AGP Executive Report

Tax & Industry: Eswatini Beverages was named the country’s most tax-compliant taxpayer, taking top honours at the ERS Client Appreciation Awards for consistent compliance and “responsible corporate citizenship.” Public Finance Oversight: The Eswatini Consumer Forum’s High Court challenge to the Central Bank of Eswatini’s E2.79bn headquarters contract faces pushback from ESPPRA, which alleges the case is an abuse of process and questions ECOF’s existence “only on paper.” Sports Sponsorship: FNB Eswatini and the Sunshine Tour launched the 2026 FNB Eswatini Challenge with a record E2.5m prize pool, boosted by a bigger bank contribution. Health & Community: Lidwala Insurance’s 24km Lidwala Wellness Walk drew a record 17,000+ participants nationwide, with organisers calling the turnout more than triple last year. Cyber & Financial Crime: INTERPOL’s Operation First Light 2026 reported 5,811 arrests and about $293m seized across 97 countries, including an Eswatini bust of 82 suspects tied to illegal online gambling, money laundering and impersonation scams. Migration & Tourism Risk: Eswatini received another group of U.S. third-country deportees, renewing human-rights concerns that could also affect the kingdom’s tourism image. Water Security: Government is accelerating plans to raise Hawane Dam capacity ahead of possible El Niño dry spells.

INTERPOL Fraud Crackdown: INTERPOL’s Operation First Light 2026 wrapped up with 5,811 arrests across 97 countries, $293m in illicit assets intercepted, 31,014 bank accounts blocked and 142,000+ victims identified—targeting business email compromise, romance scams, impersonation, sextortion and illegal online gambling, including an Eswatini bust of 82 suspects and a fake Brazilian police-station scam. Crypto Fraud Angle: Thai police linked romance-scam proceeds to crypto laundering, with one wallet allegedly moving $122.5m using cross-chain swaps—highlighting why fast payment freezes matter. Local Courts & Compliance: The High Court granted bail to five Filipino nationals facing 45 charges after a Crown failure to show they’d abscond or interfere with witnesses; separately, ESPPRA asked the High Court to dismiss the Consumer Forum’s challenge to the CBE headquarters tender, calling it an abuse of process. Tax & Water Readiness: SARS Commissioner Johnstone Makhubu praised ERS’s taxpayer recognition drive; government also said it’s accelerating water infrastructure plans, including raising Hawane Dam, ahead of possible El Niño dryness. Business & Growth: FNB Eswatini and the Sunshine Tour announced a record E2.5m prize pool for the 2026 FNB Eswatini Challenge; Inyatsi Group’s EswatiniMobile funded a 3-month paid internship for UNESWA students. Tourism Risk: Amnesty says Eswatini accepted another group of US third-country deportees, raising human-rights and tourism-confidence concerns. Entrepreneurship Spotlight: Anele Shabangu launched The BAWSS Cellar, expanding her BAWSS legacy into premium sparkling wine.

Tax Compliance Spotlight: SARS Commissioner Dr Johnstone Makhubu praised Eswatini Revenue Service’s ERS Client Appreciation Day for recognising compliant taxpayers, saying the initiative is a learning experience and that Eswatini’s prosperity lifts South Africa too. Cybercrime & Fraud Crackdown: INTERPOL’s Operation First Light 2026 wrapped up across 97 countries, arresting 5,811 suspects and seizing about $293m, with Eswatini police arresting 82 and dismantling an online gambling, money-laundering and impersonation network. Banking & Sports Sponsorship: FNB Eswatini and the Sunshine Tour launched a record E2.5m prize pool for the 2026 FNB Eswatini Challenge, boosted by a E500,000 increase from last year. Tourism Under Scrutiny: Eswatini’s role in U.S. third-country deportations is drawing human-rights concerns that could affect tourism branding and visitor confidence. Creative Economy Link-Up: Standard Bank Luju Festival strengthened ties with Mozambique’s creative sector, with the 2026 edition set for Aug 1–2 in Malkerns. Water Security Planning: Government is accelerating water infrastructure upgrades, including plans to raise Hawane Dam, to prepare for projected El Niño dry spells. Youth Skills Push: Lomahasha Central High School girls completed the African Girls Can Code Initiative, supporting more women into Eswatini’s growing digital economy. Procurement Court Fight: ESPPRA asked the High Court to dismiss the Consumer Forum’s urgent challenge to the Central Bank of Eswatini headquarters contract, calling it an abuse of process. Deportations Continue: Eswatini received another group of 11 U.S. deportees under a third-country nationals deal, renewing legal and transparency concerns.

