Economy
Kachikwu’s Letter: Suspend Baru, Send Him to EFCC—SERAP Tells Buhari
By Dipo Olowookere
President Muhammadu Buhari has been asked to suspend Mr Maikanti Baru from his position as Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), following a leaked letter to the President by the Minister of State for Petroleum Resources, Mr Ibe Kachikwu, alleging the NNPC boss of insubordination.
A group known as Socio-Economic Rights and Accountability Project (SERAP), in an open letter to Mr Buhari, requested him to use his “good offices and leadership position to urgently refer the allegations of corruption and abuse of office against Mr Baru to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for investigation, and if there is relevant and sufficient admissible evidence, for him to face prosecution.”
In the letter, the organization urged the President to “suspend Mr Baru pending the referral to the EFCC and ICPC, and the outcome of any investigation by the anti-corruption agencies in order not to create the impression that your government is treating Mr Baru as a sacred cow.
“We urge you not to allow the allegations against Mr Baru go the way of past inconclusive investigations of allegations of massive corruption within the NNPC.”
In the letter dated October 5, 2017 and signed by SERAP executive director, Mr Adetokunbo Mumuni, the organization said that, “The allegations by Dr Kachikwu constitute grave breaches of the Corrupt Practices and Other Related Act of 2000; and the UN Convention against Corruption (UNAC) which Nigeria recently ratified.
“In particular, the UN Convention against Corruption imposes clear obligations on Nigeria to investigate allegations of corruption such as the present one; prosecute suspected perpetrators and ensure return and repatriation of proceeds of corruption.”
The letter reads in part: “SERAP is concerned that years of systemic corruption within the NNPC and looting of Nigeria’s natural resources have had uneven consequences against the vulnerable groups of the society, including the poor, women and children, perpetrating and institutionalizing discrimination, and jeopardizing the needs and well-being of future generations. If left unaddressed, the allegations by Dr Kachikwu have the potential of undermining your government’s expressed commitment to returning Nigeria to the path of transparency and accountability.
“SERAP believes that Mr Baru’s case presents your Administration with yet another rare opportunity to reassure a lot of Nigerians who may be worried about the direction of travel of your anti-corruption agenda. Rather than keeping silent on the matter, we advise you to use this case to show to Nigerians that no form of corruption will be tolerated in the NNPC under your watch.
“SERAP also believes the recommended approach would help to address the growing public suspicion and pessimism about your government’s ability to fight high-level official corruption to a standstill, and to avoid any collateral consequences. It is absolutely important that the public should have complete confidence and trust in your Administration’s oft-repeated commitment to fight corruption and the impunity of perpetrators.
“SERAP notes the recent allegations of corruption against Mr Baru by Dr Emmanuel Ibe Kachikwu, Minister of State of Petroleum and Chairman NNPC Board. In the letter to you Dr Kachikwu alleged among others appointments and postings in NNPC without due process; award of contracts above $20m without following the legal and procedural requirements for such contracts including the Crude Term contracts- value at over $10bn; the DSDP contracts- value over $5bn; the AKK pipeline contract- value approximately $3bn; various financing allocation funding contracts with the NOCs – value over $3bn; and various NPDC production service contracts – value at over $3bn–$4bn.”
To assist the government to achieve this public confidence and trust, effectively spread the gospel of anticorruption, and be on the right side of history, SERAP asked Buhari to “urgently refer the allegations against Mr Baru to both the EFCC and ICPC for further investigations, and if there is relevant and sufficient admissible evidence, for him to face prosecution; and pending the referral to the EFCC and ICPC, to suspend Mr Baru from his position as Group Managing Director NNPC, pending the outcome of any investigation by the EFCC and ICPC.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further dropped 0.35 per cent on Tuesday, March 17, with the market capitalisation down by N8.80 billion to N2.471 trillion from the preceding day’s N2.480 trillion, and the NASD Unlisted Security Index (NSI) dipping by 14.71 points to 4,130.89 points from 4,145.60 points.
The loss recorded during the session was influenced by three securities, which overpowered the gains recorded by four stocks.
Okitipupa Plc lost N15.00 to sell at N215.00 per unit compared with the previous day’s N230.00 per unit, FrieslandCampina Wamco Nigeria Plc depreciated by N1.23 to trade at N122.32 per share versus Monday’s closing price of N123.55 per share, and Afriland Plc declined by 90 Kobo to quote at N17.05 per unit versus N17.95 per unit.
On the flip side, Central Securities Clearing System (CSCS) gained 36 Kobo to close at N75.43 per share versus the preceding session’s N75.07 per share, Geo-Fluids Plc added 6 Kobo to trade at N3.11 per unit compared with the previous day’s N3.05 per unit, Lighthouse Financial Service Plc improved by 5 Kobo to 60 Kobo per share from 55 Kobo per share, and Industrial and General Insurance (IGI) Plc rose by 1 Kobo to 55 Kobo per unit from 54 Kobo per unit.
Yesterday, the volume of securities surged by 97.5 per cent to 921,265 units from 265,610 units, the value of securities advanced by 64.6 per cent to N54.7 million from N33.2 million, and the number of deals went up by 46.2 per cent to 38 deals from 26 deals.
