Economy
FG Moves To Create Decent Business Environment
By Dipo Olowookere
The Federal Government has revealed that it would in a matter of weeks sign an executive order to promote transparency and efficiency for the creation of an enabling business environment in the country, saying this would mandate all Ministry, Agencies and Departments (MDAS) to adopt openness in contracting procedures and publishing of contracts.
The Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), disclosed this recently, while briefing journalists on the thematic areas of the Open Government Partnership (OGP) and what government had accomplished so far; having joined the (OGP) initiative in July, 2016 as the 70th nation.
Mr Malami also read a riot act on treasury looters threatening any culprit with prosecution.
The AGF emphasized that Nigeria participation in the Open Government Partnership would enhance the ease of doing business in Nigeria and also provide opportunities for information sharing and cross fertilization of ideas with countries facing similar challenges like us.
He assured of collaboration with OGP implementing countries to ensure that all illicit funds in foreign banks are repatriated. “We will work with the network of OGP implementing countries for technical support especially in repatriating our stolen funds that are currently stashed away abroad”.
He maintained Nigeria’s resolve to join the OGP initiative was strategic as its principles fit into the existing efforts of the present administration towards ensuring that all conduit pipes through which public funds are misappropriated are permanently blocked.
The Minister further surmised that with these renewed vigour in fighting corruption, any person caught pilfering public funds shall be made to face the wrath of the law.
He also assured that “the FGN will continue to pursue reform programmes on transparency and accountability through targeted measures in promoting fiscal transparency, improved public procurement and open contracting, access to information, asset disclosure, citizen engagement and empowerment”.
The AGF equally noted that the ongoing journey from openness to national prosperity is yielding result in the following areas: Treasury Single Account (TSA) as well as the Government Integrated Financial Management Information System (GIFMIS) had streamlined government revenue collection and expenditure which had saved the country billions of naira in the last one year.
He also enumerated that the Freedom of Information Unit in the Federal Ministry of Justice had been strengthened to provide timely information to the public and relevant policy feedback in compliance with FOI Act.
Mr Malami likewise hinted that the Bureau of Public Service Reform (BPSR) had adopted a unique electronic FOI platform on its website that gives real time information to citizens which smacks voluntary disclosure and currently working to improve on transparent and competitive public procurement in line with global open contracting principles through e-procurement.
On its part, the Universal Basic Education Commission (UBEC) had adopted the open contracting standards in its operations and it is one of the first government agency to do so; stressing that the other agency of government where the openness initiative had worked is Code of Conduct Bureau.
According to him, the CCB has been able to implement its mandate of ensuring that public officers declare their assets promptly and that such assets are verified and recorded in accordance with the law.
Mr Malami further disclosed that appreciable success was also recorded in the banking sector, the enforcement of Bank Verification Number (BVN) scheme reduced fraudulent practices by dubious individuals to protect law abiding customers and restore confidence in our banking industry, thus making it possible to trail money, among others.
The AGF used the occasion of the media roundtable to inform the press about the forthcoming National Consultative Retreat of all stakeholders in the OGP process in Nigeria including civil society, professional associations, development partners as well as the organized private sector to make inputs into the design of our National OGP Action plan in Kaduna between 24th and 26th of October, 2016.
Present at the media roundtable were, representative of the Secretary to the Government of the Federation, Engr. Babachir Lawal, Minister of Transportation, Rotimi Amaechi, Chairman, Independent Corrupt Practices and other Related Offences Commission (ICPC), Chief Ekpo Nta, Chairman, Economic and Financial Crimes Commission (EFCC), Ibrahim Magu and the Director General, Bureau for Public Service Reforms, Dr. Joe Abah among other dignitaries.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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