarities. They are not developed to gather dust in collectors’ garages, but for high-speed use on race tracks, despite being approved for road usage. The AMG GT Black Series represents a new highlight in this tradition: It features the most powerful Mercedes-AMG V8 series engine of all time.

In order to redefine the super sports car, the engine specialists in Affalterbach have once again extensively redeveloped the tried-and-tested 4.0-litre V8 Biturbo unit – despite it already being renowned for excellent drivability, power delivery and torque. The specifications were clear: Significantly more power than the previous flagship model of the AMG GT family, an even more agile throttle response, maximum torque – all of which meant that a radical change was needed in the form of a new, flat-plane crankshaft.

“The new GT Black Series is our latest automotive highlight and continues a tradition established in 2006. The sixth iteration of its kind is another AMG milestone and impressive proof of the incredible development expertise in Affalterbach. I am proud of the team who have created this unique super sports car, which now represents the absolute peak of our successful GT family. The performance, appearance and driving dynamics of the GT Black Series are second to none. This project was a fantastic end to my work at AMG, for which I am truly thankful,” says Tobias Moers, Chairman of the Board at Mercedes-AMG GmbH.

Distinctive V8 engine design

The design of a V8 engine gives designers plenty of room to play within one key element: the crank arrangement on the crankshaft. This influences the characteristics of the engine. There are usually two variants in V8 engines: the ‘cross plane’ where the crankpins of the four pairs of cylinders are at 90-degree angles to each other, which AMG has used in all previous V8 engines, or the ‘flat-plane crankshaft’, where all crankpins are on the same plane with a 180-degree offset (‘flat-plane’).

If you look at the front of a cross-plane crankshaft, you will be able to identify the cross that gives it its name. The benefits of these crankshafts are superb smoothness and high torque at low rotational speeds. The characteristic sound is another hallmark feature of the cross-plane V8 engine. In order to make optimal use of the displacement and the performance potential in the 4.0-litre V8 Biturbo engine, AMG engineers have essentially moved the exhaust side into the hot internal V of the two cylinder banks in the V8 engine.

Uniformly oscillating gas columns for even more power

Another way of increasing performance is by utilizing a flat-plane crankshaft. In the flat-plane V8 engine, it looks like an inline four-cylinder model – except for the wider crankpins, which have two connecting rods each in the V8. Ignition in the flat-plane V8 jumps from one cylinder bank to the next, which further improves the gas cycle. The characteristic firing order with a 180-degree crankshaft angle offset is 1-8-2-7 4-5-3-6. This creates uniformly oscillating gas columns in the exhaust tract and on the intake side, whose resonance can easily be used to increase performance. An even greater advantage is a more agile throttle response.

The most powerful V8 engine from Mercedes-AMG

Although the new GT Black Series engine is based on the AMG 4.0-litre V8 Biturbo with dry-sump lubrication, it has been given the new internal code of M178 LS2, due to its numerous modifications. It achieves 720 hp at 6,700-6,900 rpm and delivers a maximum torque of 590 lb-ft at 2,000-6,000 rpm. New camshafts and exhaust manifolds are adapted to the new firing order and further improve the gas cycle.

Both twin-scroll exhaust turbochargers are mounted in anti-friction bearings, as in the top-of-the-range four-door AMG GT Coupe, which optimizes their throttle response even further. However, in the GT Black Series, the turbochargers have been given a larger compressor wheel, meaning that both can deliver a total of 24.6 psi. By way of comparison: The figure is 19.6 psi for the AMG GT R. 7,000 rpm is not critical as a continuous speed, so the redline instead tops out at 7,200 rpm. The larger intercoolers guarantee they always keep the charge-air temperature within the best possible range. The unique aspects of the new engine are also reflected in the distinctive engine badge, which is rendered in black.