Cybercrime Crackdown: INTERPOL’s Operation First Light 2026 wrapped up with 5,811 arrests and about $293m seized across 97 countries, after targeting social-engineering scams and the money laundering that powers them; in Eswatini, police arrested 82 people and dismantled an illegal online gambling and impersonation network, seizing 240 devices and even a replica Brazilian police setup. Sports Sponsorship: FNB Eswatini and the Sunshine Tour unveiled a record E2.5m prize pool for the 2026 FNB Eswatini Challenge, up from last year, with the main leg set for August 11–15 at Ezulwini Golf and Country Club. Creative Economy & Trade Links: Standard Bank’s Luju Food & Lifestyle Festival strengthened ties with Mozambique after launching in Maputo, with the 2026 Eswatini edition running August 1–2 and spotlighting food, fashion, music and entrepreneurship. Youth Skills: Lomahasha Central High School girls completed the African Girls Can Code Initiative, building coding and digital skills as Eswatini pushes to close the ICT gender gap. Tax Relief for Donors: MPs backed changes to VAT rules to remove tax on donated goods entering Eswatini, aiming to make it easier for organisations and development partners to support communities. Water Security Planning: Natural Resources and Energy says it is accelerating plans to raise Hawane Dam capacity ahead of possible El Niño dry spells. Legal/Procurement Dispute: ESPPRA asked the High Court to dismiss the Eswatini Consumer Forum’s challenge to the Central Bank of Eswatini’s E2.79bn headquarters contract, calling it an abuse of court process. Business & Lifestyle: Wicknell Chivayo drew fresh attention after unveiling a R50m Eswatini mansion weeks after a R160m Clifton purchase, alongside reports of Eswatini citizenship tied to renewable energy and philanthropy.

Global Fraud Crackdown: INTERPOL’s Operation First Light 2026 wrapped up with 5,811 arrests and $293m seized across 97 countries, identifying 142,000 victims and blocking 31,014 bank accounts as police targeted business email compromise, romance scams, impersonation and sextortion-linked money laundering. Local Cybercrime Action: In Eswatini, police arrested 82 people and dismantled a network behind illegal online gambling, money laundering and impersonation scams, seizing 240 devices and even a replica “Brazil police station” used to trick victims into “safekeeping” transfers. Procurement Court Fight: Eswatini’s Public Procurement Regulatory Authority (ESPPRA) asked the High Court to dismiss the Eswatini Consumer Forum’s urgent challenge to the Central Bank of Eswatini’s E2.79bn headquarters contract, arguing ECOF lacks standing and is abusing court process after waiting months. Youth & Skills Pipeline: Inyatsi Group’s EswatiniMobile is funding a three-month, fully paid internship programme for 10 UNESWA students, placing them across group businesses to build workplace readiness amid high youth unemployment concerns. Banking Risk Watch: EswatiniBank reported loan impairments rising to E45.6m for 2026, with credit impairments climbing to 8.6%, citing job losses, supplier payment delays, climate shocks and wider inflation pressures. Regional Trade Context: Zimbabweans continue travelling to South Africa for business despite unrest, with bus operators saying demand and fares remain steady for legally documented travellers.