The most active stock by value (year-to-date) was CSCS Plc with 38.7 million units worth N2.4 billion, trailed by Okitipupa Plc with 6.4 million units valued at N1.2 billion, and FrieslandCampina Wamco Nigeria Plc traded 6.8 million units for N649.1 million.
The most traded stock by volume (year-to-date) was Resourcery Plc with 1.1 billion units sold for N415.6 million, followed by Geo-Fluids Plc with 130.9 million units exchanged for N505.1 million, and CSCS Plc with 38.6 million units worth N2.4 billion.
By Dipo Olowookere
A 0.54 per cent surge was witnessed by the Nigerian Exchange (NGX) Limited on Tuesday as a result of strong investor demand and broad-based gains in the banking and industrial goods sectors.
According to data from the bourse, the industrial goods space expanded by 4.44 per cent, and the banking index chalked up 4.30 per cent, offsetting the losses recorded by the three other indices due to profit-taking.
Business Post reports that the consumer goods sector depreciated by 1.30 per cent, the insurance counter shrank by 0.41 per cent, and the energy landscape lost 0.13 per cent.
At the close of business, the market capitalisation soared by N696 billion to N130.026 trillion from N129.330 trillion, and the All-Share Index (ASI) surged by 1,084.52 points to 202,559.41 points from 201,474.89 points.
BUA Cement ended the day as the best-performing equity after it jumped 10.00 per cent to N326.70, Premier Paints appreciated by 9.86 per cent to N23.40, Zenith Bank expanded by 7.91 per cent to N111.15, NAHCO moved up by 7.14 per cent to N175.60, and RT Briscoe grew by 6.67 per cent to N11.20.
Conversely, Presco was the worst-performing equity, with a decline of 10.00 per cent to quote at N1,875.60. Caverton dropped 8.70 per cent to N6.30, Secure Electronic Technology lost 7.69 per cent to trade at N1.20, Guinea Insurance shed 6.43 per cent to quote at N1.31, and International Breweries crashed by 6.35 per cent to N14.00.
During the session, 1.8 billion shares worth N88.1 billion exchanged hands in 62,654 deals compared with the 948.2 million shares valued at N49.2 billion traded in 72,735 deals a day earlier, implying a contraction in the number of deals by 13.72 per cent, and an expansion in the trading volume and value by 89.83 per cent and 79.07 per cent, respectively.
Dominating the activity chart was FCMB with a turnover of 516.2 million equities valued at N6.6 billion, Wema Bank transacted 213.4 million shares for N5.6 billion, Zenith Bank traded 163.1 million stocks worth N18.1 billion, Access Holdings sold 123.9 million equities valued at N3.2 billion, and GTCO exchanged 100.0 million shares worth N12.4 billion.
By Adedapo Adesanya
It was another outstanding performance for the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, March 17, as it further appreciated against the US Dollar by N8.46 or 0.62 per cent to trade at N1,344.04/$1, in contrast to Monday’s closing rate of N1,357.77/$1.
It also gained N6.85 against the Euro in the official FX market during the session to sell at N1,551.46/€1 compared with the previous day’s N1,558.31/€1, but weakened against the Pound Sterling by N6.33 to close at N1,795.87/£1 versus Monday’s value of N1,789.54/£1.
At the GTBank forex counter, the Naira improved its value against the Dollar yesterday by N20 to settle at N1,365/$1 compared with the preceding session’s N1,385/$1, and in the black market, it remained unchanged at N1,395/$1.
With over $50 billion in foreign reserves, analysts assert that the outlook for the Naira is positive, powered by expectations of increased forex receipts from Nigeria’s hydrocarbon sales, as potential disruptions to global oil supply have increased volatility in energy markets.
The pressure that has piled on the local currency appeared to ease, buoyed by higher oil prices that have continued to bolster market sentiment.
Call for allies to help reopen the Strait of Hormuz was ignored, prompting traders to speculate that a continued closure is likely, which means oil prices will remain higher.
Meanwhile, the cryptocurrency market was in green ahead of a Federal Reserve meeting. There are no expectations that the US central bank will move rates at its Wednesday meeting, but Chairman Jerome Powell’s tone regarding the inflation outlook could prove a catalyst.
Analysts noted that a hawkish tone alongside hot February Producer Price Index (PPI) inflation data could weigh on equities and crypto, but Mr Powell’s signal that the Federal Reserve is treating rising oil prices as a temporary shock could extend the crypto rally.
Cardano (ADA) appreciated by 2.6 per cent to $0.2905, TRON (TRX) grew by 2.3 per cent to $0.3033, Ripple (XRP) jumped 1.2 per cent to $1.52, Ethereum (ETH) rose 0.9 per cent to $2,320.83, Dogecoin (DOGE) increased by 0.8 per cent to $0.1005, Solana (SOL) gained 0.6 per cent to sell at $94.11, and Bitcoin (BTC) went up by 0.3 per cent to $74,073.07.
However, Binance Coin (BNB) lost 0.3 per cent to close at $672.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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