Economy
Buhari Vows to Make Financial Transactions Transparent
President Muhammadu Buhari has assured that very soon, all government financial transactions would be done in the open, especially with the various reform agenda being implemented by his administration.
A statement issued by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, stated that this assurance was given on Tuesday in Kaduna at the Passing-Out Parade of Detective Inspector Course Five, of the Economic and Financial Crimes Commission (EFCC).
“My resolve is to ensure that the reforms are deepened such that there will be no hiding place for corrupt persons and proceeds of corruption. My aim is to ensure that no government financial transaction is done in secret and all are subjected to public scrutiny.
“The objective of this administration is to institute a level of transparency in governance through mainly information technology platforms. Just as advanced democracies and some developing countries, I am determined that within a short period, citizens would be able to follow core government operations online,” President Buhari said.
According to him, “Our government has reached advanced stage in Fiscal Transparency. The Appropriation Bill is placed online within hours of its presentation in the National Assembly. The Budget Office of the Federation has been engaging interest groups in the budget cycle. A pilot scheme of 10 MDAs has been test running online display of their budgets and expenditure movements.”
He said federal government’s “commitment to online disclosure of Beneficial Owners of Companies generally within the framework of the Corporate Affairs Commission and in the extractive industries through Nigeria Extractive Industries Transparency Initiative (NEITI) is on course.”
“I am aware that the portals are ready but owners of companies are unwilling to comply with all disclosure requirements. May I use this opportunity to urge all well-meaning Nigerians to fully comply,” he said.
President Buhari said that various national reforms and collaborative efforts with international organisations are designed to institutionally strengthen anti-corruption agencies in Nigeria.
According to him, “We have been working within the frameworks of National Action Plan for Open Government Partnership (OGP), National Anti-Corruption Strategy which is an adaptation of United Nations Convention Against Corruption and the Global Forum for Asset Recovery (GFAR). Several of the reforms have been effective for several years with great impact on revenue and expenditure management. These include; the Government Integrated, Financial and Management Information System (GIFMIS), Integrated Payroll and Personnel Information System (IPPIS), Single Treasury Account, and Bank Verification Number (BVN).
“Executive Orders, such as Preservation of Suspicious Assets Connected with Corruption (Executive Order 6), Nigerian Financial Intelligence Unit (NFIU) Act 2018; and Mutual Assistance in Criminal Matters Act 2018 have been operating for a few years and effectively limiting system opportunities for corrupt practices,” he submitted.
The President noted further that, “This administration, right from the inception, aligned with the Open Governance Partnership and Global Forum for Asset Recovery in addition to existing commitments to African Union and Economic Community of West African States’ Conventions Against Corruption, and the United Nations Convention Against Corruption (UNCAC).
“These frameworks focus significantly on systems reforms in order to prevent corruption. Nigeria’s active participation in these global anti-corruption platforms means that the country is subjecting itself to periodic review of its progress in implementing the articles of conventions thus the fight against corruption.”
Mr Buhari also said the administration’s war against corruption was also attracting international endorsements.
“Our fight against corruption is being recognized by the international community as real and effective. The face of the country abroad is also changing as the international community is beginning to see Nigeria making substantial progress in the enthronement of transparency, accountability and good governance,” he noted.
“The President of the 7th Session of United Nations Convention Against Corruption (UNCAC) had this to say when announcing Nigeria as Vice-Chairman of Conference of State Parties: ‘It is an election well deserved.
“Nigeria has demonstrated remarkable determination in the fight against corruption.’ Nigeria retained the position of Vice Chair of the 8th Session.
“During the 10th Session of the Conference of State Parties, the Implementation Review Group Report also noted the high number of Asset Recovery cases successfully initiated by Nigeria in cooperation with other countries under the Mutual Legal Assistance (MLA) framework,” the President declared.
President Buhari also praised efforts of the EFCC in making the war against corruption effective, saying, “I have listened attentively to the report in the speech presented by the Chairman of EFCC.
“The report is an attestation that the right policies have been put in place to fight corruption and the fight is becoming much more effective.
“I make bold to say that Nigeria is winning the war against corruption. I congratulate the EFCC on its good work and I urge that the current level of success be sustained and accelerated.”
In his remarks, the EFCC acting Chairman, Mr Ibrahim Magu, said that, “EFCC on its part is currently developing its Statement of Strategy for 2020 to 2025, in line with the five pillars of National Anti-Corruption Strategy. This was preceded by an earlier strategic plan which was successfully implemented.”
He added that the EFCC, with the support of development partners has built one of the best investigative laboratories in West Africa which has aided investigators and prosecutors in achieving accuracy and deployment of incontrovertible evidence in courts. He also identified communication as key to the overall success of the organisation’s activities.
By Dipo Olowookere
Investors at the Nigerian Exchange (NGX) Limited have continued to show excitement for the full-year earnings of companies on the exchange so far.
On Friday, Customs Street further appreciated by 1.01 per cent as more organization released their financial statements for the 2025 fiscal year.
During the session, traders continued their selective trading strategy, with the energy sector going up by 2.47 per cent at the close of business despite profit-taking in the banking counter, which saw its index down by 0.11 per cent.
Yesterday, the insurance space grew by 2.16 per cent, the industrial goods segment expanded by 1.70 per cent, and the consumer goods industry jumped by 0.42 per cent.
Consequently, the All-Share Index (ASI) increased by 1,722.13 points to 171,727.49 points from 170,005.36 points, and the market capitalisation soared by N1.106 trillion to N110.235 trillion from the N109.129 trillion it ended on Thursday.
Business Post reports that there were 59 appreciating stocks and 19 depreciating stocks on Friday, representing a positive market breadth index and strong investor sentiment.