INTERPOL Cyber Crackdown: INTERPOL’s Operation First Light 2026 (Jan 15–Apr 30) arrested 5,811 people across 97 countries and seized about $293m tied to social engineering scams, including business email compromise, sextortion, romance and investment fraud; in Eswatini, police arrested 82 suspects and dismantled an illegal online gambling and impersonation network, while authorities blocked 31,014 bank accounts globally and identified 142,000+ victims. High Court Tender Fight: The Eswatini Consumer Forum’s challenge to the Central Bank of Eswatini’s E2.79bn headquarters project faces a fresh hurdle after a contractor alleged ECOF can’t be found at its stated address and may exist “only on paper.” Youth Skills Pipeline: Inyatsi Group’s EswatiniMobile arm launched a three-month, fully paid internship programme for 10 UNESWA students, placing them across group businesses to bridge classroom learning and workplace readiness. Deportation Deal Scrutiny: A fourth group of 11 US deportees arrived in Eswatini under a third-country arrangement, with legal advocates raising concerns that at least two had protections that should have prevented removal. Football & Sponsorship: The 8BET Trade Fair Cup third edition is set for July 19 at Mavuso Sports Centre, with the PLE-8BET sponsorship agreement nearing its end and uncertainty over continuation. Banking Credit Stress: EswatiniBank reported loan impairments rising to E45.6m for 2026, lifting credit impairments to 8.6% as job losses, supplier payment delays and sector shocks weigh on borrowers. Railways Costs & Governance: Eswatini Railways disclosed spending about E2.1m on cattle for exhumation rituals linked to the rail project and admitted possible conflict-of-interest concerns around board appointments. Eswatini in Regional Health Spotlight: The Global Fund praised Eswatini as a model for HIV, TB and malaria progress, citing strong leadership, partnerships and early rollout of Lenacapavir.

Eswatini–Taiwan trade ties: Eswatini’s Commerce Minister Manqoba Khumalo met Taiwan’s Foreign Minister Lin Chia-lung in Taipei to discuss bilateral cooperation, with focus on the Taiwan Industrial and Innovation Park and support in areas like medicine, education and youth programmes. Regional migration pressure on business: South Africa’s protests and xenophobia-linked tensions are already disrupting cross-border trade and jobs for Emaswati, with border queues and uncertainty affecting firms and workers. Banking stress signals: EswatiniBank reported a sharp jump in loan impairments to E45.6m, lifting credit impairments to 8.6% as delayed supplier payments, climate shocks and sector weakness weigh on borrowers. Railways governance and fuel theft: Eswatini Railways told the Public Accounts Committee that fuel theft probes exposed a network of major diesel buyers, while auditors flagged weak fuel management systems and rising fuel costs. Football transfers: The Eswatini Football Association set the 2026/27 transfer window for July 27 to October 2, with a hard late-registration cut-off of October 23. South Africa clothing sector spillover: KwaZulu-Natal’s clothing “Cut, Make and Trim” factories face closures as immigrant workers flee violence, raising fears of supply shocks that can ripple into regional trade.

Labour & Trade Pressures: South Africa’s clothing sector is under strain after raids on KwaZulu-Natal factories exposed “sweatshop” conditions and undocumented labour, while retailers’ low prices are making it hard for owners to meet wage rules; factory owners warn the industry could collapse if migrant workers leave. Banking Health: EswatiniBank says loan impairments jumped to E45.6m for 2026 from E7.1m in 2025, lifting credit impairments to 8.6% as job losses, supplier payment delays, climate shocks and mining-linked stress weigh on borrowers. Governance & Oversight: Eswatini Railways disclosed it spent about E2.1m on ritual cattle linked to exhumations, and PAC scrutiny also raised possible governance conflicts around board appointments. Regional Migration Diplomacy: Traditional leaders plan talks with Zimbabwe’s Mnangagwa to address xenophobia and migration tensions, seeking a united SADC response. Football Business: The Eswatini Football Association set the 2026/27 transfer window for July 27 to Oct 2, with a hard late-registration cut-off of Oct 23. SME & Culture Economy: The Luju Festival is positioning culture as an economic engine, with last year’s event generating E2.5m for small businesses and this year expanding to a two-day format. Energy & Corruption Risks: Eswatini Railways reforms target fuel theft syndicates after an audit found weak fuel management and rising fuel costs. Foreign Trade Links: Eswatini’s commerce minister met Taiwan’s foreign affairs leadership in Taipei, highlighting cooperation tied to the Taiwan Industrial and Innovation Park.

