AGF begins forensic audit of MDAs
The days internal auditors in Federal Government ministries, departments and agencies (MDAs) get away with complicity in fraud and other financial malfeasance perpetrated in their agencies are now over, as government is prepared to make them answer for their misdeeds while serving or even after retirement.
The Accountant General of the Federation (AGF), Ahmed Idris, gave the warning on Wednesday, at the flag off of the inaugural training workshop for internal auditors on the implementation of forensic auditing in the MDAs. He also identified internal auditors as the prime culprits in the large scale corruption in Nigeria’s public service.
LCCI, EU link Nigerian SMEs, European firms
The Lagos Chamber of Commerce and Industry has collaborated with the European Union to create links between the Small and Medium Enterprises and firms abroad seeking partners in Nigeria.
At a forum tagged ‘Enterprise Europe Network’, which took place in Lagos on Thursday, the LCCI and the economic delegation team from the EU taught the SMEs how to access the EU network and locate interested partners.
‘Review tax treaties now’
Piqued that Nigerian and other countries in the West African sub-region have been losing revenue to tax treaties signed with different nations and multinational companies, ActionAid Nigeria, and key labour unions in the country have urged the Federal Government to review taxation treaties.
The Country Director, ActionAid Nigeria, Mrs. Ojobo Atuluku, who stated this during the West African Summit of Civil Society Organisations, Labour and tax experts on double taxation, lamented that Nigeria and other regional nations were wilfully giving away resources that would have been utilised for developmental projects.
FG: Green Bond Will Deepen Capital Market, Tackle Poverty
The acting President of Nigeria, Prof. Yemi Osinbajo, yesterday said proposed N20 billion Green Bond to be issued by the federal government would provide an opportunity to further deepen the nation’s capital market and tackle poverty.
Green bonds enable capital-raising and investment for new and existing projects with environmental benefits. The federal government is to raise N20 billion via the issuance of Green Bond initiative.
Transcorp proposes 40 kobo per share as dividend payout to shareholders
Ahead of its yearly general meeting (AGM) scheduled for next month, the directors of Transcorp Hilton have proposed the payment of 40 kobo per share as dividend subject to shareholders consideration.
Transcorp Hilton, which announced gross revenue of N14.6 billion for the 2016 financial year, said this was against a budget of N13.8 billion, (2015: N13.4 billion). It disclosed that the high revenue was driven by certain key events including visits by very high profile guests, many foreign heads of governments and representatives of various consulates.
No padding in 2017 budget, says FG
The Federal Government on Thursday replied those claiming that the 2017 budget proposal was filled with frivolous and unclear expenditure, stating that the fiscal document in its current form was not padded.
The Director-General, Budget Office of the Federation, Mr. Ben Akabueze, made the clarification while addressing journalists in Abuja on some of the grey areas in the 2017 budget proposal.
FMDQ admits Forte Oil’s 9 billion bond on platform
Despite the economic headwinds, the OTC Exchange has continued to promote initiatives and strategic alliances, aimed at deepening the debt capital markets, as the listing represents the first corporate bond issuance on FMDQ this year. For joining the league of other top companies to raise capital from the domestic market, the bond listing would help increase Forte Oil’s global visibility and finance the firm’s expansion exercise particularly on the retail business.
The Vice President & Divisional Head, Marketing & Business Development at FMDQ, Ms. Tumi Sekoni, while speaking at the ceremony, held in Lagos on Tuesday, applauded the issuer on the success of the fund raising, noting that the listing would avail the Forte Oil bond unprecedented market transparency, unrivalled information disclosure, efficient price formation and improved global visibility, among other benefits, through FMDQ’s platform.
Cashless policy goes nationwide from April
Barring any last minute change, the cashless policy of the Central Bank of Nigeria (CBN) is expected to go nationwide next April, with the implementation staggered for four month.
In a circular on the nationwide mmplementation of thepolicy sent to all the commercial banks on Thursday by the Director of Banking and Payments System Department of the CBN, Mr. Dipo Fatokun, the apex bank explained that the move was part of decisions reached at the last Bankers’ Committee meeting.
Lawmakers Commend CBN Intervention Projects
The House of Representatives Committee on Banking and Currency has commended the Central Bank of Nigeria (CBN) intervention projects in the educational sector.
The lawmakers also affirmed that the projects would add value to Nigeria’s economic development aspirations. The Committee’s commendation came at the end of its oversight visit to the Bank’s project locations in Lagos State, according to a statement.
Guinness Nigeria unveils 2016 sustainability report
Nigeria’s leading beverage alcohol company, Guinness Nigeria Plc, has released its Sustainability Report for 2016, reporting its performance on various aspects of its operations, while outlining its sustainability targets for the future.
The report was unveiled in Lagos, on Thursday, at a formal ceremony attended by various stakeholder groups and partners such as the Federal Road Safety Corps (FRSC), Lagos Business School, Water Aid, Institute for Industrial technology (IIT) and Diageo’s Global Sustainable Development Director, David Croft, amongst others.