0-124 mph in under nine seconds

The new Handcrafted AMG engine in the GT Black Series gives it a completely unique character, which is not only reflected in the power delivery, but also in its very distinctive sound. The new engine also enables highly impressive driving performance: The Black Series shoots from 0 to 60 mph in 3.1 seconds, and to 124 mph (200 km/h) in under nine seconds. The top speed is 202 mph, although this is only sensible on closed-off racetracks.

Modified AMG SPEEDSHIFT DCT 7-speed transmission

Power is transferred to the rear wheels via the AMG SPEEDSHIFT DCT 7-speed dual-clutch transmission, which is located on the rear axle in a transaxle arrangement for optimal weight distribution, as is the case for all AMG GT 2-door models. It has been specially modified for use in the AMG GT Black Series and adapted to the increased torque of 590 lb-ft. The previous limits governing shift performance and response time have been extended, making them more suitable for racetracks.

This all contributes to new and unique characteristics, as not only are the accelerator and engine response more agile – the drive programs, start-up characteristics and gear changes are, too. The Race Start function is now even more impressive, thanks to the increased starting revs, the more sensitive wheel slip control and the high-performance tires fit for the racetrack. Furthermore, the transmission cooling has been adapted to the tougher requirements, and the transmission ratios have also been slightly modified.

The ‘torque tube’ creates the connection between the engine and the transmission. It is made of carbon fiber and, at just 30.6 lbs, is around 40 percent lighter than its already weight-optimized aluminum counterpart in the AMG GT. As a structural component of the transaxle drivetrain, it creates an extremely torsionally stiff connection between the engine and the transmission. It allows for a direct connection of the drivetrain that is favorable to the driving dynamics and also plays a role in the vehicle’s balanced weight distribution. The drive shaft which rotates inside is also made from lightweight carbon fiber.

Sophisticated aerodynamics for incredibly high driving dynamics

The sophisticated and optimized aerodynamics make a significant contribution to agile driving dynamics and stability on fast circuits. As with the AMG GT R and AMG GT R PRO, aerodynamics experts and designers have worked in close collaboration to enhance the aerodynamic characteristics of the GT Black Series. ‘Form follows function’ applies more than ever in the case of the new Black Series.

The similarity to the AMG GT3 and AMG GT4 racing cars is visually and technically stronger than ever before. It starts with the new, significantly larger radiator air inlet, which stems directly from the AMG GT3 racing car. The radiator trim has vertical slats in dark chrome, and now that the wheel arch coolers are also fed with air directly via the central inlet, there is no need for two additional outer air inlets in the front bumper. Semicircular flics optimize the flow of air, which not only increases downforce at the front axle, but also improves brake cooling. The ‘air curtains’ control and direct the flow towards the wheels. Together with the flics in front of the wheels, these enhancements reduce the drag coefficient and increase downforce. The new design language therefore combines maximum cool-air efficiency with lower air resistance and an increased level of downforce at the front.

The carbon-fiber front splitter has two manually adjustable settings (Street and Race – Race exclusively for use on racetracks), and can be adapted to meet various track requirements. When extended forward (Race position), a front diffuser in the shape of a reversed wing profile is created under the front section. Depending on the driving speed, this element is lowered even further by the rising negative pressure, which significantly accelerates the air flow on the underbody, creating a ‘Venturi effect’, which also draws the car closer to the road and increases downforce on the front axle. The driver can feel the benefits in the steering: The Black Series can be steered even more precisely when cornering at high speed and exhibits exceptional directional stability. Especially during fast cornering and under high lateral acceleration, the vehicle delivers an agile response with clear steering wheel feedback – while remaining easily controllable at all times. If the front diffuser is in the Race position, the downforce at the rear axle can also be increased further by the new rear spoiler design.