Deportation Deal With Eswatini: A report says the Trump administration is using cash incentives to relocate deportees to non-home countries, including a case where a Cambodian man was deported to Eswatini, raising questions about the kingdom’s role in the programme. South Africa Protests Hit Eswatini Trade: Business Eswatini warns that unrest in South Africa is already disrupting cross-border trade and jobs, with border queues and fears of a larger return of workers that could strain Eswatini’s labour market. Fuel Theft Probe Exposes ESR Syndicates: Eswatini Railways investigations into diesel theft reportedly uncovered a network of major commercial operators buying stolen fuel, as the parastatal moves to tighten fuel management and accountability. Court Fight at FNBB: Alithea says it no longer wants to proceed with its application against FNBB after an interim order allowed it to preserve disputed documents and records. Taiwan Ties and Investment Push: Eswatini’s commerce minister met Taiwan’s foreign minister in Taipei, highlighting cooperation under TaiwanICDF and the Taiwan Industrial and Innovation Park project aimed at boosting jobs and investment. EMCU Inquiry Under Legal Scrutiny: Eswatini Medical Christian University challenges a Cabinet-approved inquiry, arguing the government has not produced proof that Cabinet authorised the investigation. Luju Festival Spurs SMEs: The Standard Bank Luju Festival says last year generated E2.5m for small businesses and is expanding to a two-day event, positioning culture as an economic engine.

Cross-border trade shock: Eswatini Business warned that South Africa’s March and March protests could disrupt trade and jobs, noting SA is the kingdom’s biggest partner (over 72% of imports and exports in May) and warning of border-post queues and possible labour-market pressure if workers return home. Fuel theft crackdown: Eswatini Railways told the Public Accounts Committee that investigations into diesel theft exposed a network of major buyers, while auditors flagged weak fuel management and rising fuel costs. Court fight over banking records: Alithea says it no longer wants to proceed with its application against FNBB, after earlier securing an interim order to preserve documents and electronic records. Regional investment and trade links: Foreign Affairs Minister Lin hosted Eswatini’s Commerce Minister Manqoba Khumalo in Taipei, highlighting cooperation tied to the Taiwan Industrial and Innovation Park. SME and tourism push: The Standard Bank Luju Festival was launched with last year’s E2.5m reported for small businesses, and this year’s expanded two-day format aims to grow entrepreneurship and visitor spending. Local security and accountability: Public calls for mandatory background checks on religious leaders followed the arrest of pastor Nkosingiphile Zwane over alleged rape and murder. Energy project signal: Chivayo secured a major R3bn Eswatini solar project, adding momentum to power-sector investment.

Fuel Theft Crackdown: Eswatini Railways says investigations into diesel theft exposed a network of major commercial buyers and points to weak fuel management systems, with fuel costs rising sharply from 2022 to 2024. Diplomatic Appointments: South Africa’s Ramaphosa is set to appoint Ayanda Dlodlo as ambassador to France ahead of a Paris visit, after her World Bank stint and prior Cabinet roles. Cross-Border Trade Shock: Business Eswatini warns South Africa’s March and March protests could hit Eswatini’s trade and jobs, noting over 72% of Eswatini’s imports and exports are with SA and border queues are already creating uncertainty. Labour & Migration Pressure: Clothing factory owners warn of collapse as immigrant workers flee xenophobic violence, threatening the cut-make-trim supply chain. Court Fight in Health Sector: Eswatini Medical Christian University challenges a Cabinet-approved inquiry claim, arguing the PM cannot prove Cabinet authorised the probe. Regional Health Funding: A SADC TB report flags plateauing progress and a “global funding shock” that threatens 2030 elimination targets. Trade & Investment Links: Foreign Minister Lin hosted Eswatini’s commerce minister in Taipei to discuss bilateral trade and cooperation, including the Taiwan Industrial and Innovation Park. SME & Festival Economy: The Luju Festival launch highlights culture-driven enterprise, with last year’s event generating E2.5m for small businesses and expanding to a full two-day format. Energy Costs Watch: Electricity output fell 9% in May as tariffs kept climbing, raising cost pressures for households and firms.

