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 Naira depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 20, by N6.03 or 0.45 per cent to close at N1,349.67/$1, in contrast to the previous session’s N1,343.64/$1.
In the same vein, the local currency also fell against the Pound Sterling in the trading first session of the week by N2.39 in the official FX market to trade at N1,826.78/£1 compared with the N1,824.39/£1 it was exchanged for last Friday, but appreciated against the Euro by N1.76 to finish at N1,589.38/€1 versus N1,591.14/€1.
A look at the black market window showed that the Nigerian Naira traded flat against the US Dollar yesterday at N1,375/$1, but appreciated by N1 at the GTBank forex counter to sell at N1,354/$1 compared with the preceding session’s N1,355/$1.
The Naira is under pressure from surging international payments at the start of the week, which is expected to put further pressure on the country’s foreign reserve. The reserve is expected to decline further amid fluctuations in crude oil prices in the global commodity market.
The US Dollar is showing slight strength globally due to rising tensions between the US and Iran. Investors are moving towards safer assets like the Dollar because of uncertainty in the Middle East. The situation is tense as Iran has pulled out of talks with the US, and concerns remain about the Strait of Hormuz, an important route for global oil supply.
As for the cryptocurrency market, digital assets were largely up as markets bet on progress in cease-fire talks between Iran and the US, even as the current two-week truce nears its Wednesday deadline.
US President Donald Trump said on Monday that he is not likely to extend it, and market analysts noted that that’s the deadline markets are now trading on.
Solana (SOL) gained 2.0 per cent to sell at $85.64, Bitcoin (BTC) jumped by 1.9 per cent to $75,791.24, Ripple (XRP) increased by 1.9 per cent to $1.43, and Binance Coin (BNB) rose by 1.8 per cent to $630.76.
Further, Ethereum (ETH) improved by 1.7 per cent to $2,311.60, Cardano (ADA) soared by 1.6 per cent to $0.2490, and Dogecoin (DOGE) expanded by 1.3 per cent to $0.0954, while TRON (TRX) depreciated by 0.9 per cent to $0.3286, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) unchanged at $1.00 apiece.
By Dipo Olowookere
The continued strong appetite for local stocks further strengthened the Nigerian Exchange (NGX) Limited by 0.44 per cent on Monday.
The domestic bourse remained in green territory yesterday despite a weakened activity level, which saw the trading volume and value down 24.31 per cent and 6.62 per cent, respectively, while the number of deals increased by 34.23 per cent.
According to trading data from Customs Street, investors transacted 984.0 million shares worth N50.8 billion in 76,410 deals on the first trading day of this week compared with the 1.3 billion shares valued at N54.4 billion traded in 56,923 deals last Friday.
Access Holdings returned to the top of the activity log with 91.7 million equities sold for N3.0 billion, First Holdco exchanged 70.2 million stocks worth N4.8 billion, Zenith Bank traded 54.9 million shares valued at N7.0 billion, Lasaco Assurance transacted 53.8 million equities worth N107.5 million, and UBA recorded a turnover of 52.6 million stocks valued at N2.7 billion.
Business Post reports that investor sentiment was weak on Monday despite the positive outcome, as there were 27 appreciating stocks and 46 depreciating stocks, implying a negative market breadth index.
Bargain-hunting in NAHCO, which went up by 10.00 per cent to N242.00, and others ensured that the NGX remained in green territory. Union Dicon also gained 10.00 per cent to trade at N18.15, Fidelity Bank improved by 9.98 per cent to N22.05, Trans-Nationwide Express expanded by 9.92 per cent to N6.65, and Access Holdings rose by 9.87 per cent to N32.85.
On the flip side, Living Trust Mortgage Bank lost 10.00 per cent to quote at N3.69, Stanbic IBTC also declined by 10.00 per cent to finish at N169.70, Transcorp Power gave up 9.97 per cent to close at N272.70, Abbey Mortgage Bank crashed by 9.88 per cent to N7.30, and Guinea Insurance dropped 8.80 per cent to settle at N1.14.
It was observed that all the major sectors of the market were bullish yesterday, with the banking index growing by 2.56 per cent. The energy space appreciated by 0.75 per cent, the consumer goods counter improved by 0.38 per cent, and the industrial goods sector gained 0.35 per cent, while the insurance segment closed flat.
At the close of business, the market capitalisation went up by N609 billion to N140.436 trillion from N139.827 trillion, and the market capitalisation soared by 946.27 points to 218,113.84 points from 217,167.57 points.
By Adedapo Adesanya
The oil market soared around 6 per cent in Monday trading on uncertainty over peace talks between the United States and Iran after violence flared around the Strait of Hormuz.
Brent crude futures went up by $5.10 or 5.64 per cent to $95.48 per barrel, while the US West Texas Intermediate (WTI) crude futures advanced by $5.76 or 6.87 per cent to $89.61 per barrel.
The latest round of escalations in the Middle East pushed prices up, renewing fears of a drastic global energy shock, following a weekend of tensions, where shipping in the Strait of Hormuz has once again ground to a halt after a brief opening on Friday.
More than 20 ships passed through the strait on Saturday, carrying oil, liquefied petroleum gas, metals and fertilisers, which was the highest number of vessels crossing the waterway since March 1.
However, the new regime in Iran has warned that the latest closure will remain in place until the US blockade is lifted.
Over the weekend, the US seized an Iranian cargo ship that tried to break through its blockade while Iran said it would retaliate, heightening fears of a resumption in hostilities.
Iran has warned that it cannot guarantee safe passage through the Strait of Hormuz if its oil exports continue to be restricted, saying that security for shipping in the waterway cannot be separated from pressure on its own crude flows.
Prior to that, Iran said that passage for all commercial vessels through the Strait of Hormuz was open for the remainder of a ceasefire announced earlier. Shipping traffic through the Strait of Hormuz typically handles roughly one-fifth of the world’s oil and liquefied gas supply.
The renewed pressure also comes as Iran-aligned Houthis have threatened to target the Bab el-Mandeb Strait, raising concerns about additional risks to alternative export routes for Middle East crude.
With the two-week ceasefire set to expire later this week, the renewed hostilities cast doubts over prospects for a second round of talks between the US and Iran in Pakistan.
Meanwhile, US President Donald Trump said he was sending a new delegation to Pakistan for peace talks, which follows a previous 21-hour stint led by Vice President JD Vance, failing to broker an agreement. Reuters reported on Monday that Iran is considering attending the peace talks.
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