Hood with two large exhaust air openings to improve aero-performance

Another direct derivative from motorsport is the new carbon-fiber hood, with two large exhaust air outlets made from black finished carbon-fiber surfaces. The large outlets guide the warm air, which is fed from the diagonally positioned cooling pack, out of the engine compartment. This technology is also directly derived from motorsport and increases the overall downforce. At the same time the air resistance is reduced, and the air mass flow for cooling the engine is optimized. The air is also specifically guided around the A-pillars and side windows to the rear, where it increases the efficiency of the new rear spoiler design. The seamlessly integrated front fender vents, with five fins in body color and exhaust air openings behind the wheels in the front carbon-fiber fenders, help to increase downforce at the front axle by means of effective wheel arch ventilation. The air flowing around the vehicle is also optimized by the new, significantly larger and wider side sill panels with black carbon-fiber elements, which merge into vertical blades at the front and rear. Additional cooling air ducts are integrated into the side sill panels for brake cooling at the rear axle.

Two-stage rear spoiler concept

The rear view is characterized by the new rear bumper with a large diffuser, two rounded twin-tailpipe trims on the outside left and right, side wheel arch ventilation, and the innovative rear spoiler design. Both spoiler blades are made from carbon fiber, can be mechanically adjusted and therefore adapted to various track conditions. The second, lower positioned blade was made particularly small and narrow because this is ideal for the air arriving from the front of the car. The light yet robust carbon-fiber spoiler supports, painted matte black and specially designed with extensive simulations, also increase aerodynamic efficiency. They are bolted to the carbon-fiber rear hatch, which is also black.

Another fascinating detail: the adjustable flap in the upper blade. This active aerodynamic element is electronically adjusted by 20 degrees, to suit the driving situation and selected AMG DYNAMICS mode, while improving longitudinal and transverse dynamics. In a flat position, it reduces the air resistance, to help reach top speed more quickly. In the inclined position, the flap improves braking performance and cornering stability thanks to increased downforce at the rear axle.

Four different activation strategies can be run, depending on whether AMG DYNAMICS Basic, Advanced, Pro or Master has been selected. Some of these strategies also involve driving dynamics recognition, for example, Master: The flap is permanently inclined and extended up to 155 mph. When the speed exceeds 155 mph, it retracts in order to reduce the air resistance and thus reach top speed more quickly. However, if the driver brakes suddenly or steers into a corner, the flap immediately returns to its extended position in order to optimize braking and cornering, thanks to increased downforce and air resistance. The flap can also be retracted or extended by the driver using a separate button in the center console.

Extensive paneling on the underbody

The detailed aerodynamic work also includes the now almost fully paneled underbody, which must not only meet aerodynamic requirements, but thermal ones as well (heat dissipation). The flat underbody is equipped with specially designed longitudinal fins. These air channels have been meticulously optimized to ensure optimal air flow to the rear diffuser. The entire package accelerates air flow, significantly increasing downforce. All measures are coordinated and interact with the new rear spoiler design. The result of all these measures is a downforce level of well over 882 lbs at 155 mph.

Lightweight and robust carbon-fiber, as far as the eye can see

The lightweight carbon-fiber roof, with a lowered center, as well as the carbon-fiber rear hatch with small spoiler lip and larger rear windshield made from lightweight glass, are all key components of the ‘intelligent material mix’ and ‘lightweight construction’. Moving to the front of the car, the glass used to make the laminated front windshield is also lightweight. The coiled carbon-fiber transmission mount is another exclusive Black Series component. Additional carbon- fiber shear panels in the front section, underbody and rear stiffen the entire aluminum body shell structure, together with the lightweight integral carrier and the carbon-fiber cross tunnel, making the body shell even more stable. The elements form a connected network and increase the high driving precision of the Black Series in all driving manoeuvres. The carbon-fiber shear panel under the engine is connected to the integral carrier and stiffens the entire front section and steering system, making the steering noticeably more precise and further stabilizing the front axle. The integral carrier at the front axle is exclusively made for the Black Series using a lightweight aluminium construction.

The standard ceramic high-performance compound brake system with black painted brake calipers and white lettering is also characterized by low weight and high performance. Special brake pads and rotors together with modified brake cooling guarantee optimal and non-fading deceleration as well as high-precision brake-application. The standard light- alloy forged wheels also contribute to weight reduction.