South Africa–Eswatini trade risk: Eswatini Business warned that South Africa’s nationwide protests could disrupt cross-border commerce and jobs, noting SA is the kingdom’s biggest trading partner (over 72% of imports and exports in May) and that border queues and fears of worker returns are already adding pressure to Eswatini’s labour market. Court and banking dispute: Alithea has told the High Court it no longer wants to proceed with its application against FNBB, after earlier moves to preserve documents and electronic records tied to disputed funds. Foreign policy and trade ties: Eswatini’s commerce minister Manqoba Khumalo met Taiwan’s foreign minister in Taipei, with both sides highlighting cooperation on medicine, education, youth and the Taiwan Industrial and Innovation Park. Investment push: Eswatini Investment Promotion Authority urged Zimbabwean investors to set up businesses in Mbabane and join the July 26–31 investment indaba ahead of Eswatini’s July 29–31 Investment Conference. Energy project: Tsamela’s 20MW Tsamela solar PV project in Hhohho (near Ngwenya) targets more local generation, with Standard Bank leading debt and Eswatini investors taking 30% equity. SME and culture economy: The Standard Bank Luju Festival says last year’s edition generated E2.5m for small businesses and is expanding to a full two-day event, boosting traders and creative enterprises. Public safety debate: Calls are growing for mandatory, regular background checks on religious leaders after the arrest of pastor Nkosingiphile Zwane over alleged rape and murder. Regional health watch: A SADC TB report says progress is plateauing and funding cuts threaten 2030 elimination targets, with the region still carrying a heavy share of global TB deaths. Legal governance dispute (EMCU): EMCU’s council challenged the PM’s inquiry into the university, arguing Cabinet approval for the committee was not properly proven in court.

Trade & Jobs Shock: Eswatini Business warned that South Africa’s protests could hit cross-border commerce and employment, noting SA is behind over 72% of Eswatini’s imports and exports and that border queues and panic are already disrupting workers and logistics. Court Case Update: Alithea has told the High Court it no longer wants to pursue its application against FNBB, after earlier moves to preserve bank records tied to disputed funds. Health Funding Pressure: A new SADC TB progress report says TB gains are plateauing and 2030 elimination targets are at risk as a “global funding shock” threatens momentum, even as incidence has fallen since 2016. Energy & Investment: Tsamela’s 20MW solar PV project near Ngwenya is set to cut import reliance, with Standard Bank leading debt and Eswatini investors taking equity; separately, Chivayo’s R3bn, 300MW solar deal in partnership with CHiNT Electric signals major renewable capacity expansion. Governance & Compliance: EMCU’s council challenged the PM over whether Cabinet actually authorised an inquiry, while businesses say delayed government payments are blocking tax clearance certificates and straining suppliers. Regional Business Push: Eswatini is courting Zimbabwean investors ahead of its July 29–31 Investment Conference, pitching the kingdom as a preferred destination through regional partnerships. SME & Culture Economy: The Standard Bank Luju Festival is expanding into a two-day event, with last year’s edition generating E2.5m for traders and SMEs. Sports Club Risk: Legal experts urge peace talks in the Mbabane Swallows governance dispute, warning prolonged litigation could scare off investors and weaken the club.

