Economy
ICPC, Others Push for Accountability in 2021 Budget Implementation
By Aduragbemi Omiyale
Senior officials of the federal government in Ministries, Departments and Agencies (MDAs) have been advised to desist from the manipulation of the budget or risk being punished.
Speaking at a one-day forum in Abuja, the Director-General, Budget Office of the Federation (BOF), Mr Ben Akabueze, reminded the officials that budget is a matter of law and, therefore, infractions in this regard are punishable by law.
Business Post reports that the event, themed Transparency and Fiscal Discipline in Budget Implementation, was organised by BOF in partnership with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for Directors of Finance & Accounts and Internal Auditors of MDAs.
In his presentation, the Auditor-General of the Federation, Mr Adolphus Aghughu, urged public office holders to cultivate a culture of accountability especially in the implementation of the 2021 budget and ensure that monies are expended according to appropriation.
He suggested that adequate measures should be put in place to block all leakages of corruption, expressing hopes that the participants will fully commit to making fiscal discipline in the discharge of fiscal responsibility.
On his part, the Chairman of ICPC, Prof. Bolaji Owasanoye, government officials to embrace transparency and fiscal discipline, emphasising that it was their duty to manage public finance and assets with high responsibility and integrity.
Speaking on the result of ICPC system study and reviews (SSRs) which aim at identifying, eliminating, preventing and obstructing opportunities for corruption, the ICPC Chairman stated that result of the 2019 exercise in 208 MDAs led to the “discovery of N31.8 billion personnel cost surpluses for 2017 and 2018, misapplication of N19.8 billion and N9.2 billion from personnel cost and capital fund respectively.”
As a result of the findings, N42 billion unspent surplus allocations from personnel cost for 2019 alone was blocked from possible abuse and pilfering mostly from health sector and some educational institution.
The focus on health and education sectors is because of the importance of their services which touch the lives of ordinary citizens and are critical to meeting any of the internationally recognized development goals.
“This implies that if we had covered the entire civil service structure of all MDAs the figures would have been staggering,” he said.
The ICPC boss revealed some of the findings from the educational institutions by the Commission which includes: padding of nominal rolls; warrant releases in excess of actual personnel cost needs; inadequate or non-budgetary allocation for outsourced services; widespread misuse of personnel cost allocation, amongst others.
Prof. Owasanoye highlighted some of the Commission’s findings in the pilot review of the Open Treasury Portal (OTP) launched in December 2019, to include: payments of advances beyond the approved limit of N200,000 to individuals’ accounts; payment to individual staff/accountants for disbursement to ad-hoc employees, and cash payments for staff DTA, transport, among others.
Arising from all these operations and findings, the Commission was able to restrain further diversion of such funds as cooperative and union dues, and these were retained within the system.
Additionally, the systems studies led to the mopping-up of about N189bn from personnel cost of MDAs through the issuing of a negative warrant from the Ministry of Finance.
He recommended that the blockage of unspent balances immediately after salaries are paid as well the prevention of unauthorized editing of payroll information data on the GIFMIS platform; and said banks should be directed to ensure that account names and numbers match before completing payment.
Earlier at the event, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who was represented by the Permanent Secretary, Special Duties, Mr Aliyu Shinkafi, assured that the recommendations reached at the meeting would be followed to further enhance fiscal responsibility, especially in budget implementation.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.
It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.
But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.
FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.
Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.
Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.
As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.
Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.
The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.
Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.
However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Aduragbemi Omiyale
The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.
Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.
At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.
“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.
Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.
Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.
She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
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