AMG coil-over suspension with adaptive adjustable damping

A double wishbone design enhances the wheel with high camber and toe-in stability. This enables high cornering speeds and gives the driver optimized road feel when cornering at the extreme limits. Wishbones, steering knuckles and hub carriers on the front and rear axle are made entirely from forged aluminum in order to reduce the unsprung mass. The spherical bearings on the upper and lower wishbones of the rear axle come straight from motorsport. Their design means they have no play, which means toe-in and camber do not change even under high loads. The GT Black Series therefore allows for precise steering, provides clear steering feedback and thus delivers better cornering performance.

As with the AMG GT R, an AMG coil-over suspension with adjustable spring preload is used in the Black Series, with technology adapted to meet the specific requirements for extreme race track use with high damping forces. The technology from motorsport is combined with the AMG RIDE CONTROL continuously variable, adaptive damping system. The system is electronically controlled and automatically adapts the damping on each wheel to the current handling situation, the speed and the road conditions. The damping characteristics are modulated rapidly and precisely by two separate valves for the rebound and compression forces in the dampers. These valves are new and are also based on motorsport technology. They react in an even more agile manner to fast suspension movements. A harder damping rate, for example, when cornering and braking, effectively reduces rolling movements. The continuously variable adjustment of the damping to suit the current speed also ensures the best possible road contact and thus enhances safety, even at high speeds.

The driver can also adjust the adaptive damping characteristics at the touch of a button in the AMG DRIVE UNIT or by using the AMG DYNAMIC SELECT drive modes. Three modes are available: “Comfort”, “Sport” and “Sport Plus”. The modified logic means that there is an even better trade-off. ‘Comfort’ and ‘Sport’ are the right choice for public roads. In ‘Sport’, the damping is firmer, with a sportier body connection and less comfort – and can also be chosen for race tracks if more slippery track conditions prevail as a result of wet conditions. ‘Sport Plus’ is ideal for use on racetracks, as it has a special feature: The system automatically recognizes the quality of the track surface, i.e. whether the car is being driven on a flat Grand Prix course like Hockenheim or a bumpy track like the Nürburgring North Loop. It then automatically adapts the level of electronic damping in ‘Sport Plus’. To develop this logic, the Black Series was tailored to a wide range of different track types and the adaptation perfected.

Additional Carbon-fiber to reduce the suspension weight

The front axle is equipped with a dual adjustable sway bar made of lightweight carbon-fibre. The sway bar has a short and firm connection as its default setting. Its counterpart at the rear axle is made of steel, has a 3-way adjustment, and saves weight thanks to its hollow tube design. From the default “central” position, it can be adjusted to one level harder (short connection) or softer (long connection). The carbon-fibre shear panel in the rear underbody enhances the high driving precision. This lightweight and rigid element stiffen the rear-end structure and as a result, makes the body shell even more stable. The electronically controlled dynamic engine and transmission mounts were also retuned to further increase the agility and deliver the high-precision response and clear feedback.

Other suspension measures include the wide track at the front and rear, and the manually adjustable camber at the front and rear axles. This means that exceptionally high camber values can be set, which are only used for the purpose of increasing performance in motorsport on closed-off race tracks.

A Pilot Sport Cup 2 R MO tire, specially customized for the Black Series, has been developed in collaboration with Michelin®. As is the custom in motorsport, this high-performance tire is exclusively available for Mercedes-AMG in two compounds: The standard tire equipped from the factory is the soft-compound Michelin® Pilot Sport Cup 2 R MO1A, whose side flank enhances the silhouette of the AMG GT Black Series. A ‘hard compound’ is also available as a retrofitting option for race track use at higher temperatures. As well as the Michelin® Pilot Sport Cup 2 R MO2 designation, it can be identified by the tire compound available from the AMG Performance Center, with the hallmark motorsport sticker from the French tire manufacturer. The sizes are 10 J x 19 wheels with 285/35 ZR 19 tires (front) and 12 J x 20 wheel with 335/30 ZR 20 tires (rear).