Zimbabwe–South Africa Police Clarity: South African police say there is no active investigation into Wicknell Chivayo, after earlier claims linked him to Zimbabwean election-material contracts and South Africa’s Hawks later stepped in to clarify his status. Governance & Courts in Eswatini: The Eswatini Medical Christian University dispute escalated as EMCU Council challenged the PM over whether Cabinet actually authorised an Anti-Corruption Commission inquiry, arguing the legal basis is unproven. Energy & Investment Pipeline: A 20MW Tsamela solar PV project in Hhohho nears delivery with Standard Bank leading debt and Eswatini investors holding equity, while Eswatini also courts regional capital through its Investment Conference roadshow. SME & Consumer Growth: The Standard Bank Luju Festival is positioned as an economic engine, with last year’s edition generating E2.5m for traders and a bigger two-day format planned. Telecom Leadership: MTN Eswatini confirmed Jerry Soko as CEO after an acting stint, signalling a push to develop internal leadership. Business Cashflow Pressure: Delayed government payments are leaving suppliers struggling to secure tax clearance certificates, raising compliance and competitiveness concerns. Regional Trade Policy: SACU leaders, including Ramaphosa, urged accelerated reforms and export strategies as the bloc tackles tariff and competitiveness tensions.

MTN Leadership: MTN Group has appointed Jerry Soko as permanent CEO of MTN Eswatini, ending his seven-month acting stint and signalling a push to promote home-grown leadership across its African operations. Power & Costs: Electricity generation in South Africa fell 9% year-on-year in May, while distribution also weakened—an energy squeeze that matters for regional business planning and operating costs. Renewables Investment: Chivayo-backed Intratrek Holdings secured a R3bn, 300MW solar deal in Eswatini with CHiNT Electric, aiming to cut import dependence and boost generation capacity. Energy Project Pipeline: The Tsamela 20MW solar PV project near Ngwenya is moving toward financial close, with Standard Bank leading debt and local equity participation planned. Investment Push: Eswatini is stepping up regional partnerships ahead of the July 29–31 Eswatini Investment Conference, with EIPA urging Zimbabwean investors to set up in Mbabane. Business Liquidity: Delayed government payments are leaving suppliers struggling to get tax clearance certificates, raising compliance and competitiveness concerns. Sports & Culture with Local Business Angle: The Standard Bank Luju Festival was launched with major regional acts and Eswatini’s Chef Sive among culinary programming, while Eswatini Theatre Club outlined plans for an EU E1m cultural grant to develop local talent.

MTN Leadership: MTN Eswatini has confirmed Jerry Soko as CEO from 1 July 2026, ending his seven-month acting stint and citing improved operational discipline and stronger customer engagement. Energy & Investment: Eswatini’s Tsamela solar PV project is set to deliver 20MW near Ngwenya (Hhohho), with an estimated cost above E400 million and local financing participation; separately, Zimbabwean businessman Wicknell Chivayo secured a R3bn deal for a 300MW solar plant with CHiNT Electric. Regional Trade Policy: At the 9th SACU Summit, President Cyril Ramaphosa urged faster reforms to boost regional cooperation and competitiveness, including work on value chains and an export strategy under AfCFTA. Public Finance Pressure: Delayed government payments are reportedly making it hard for suppliers to obtain tax clearance certificates, raising concerns about business continuity and compliance. Business Promotion: Eswatini is pushing regional partnerships and preparing for the July 29–31 Eswatini Investment Conference, with roadshows in Harare aimed at attracting investors. Tech & Creative Economy: Google Play launched an equity-free $1m Indie Games Fund for African studios across 32 countries, offering capital, mentorship and technical support. Governance & Courts: Calls are growing for mandatory background checks on religious leaders after the arrest of Pastor Nkosingiphile Zwane over alleged rape and murder; meanwhile, Eswatini courts are set to hear matters involving Zimbabwean investors. Culture & Community: The Eswatini Theatre Club outlined plans for an EU E1m grant to develop local talent through regional collaborative productions, while the Standard Bank Luju Festival unveiled its 2026 lineup including Shwi Nomtekhala, Zola 7 and Nasty C.