IPMAN decries lack of fuel at Mosimi depot
The Independent Petroleum Marketers Association of Nigeria, Mosimi Depot, Ogun State has said Nigerians, particularly those in Ogun and Lagos states, may soon experience scarcity of petroleum products due to a number of factors militating against the smooth operations of its members.
The Chairman, IPMAN Mosimi, Mr. Samuel Idowu, said in a statement that apart from being a loading depot, Mosimi was designed and designated as a Nigerian National Petroleum Corporation storage facility to receive and redistribute petroleum products from Atlas Cove to Ogun, Lagos, Oyo, Osun, Ondo states and all parts of the South-West, up to Kwara State.
Nigeria to save $31.4bn on crude oil production
Nigeria is to save a whopping $31.4 billion yearly on reduced cost of crude oil production, which peaked at $70 per barrel in 2014.
Speaking yesterday at the 14th Annual Aret Adams Memorial Lecture, with the theme“Find More, Produce More” held in Lagos, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr.Maikanti Baru, said the Corporation’s Unit Technical Cost (UTC) has significantly dropped from above $70 per barrel in 2014, to about $27 per barrel, as at year end 2016.That gives the country a saving of $43 per barrel daily.
W’Bank Report Outlines Actions to Leverage Islamic Finance
The World Bank Group and the Islamic Development Bank have published a first Global Report on Islamic Finance, which detailed the prospects for the global Islamic finance industry and its potential to help reduce worldwide income inequality, enhance sharing prosperity, and achieve the Sustainable Development Goals.
Subtitled “A Catalyst for Shared Prosperity?”, the report provides an overview of trends in Islamic finance, identifies major challenges hindering the industry’s growth, and recommends policy interventions to leverage Islamic finance for promoting shared prosperity.
FG owes N300bn subsidy to oil marketers, Reps told
Group Chief Executive Officer (GCEO) of Forte Oil Nigeria, Akin Akinfemiwa, has disclosed that the Federal Government is owing oil marketers over N300 billion under the subsidy regime between 2014 and 2015.
Akinfemiwa who spoke at the hearing of the Abdullahi Mahmud Gaya-led House of Representatives ad-hoc committee investigating money owed the Petroleum Pipelines Marketing Company (PPMC) by marketers, stated that Forte Oil is being owed N13.8 billion, while his company in turn owes PPMC N5.9 billion for the oil it lifted.
Sovereign Wealth Fund invests $760m in 2nd Niger Bridge in 2017
The Nigeria, Sovereign Investment Agency (NSIA), operators of the Nigerian Sovereign Wealth Fund (SWF), has disclosed that this year alone, a whopping $760 million is to be invested in the 2nd Niger Bridge in continuation of Federal Government’s investment being undertaken under a Public Private Partnership (PPP).
German construction giant, Julius Berger, is a major stakeholder of the consortium in the partnership deal in the bridge, which was initiated by former President Goodluck Jonathan’s administration.
IMF worried over Nigeria’s sloppy reform programme
The International Monetary Fund (IMF), on Thursday, urged Nigeria to step up its economic reform efforts before the opportunity for reforms becomes more limited. Addressing a news conference in Washington DC, yesterday, IMF spokesman, Gerry Rice, noted the country urgently needs to implement a coherent set of policies to ease the constraints posed by the country’s economic recession before opportunities for low hanging fruits evaporate.
Responding to questions on the struggling Africa’s economic giant, the IMF spokesman stated that, “urgency is needed in implementing a coherent and credible package of monetary, fiscal and structural policies as the window for bold reforms is closing with approach of the 2019 general election.”
Poor Management Threatens Survival of Arik Air
Industry experts have expressed worries that Nigeria’s biggest carrier, Arik Air may go under in the next few months and over 3000 workers directly employed by the airline will lose their jobs; unless the airline is taken over by efficient management with international experience.
THISDAY learnt that the initial plan prior to its take-over by the Asset Management Corporation (AMCON), was that Ethiopia Airlines would run the airline and provide it with technical support by taking a percentage of the company. The East African carrier was said to have withdraw from the deal when it learnt about the huge debts owed by the airline.
NDIC decries N1.85trn banks’ non-performing loans
Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has expressed strong concern over the rising incidence of non-performing loans (NPLs) in banks, saying that the 25 deposit money banks had a total loan portfolio of N18.53 trillion out of which N1.85 trillion or 10 per cent were NPLs where N740 billion or 40 per cent constituted insider/Directors-related loans, which is far above regulatory threshold of 5 per cent for the Deposit Money Banks (DMBs).
In his 2017 Budget defence, yesterday, in Abuja before the House Committee on Insurance and Actuarial Matters, Ibrahim said that in other banking sub-sectors like the microfinance banks (MFBs), there were 978 MFBs in existence as at December 2016 with total deposit liabilities of N158 billion and a total loans and advances amounting to N195 billion out of which N87.75 billion or 45 per cent were NPLs where N68.25 billion or 35 per cent constituted insider related/Directors loans. The NPLs indicated a classic case of over-lending, accumulated interests charges and poor corporate governance.