Grip to the power of nine: AMG TRACTION CONTROL

For use on closed-off racetracks in ESP OFF mode, the AMG TRACTION CONTROL enables the driver to get individual support for controlling the immense power of the Black Series – and without any ESP brake intervention whatsoever. The level of support can be fine-tuned, providing the ideal level of assistance for each driver and each track. The AMG TRACTION CONTROL has been extensively tailored to meet the requirements of the new Black Series and allows preselection of one of nine slip settings on the live rear axle. Control is exclusively via corresponding maps in the engine electronics and without any intervention in the ESP system, as is also the case with the GT3 racing car.

It is operated via a separate adjuster in the central console. It can also be operated while wearing racing gloves in its central position in the dashboard. Depending on the setting, the system permits more or less slip on the rear wheels – very helpful in a variety of road conditions. Level 1 is programmed for driving in the wet with high safety reserves. Level 9 allows maximum slip on the rear axle. Each set is displayed on the adjuster itself and in the instrument cluster’s central display.

The AMG TRACTION CONTROL has a major advantage over conventional systems in that it anticipates situations with the help of a friction coefficient evaluator and other data processed by a control unit within a fraction of a second. The maximum permissible drive slip on the rear wheels is calculated depending on the selected AMG TRACTION CONTROL level. When the wheels reach this level of slip during acceleration, the traction control modulates the engine output so that this level is not exceeded and the vehicle continues accelerating with this specified slip. The system’s algorithms have been developed as a double control variable model and not only control the engine’s drive torque, but also the locking level of the electronic differential lock.

Exclusive orange contrasting colour

The interior design emphasizes the pole position of the AMG GT Black Series: Exclusive Nappa leather is combined with sporty DINAMICA microfiber in black with orange contrasting topstitching. The instrument panel and the newly designed lightweight door panels, which are now equipped with loop pull handles instead of conventional handles, are trimmed in black DINAMICA microfiber. Further orange contrasting topstitching, matte black carbon-fiber trim and the Interior Night Package add further interior highlights. AMG carbon-fiber bucket seats (not available in the USA, Canada and China) combine low weight with optimum lateral support. In the USA, Canada and China, the Black Series is equipped with AMG Performance seats as standard. The interior is also optionally available with silver contrasting topstitching.

Displays with AMG-specific graphics

The AMG GT Black Series features the fully digital instrument displays from the AMG GT family with an instrument cluster measuring 12.3 inches in front of the driver, and a 10.25-inch multimedia display on the center console. The instrument cluster offers different designs with three AMG-specific display styles: ‘Classic’, ‘Sporty’ or ‘Supersport’. The ‘Supersport’ view with a central rev counter features extensive additional information, such as a prompt to shift up in manual transmission mode, the ‘shift light’. The visualizations on the multimedia display enable further vehicle functions to be experienced, e.g. with animated presentations of the driving assistance, vehicle and communication systems.

At your fingertips: display buttons in the center console

The innovative, coloured display buttons in the V-shaped centre console integrate the display and control of transmission logic, suspension, ESP, exhaust system, rear spoiler flap and start/stop function. The TFT display buttons use intuitive symbols to show their functions and are easy to operate with a small tip of the finger. As they have a mechanical pressure point, they can also be operated while wearing racing gloves. The display buttons are supplemented by the two rocker switches for the drive programs and volume control of the audio system.

Control in an instant: the AMG Performance steering wheel

The AMG Performance steering wheel is also adopted from the AMG GT family. It is characterized by its sporty design, a flattened bottom section with a heavily contoured rim and intuitive operation. The steering wheel rim is fully trimmed in DINAMICA microfiber, while the steering wheel badge exclusively features the Black Series lettering, along with the AMG logo. The aluminium steering wheel shift paddles for manual gear changes enable even sportier driving. The integrated Touch Control buttons can be used to control the instrument cluster and the multimedia display by means of horizontal and vertical finger swipes.

