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FG Moves To Create Decent Business Environment

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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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

NNPC Denies Selling Substandard Petrol at Retail Stations

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NNPC fuel retail station

By Aduragbemi Omiyale

The Nigerian National Petroleum Company (NNPC) Limited has refuted claims that it sells substandard premium motor spirit (PMS), otherwise known as petrol, at its retail stations, especially in Lagos.

The state-owned oil company was reacting to a viral video, which said petrol bought at NNPC retail stations burns faster.

Reacting to this in a statement on Saturday, the Chief Corporate Communications Officer of the NNPC, Mr Olufemi Soneye, said the said fuel being talked about in the video may have been the product bought from a rival refinery in the country, Dangote Petroleum Refinery.

“It is important to emphasize that a significant percentage of Premium Motor Spirit (PMS) sold at NNPC retail stations in Lagos—where this deceptive video was created—is sourced from the Dangote Refinery, a strategic partner in promoting local production and energy security. Dangote Refinery adheres to strict industry standards, guaranteeing the quality of petroleum products supplied to our consumers,” a part of the statement said.

It, therefore, described the allegations in the viral video as “false and misleading,” adding that it is also “baseless and entirely unfounded” as it originated “from unverified and amateur research that lacks credibility, accuracy, and professional oversight.”

“NNPC reaffirms that its fuel is carefully formulated with one of the best compositions, ensuring optimal efficiency, durability, and environmental sustainability for consumers,” the company stated.

However, it warned that, “Henceforth, NNPC will take firm legal action against individuals or groups who intentionally spread falsehoods about our brand and operations. Those engaged in such malicious activities will be held fully accountable under the law.”

It lamented that the video was done by “economic saboteurs to misinform the public and tarnish NNPC’s reputation,” warning that it “will not tolerate deliberate misinformation designed to undermine our operations and mislead Nigerians.”

NNPC urged “the public to disregard such fabricated content and rely on verified sources for accurate information,” noting that it “remains steadfast in its mission to ensure fuel availability, affordability, and quality for all Nigerians while maintaining global industry standards.”

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Economy

Four Stocks Show Investors Love at NASD Valentine’s Day Trading

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NASD OTC exchange

By Adedapo Adesanya

Four price gainers lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.54 per cent on Friday, February 14.

Okitipupa Plc improved its share price by N11.29 to close at N124.18 per unit versus N112.89 per unit, Mixta Real Estate Plc appreciated by 34 Kobo to finish at N3.76 per share versus the preceding day’s N3.42 per share, Afriland Properties Plc went up by 62 Kobo to settle at N21.03 per unit compared with N20.41 per unit, and FrieslandCampina Wamco Nigeria Plc jumped by 5 Kobo to trade at N39.95 per share, in contrast to the preceding day’s N39.90 per share.

At the close of business, the market capitalization rose by N9.91 billion to N1.828 trillion from N1.818 trillion and the NASD Unlisted Security Index (NSI) increased by 17.49 points to 3,227.53 points from the 3,210.04 points recorded on Thursday.

During yesterday’s session, the volume of securities transacted by investors jumped by 1,001.3 per cent to 5.1 million units from the 465,820 units transacted in the previous trading day.

Also, the value of transactions surged by 1,025.4 per cent to N108.5 million from N9.6 million, while the number of deals went south by 10 per cent to nine deals from 10 deals recorded on Thursday.

Impresit Bakolori Plc finished the day as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, trailed by FrieslandCampina Wamco Nigeria Plc with 7.4 million units valued at N293.2 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.

Similarly, Impresit Bakolori Plc ended the session as the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, followed by Industrial and General Insurance (IGI) Plc with 69.6 million units sold for N23.6 million, and Geo-Fluids Plc with 10.7 million units valued at N51.2 million.

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Economy

Naira Stable at Official Market, NAFEM, Appreciates at Black Market

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sellers of Naira

By Adedapo Adesanya

The Naira was relatively stable against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 14, though it shed 10 Kobo or 0.01 per cent to sell at at N1,510.10/$1 compared with the previous day’s value of N1,510.00/$1.

However, it depreciated against the Pound Sterling in the official market during the trading day by N7.32 to quote at N1,879.42/£1 versus the N1,872.42/£1 it was sold at the previous session and lost N6.27 against the Euro to settle at N1,566.23/€1, in contrast to Thursday’s closing rate of N1,559.96/€1.

At the parallel market, the Nigerian Naira improved its value against the US Dollar yesterday by N5 to finish at N1565/$1 compared with the preceding session’s value of N1,570/$1.

As for the cryptocurrency market, it was positive on Friday after investors overlooked recent data that frustrated the landscape.

This week, the US data released showed increment in the Consumer Price Index (CPI). This shows the US Federal Reserve will likely wait till June before making changes to the current interest rate levels.

Over the last two weeks, the US Securities and Exchange Commission (SEC) has also acknowledged applications for Litecoin and Solana exchange traded funds (ETFs) — indicating that the SEC’s leadership under the Donald Trump administration has changed its tact to crypto-related listings.

Ethereum (ETH) expanded its value by 5.4 per cent to sell at $3,394.79, Solana (SOL) recorded a 4.4 per cent appreciation to end at $260.86, Cardano (ADA) jumped by 2.9 per cent to trade at $1.00, and Litecoin (LTC) saw a 2.6 per cent surge to quote at $116.78.

In addition, Bitcoin (BTC) appreciated by 2.1 per cent to settle at $1o4,978.31, Ripple (XRP) rose 0.7 per cent to $3.16,  Dogecoin (DOGE) increased by 0.6 per cent to finish at $0.3572, and Binance Coin (BNB) gained 1.6 per cent to sell for $710.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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