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 NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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