As standard, the AMG DRIVE UNIT steering wheel buttons also have a round controller with an integrated display, as well as two vertically positioned colored display buttons with switches. The AMG drive programs can be activated using the right controller. The selected setting is shown on the color LCD display directly integrated in the controller.

The two freely configurable display buttons and the additional switches on the left side enable further AMG functions to be controlled directly on the steering wheel. This means that the driver can concentrate fully on high-speed driving without having to take their hands off the wheel. Each required function can be depicted by a display icon, which the driver can set using the respective switch so the two individually preferred AMG functions can be defined exactly and the settings changed with just a tap of the finger.

The AMG Interior Night Package is also included as standard equipment. In this package, the shift paddles, steering wheel spokes and seat insert in the AMG Performance seats are finished in high-gloss black, while the door sill panels are finished in black brushed stainless steel, further emphasizing the car’s sportiness.

Technical data at a glance

2021 Mercedes-AMG GT Black Series
Engine 4.0-liter V8 Biturbo
Displacement 3982 cc
Output 720 hp at 6,700-6,900 rpm
Peak torque 590 lb-ft at 2,000-6,000 rpm
Drive Rear-wheel drive
Transmission AMG SPEEDSHIFT DCT 7-speed
Acceleration 0-60 mph 3.1 s
Top speed 202 mph

Why Africa, International Community Must Join Forces To Break The Walls Of Secret Corporate Ownership In Corruption Fight- Osinbajo