The trio of Omatek, Deap Capital, and NAHCO gained 10.00 per cent each to sell for N2.64, N6.82, and N136.40 apiece, as Zichis and Austin Laz appreciated by 9.98 per cent each to close at N6.72 and N5.40, respectively.
Conversely, The Initiates depreciated by 9.74 per cent to N19.45, DAAR Communications slumped by 7.32 per cent to N1.90, United Capital crashed by 6.55 per cent to N18.55, Coronation Insurance lost 5.71 per cent to quote at N3.30, and First Holdco shrank by 5.53 per cent to N47.00.
The activity chart showed an improvement in the activity level, with the trading volume, value, and number of deals up by 33.77 per cent, 93.27 per cent, and 10.63 per cent, respectively.
This was because traders transacted 953.8 million shares worth N43.1 billion in 51,005 deals compared with the 713.0 million shares valued at N22.3 billion traded in 46,104 deals a day earlier.
Fidelity Bank was the most active with 92.4 million units sold for N1.8 billion, Chams transacted 69.2 million units valued at N310.9 million, Deap Capital exchanged 59.1 million units worth N382.7 million, Access Holdings traded 57.2 million units valued at N1.3 billion, and Tantalizers transacted 48.6 million units worth N228.2 million.
By Adedapo Adesanya
The value of the Naira contracted against the United States Dollar on Friday by 13 Kobo or 0.01 per cent to N1,366.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) from the previous day’s value of N1,366.06/$1.
According to data from the Central Bank of Nigeria (CBN), the Nigerian currency also depreciated against the Pound Sterling in the same market window yesterday by N2.37 to N1,857.75/£1 from the N1,855.38/£1 it was traded on Thursday, and further depleted against the Euro by 57 Kobo to close at N1,612.52/€1 versus the preceding session’s N1,611.95/€1.
In the same vein, the exchange rate for international transactions on the GTBank Naira card showed that the Naira lost N8 on the greenback yesterday to N1,383/$1 from the previous day’s N1,375/$1 and at the black market, the Nigerian currency maintained stability against the Dollar at N1,450/$1.
FX analysts anticipate this trend to persist, primarily influenced by increasing external reserves, renewed inflows of foreign portfolio investments, and a reduction in speculative demand.
In the short term, stability in the FX market is expected to continue, supported by policy interventions and improving market confidence.
Nigeria’s foreign reserves experienced an upward trajectory, increasing by $632.38 million within the week to $46.91 billion from $46.27 billion in the previous week.
The Dollar appreciation this week appears to be largely technical, serving as a correction to the substantial losses experienced from mid- to late January.
Meanwhile, the cryptocurrency market slightly appreciated, with Bitcoin (BTC) climbing near $68,000, up nearly 5 per cent since hitting $60,000 late on Thursday after investor confidence in crypto’s utility as a store of value, inflation hedge, and digital currency faltered.
The sell-off extended beyond crypto, with silver plunging 15 per cent and gold sliding more than 2 per cent. US stocks also fell.
The latest recoup saw the price of BTC up by 4.7 per cent to $67,978.96, as Ethereum (ETH) appreciated by 6.3 per cent to $2,021.10, and Ripple (XRP) surged by 9.5 per cent to $1.42.
In addition, Solana (SOL) grew by 7.3 per cent to $85.22, Cardano (ADA) added 6.1 per cent to trade at $0.2683, Dogecoin (DOGE) expanded by 5.4 per cent to $0.0958, Litecoin (LTC) rose by 5.2 per cent to $53.50, and Binance Coin (BNB) jumped by 2.3 per cent to $637.79, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher on Friday as traders worried that this week’s talks between the US and Iran had failed to reduce the risk of a military conflict between the two countries.
Brent crude futures traded at $68.05 a barrel after going up by 50 cents or 0.74 per cent, and the US West Texas Intermediate (WTI) crude futures finished at $63.55 a barrel due to the addition of 26 cents or 0.41 per cent.
Iran and the US held negotiations in Muscat, the capital of Oman, on Friday to overcome sharp differences over Iran’s nuclear programme.
It was reported that the talks had ended with Iran’s foreign minister saying negotiators will return to their capitals for consultations and the talks will continue.
Regardless, the meeting kept investors anxious about geopolitical risk, as Iran wanted to stick to nuclear issues while the US wanted to discuss Iran’s ballistic missiles and support for armed groups in the region.
Any escalation of tension between the two nations could disrupt oil flows, since about a fifth of the world’s total consumption passes through the Strait of Hormuz between Oman and Iran.
Saudi Arabia, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, as does Iran, which is a member of the Organisation of the Petroleum Exporting Countries (OPEC).
According to Reuters, Iran objected to the presence of any US Central Command (CENTCOM) or other regional military officials, saying that would jeopardise the process.
The current confrontation was sparked by more than two weeks of unrest in Iran that saw authorities launch a deadly crackdown that killed thousands of civilians and shocked the world. As reports of the deaths trickled out of Iran, US President Donald Trump threatened to strike Iran if any of the tens of thousands of protesters arrested were executed.
Meanwhile, Kazakhstan’s planned oil exports could fall by as much as 35 per cent this month via its main route through Russia, as the country’s top oil company, Tengiz oilfield, slowly recovers from fires at power facilities in January.
ING analysts have pointed out Iran’s neighbour, Iraq, and a disagreement with the US as another bullish factor for oil prices. It seems Iraqi politicians favour Mr Nouri al-Maliki as the country’s next Prime Minister, but the US thinks Mr al-Maliki is too close to Iran. President Trump has already threatened the oil producer with consequences if he emerges as PM.
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