0
Secrecy provides cover for criminality, VP adds, noting that some countries still resist stemming IFF.
The devastating effects of secret and beneficial ownership on economies across Africa require that stakeholders on the continent including governments must collaborate to stem the tide of the phenomenon, according to Vice President Yemi Osinbajo, SAN.
“One more matter of concern that the international community must work together to solve is the matter of secret corporate ownership and the whole issue of beneficial ownership.
“For us in the developing world and especially in Africa, breaking the wall of secret corporate ownership is crucial because secrecy around corporate ownership is implicated in our underdevelopment. Although anonymous companies are not always illegal, nevertheless secrecy provides a convenient cover for criminality and corruption.
“Our experience in Nigeria as in other developing countries is that anonymous corporate ownership covers a multitude of sins including conflict of interests, corruption, tax evasion, money laundering, and even terrorism financing.”
BELOW IS THE FULL TEXT OF THE VICE PRESIDENT’S ADDRESS:
ADDRESS BY HIS EXCELLENCY, PROF. YEMI OSINBAJO SAN, VICE PRESIDENT, FEDERAL REPUBLIC OF NIGERIA AT THE 20TH ANNIVERSARY AFRICA REGIONAL WEBINAR OF THE ICPC THEMED COMBATING CORRUPTION AND ILLICIT FINANCIAL FLOWS: NEW MEASURES AND STRATEGIES
Let me say first, how very pleased I am to be a part of this celebration, joining the ICPC Board, Management and staff to celebrate the 20th anniversary of this important national and regional institution.
20 years have passed since we passed the Corrupt Practices and Other Related Offences Act and set up the Independent Corrupt Practices and Other Related Offences Commission as the first anti-corruption agency, in Nigeria and possibly in the region. This was three years before the UN Convention Against Corruption (UNCAC) was adopted, and five years before UNCAC came into effect. So, in many ways, you are pioneers of the anti-corruption struggle in our region and indeed in very many parts of the world.
The three-fold mandate of ICPC remains relevant today as it was 20 years ago namely:
*enforcement of laws against corruption,
*prevention of acts of corruption and
*public education and enlightenment against corruption.
Our government has supported the fulfilment of this statutory mandate first by demonstrating the political will and support for anti-corruption measures from the Number one citizen of Nigeria, the President himself. We have seen that demonstrable political will and that political will has afforded all our anti-corruption agencies the latitude to do their work without interference.
Secondly, by taking measures that reinforce the prevention mandate of ICPC: For example the enforcement of the TSA policy; strict application of BVN which is the biometric information required for opening of bank accounts and fro maintaining bank accounts; strengthening of the e-government system comprising GIFMIS and IPPIS which are electronic platforms for managing human resource material in the public service and also for budgeting purposes; the launching late last year of the open treasury portal through which payments for works, goods, and services may be monitored globally, and by encouraging the use of the Freedom of Information Act by civil society to elicit information from government agencies.
The public education and citizen engagement mandate is supported by the government’s encouragement of a vibrant role for citizens, the media and civil society in the anti-corruption crusade.
Besides, both the ICPC, & the EFCC have held several public participation campaigns to encourage civic participation in the anti-corruption struggle.
The theme of this webinar COMBATING CORRUPTION AND ILLICIT FINANCIAL FLOWS: NEW MEASURES AND STRATEGIES, I think, again just reminds us that corruption remains a scourge to our development aspirations and has become for us in the developing world, an existential issue.
Over the years, massive public resources and assets have been directly stolen, diverted, deliberately misapplied to gratify corrupt tendencies, stashed in foreign jurisdictions or mired in and susceptible to pilferage by the inequitable and unjust international economic system that continues to undermine the social and economic development aspirations of poor countries especially from Africa.
Without effectively combating corruption and IFFs and promoting international cooperation for asset recovery and asset return, Africa cannot achieve the Sustainable Development Goals. Goal 16 of the SDGs is devoted to corruption. Specifically, Target 16.4 commits that: “By 2030, significantly reduce illicit financial flows and arms flows, strengthen the recovery and return of stolen assets and combat all forms of organized crime.”
Both the UN General Assembly and the African Union have committed to measures to fight corruption and stem IFFs. UNCAC and the African Union Convention on Preventing and Combating Corruption has remained the touchstone of the fight against corruption and IFFs. Other initiatives include the Addis Ababa Action Agenda and the AU Assembly Special Declaration on Illicit Financial Flows. More recently, the UN General Assembly Resolution 74/206 of 19 December 2019 commits to the promotion of international cooperation to combat Illicit Financial Flows (IFFs) and strengthen good practices on asset return to foster sustainable development.
Nigeria has demonstrated leadership in the advocacy for collective efforts to stem IFFs from Africa and has also been at the forefront of advocacy for stemming IFF and promoting international cooperation for asset recovery and asset return at the UN General Assembly. As the AU Champion on Anti-Corruption, President Buhari in his report to the ASSEMBLY OF THE UNION, Thirty-Second Ordinary Session and at the 71st Session of the UN General Assembly, affirmed Nigeria’s commitment to continue to “advocate for the facilitation of recovery of illicit financial assets.”
Towards this end, Nigeria proposed the Draft Common African Position on Asset Return (CAPAR) at the 36th Ordinary Session of the Executive Council of the AU in February 2020 at which the CAPAR was adopted. I am aware that Prof. Bolaji Owasanoye, Chairman ICPC was a member of the Working Group that produced the CAPAR.
One more matter of concern that the international community must work together to solve is the matter of secret corporate ownership and the whole issue of beneficial ownership.
For use in the developing world and especially in Africa, breaking the wall of secret corporate ownership is crucial because secrecy around corporate ownership is implicated in our underdevelopment. Although anonymous companies are not always illegal, nevertheless secrecy provides a convenient cover for criminality and corruption.
Our experience in Nigeria as in other developing countries is that anonymous corporate ownership covers a multitude of sins including conflict of interests, corruption, tax evasion, money laundering, and even terrorism financing.
At the May 2016 London Anti-Corruption Summit, President Muhammadu Buhari made a commitment to establish a public register of the beneficial owners of all companies operating in Nigeria. Following that commitment, Nigeria joined the Open Government Partnership (OGP) in December 2016 and subsequently submitted a National Action Plan prioritizing the establishment of an all-encompassing and publicly accessible register.
Nigeria is in the process of amending its corporate law to implement these measures and mandate the disclosure of beneficial interest in a company’s shares and prescribe punitive measures for failure to disclose.
We are mindful of the challenges dogging advocacy for stemming IFFs, promotion of asset recovery and return to victim countries, and enforcement of beneficial ownership disclosure not just in our country but globally.
We note for example, the resistance of some countries to stemming illicit financial flows, curbing tax evasion, support asset return to countries of origin and we note that laws passed in some developed countries to mandate beneficial ownership disclosure do not set examples for best practice as they do not cover territories and dependencies where most of the stolen assets from developed countries end up.
I sincerely hope this regional webinar will advance the advocacy further and bring up innovative solutions to these internationally shared concerns.
Let me conclude by saying there is no magic bullet to ending corruption, stemming IFFs or promoting asset recovery and return. We simply must work hard at it and be determined to succeed. We must make corruption expensive for those who engage in it and send the unequivocal message that corruption simply does not pay.
We must also make all members of the international community see the benefit of shared prosperity and inclusive growth and development. It is the unenviable but noble task of ICPC and other anti-corruption agencies to make corruption unattractive to its disciples and facilitate new approaches to stemming IFFS and promoting asset recovery and return.
As you ruminate on the key issues to dominate the UN General Assembly Special Session on Corruption in 2021, I urge you to come up with concrete proposals for Nigeria to take to the UN and also for all of our colleagues in the region, to take to the United Nations in order to begin to positively shape policy in a way and manner that best promotes the interest of our country and region.
Domestically we must also be prepared to change, to some extent, our tactics in the fight against corruption. Listening to Edward Kallon (The UN Resident Coordinator in Nigeria who spoke earlier), I am convinced that there are many practical steps that can be taken.
We must democratize the fight against corruption. Many of our citizens are interested in the fight against grand corruption. Grand corruption as you know cripples the economy. But they also want to see action in what would be regarded as petty corruption – in their interfaces with government officials either in the search for certifications, approvals of any kind, licenses, and all of that. Many want to see that corruption at that level is tackled effectively. And I think that we must begin to look at innovative ways of doing so.
Secondly, we must protect, even more, whistle-blowers – persons who come forward with information against corruption. We must protect those who are ready to fight against corruption and who are prepared to do so without necessarily disclosing their identities and even those who are ready to disclose their identities.
The thing that we must take note of is that corruption fights back. And it is fighting back and it has the resources to do so. In recent times, one of the chief ways that we are seeing more frequently is the use of unscrupulous individuals who are paid to use social media platforms to make outrageous allegations against persons perceived to be fighting corruption. The technique is not new, the idea is to tie everybody with the same tar so that you cannot recognize the truly corrupt or the truly corrupt activity, and the genuine whistle-blowing is discredited as a result. And because our court system is slow, they count on the possibility that these victims may not pursue litigation or prosecution: you must devise a new legal strategy to ensure that this dirty trick not only fails but are penalized.
The fight against corruption is nuanced and hydra-headed, it is not going to get easier by the day, as a matter of fact, it will get more difficult by the day and many will become discouraged in standing up against corruption. But it is our duty both as individuals and institutions especially in developing countries where corruption has such a devastating effect, to ensure that we prioritize the fight against corruption and continually device new ways and new approaches even as the hydra-headed problem itself continue to manifest in different ways.
I am happy to note that the ICPC has creditably discharged itself of its mandate in the past twenty years. This is no doubt due to the solid leadership it has enjoyed from inception through the first Board led by the late Hon Justice Mustapha Akanbi,  then Hon. Justice Olayinka Ayoola, and then Mr Expo Nta and the current 4th Board led by Prof. Bolaji Owasanoye, and the tireless effort of its management and staff.
I wish you all a happy 20th-anniversary celebration. Government looks forward to the recommendations of your conference towards improving the fight against and ultimately defeating corruption.
Thank you very much God bless you all