Economy
Ministry of Mines Denies Spending N700m on Website
By Dipo Olowookere
Nigeria’s Ministry of Mines and Steel Development has denied spending N700 million to develop its new online portal, which was launched on Thursday, November 9, 2017.
In a statement issued in Abuja on Sunday, November 12, 2017, by the Permanent Secretary in the Ministry, Mr Mohammed Abbas, it was explained the amount was used on IT infrastructure, human capital and civil works and not mainly on developing the web portal.
Below is the statement issued by the Ministry.
The attention of the Ministry of Mines and Steel Development has been drawn to news making the rounds especially on the social media that the Ministry spent the sum of N700million creating a website for itself. The Ministry considers it incumbent to react swiftly to this misrepresentation and to set the records straight.
It is important for clarity to state that what the Ministry has acquired with the said sum of money is an integrated IT infrastructure which comprises two Data Centres, an off-site recovery centre, civil and environmental works on the Centres, running of the Centres till end of first quarter 2018, training of over 225 officials locally and internationally amongst other cost components of the entire infrastructure and programme. It is indeed disingenuous of anyone to reinvent and reduce all of these into an expenditure on a website.
When, last Thursday, 9th November 2017, our Ministers led other officials of the ministry and sectoral stakeholders to unveil the IT Integrated Automation & Interactive Solid Minerals Portal (IAISMP), we were really fulfilling one of the short-term pledges listed in our roadmap. These assets form critical pillars of our agenda to reform the mining and minerals sector, particularly as a key step towards our vision to lead the sector to shared mining prosperity where we make significant contributions to GDP in the country.
In realising aspects of this project as a turnkey solution, we have been careful to follow all laid down processes. Since the cost of implementing the project is above ministerial limits, we sought and obtained the concurrence of the Federal Executive Council after a detailed presentation in January 2017.
In the course of the project, we have emphasised the need for stakeholders’ interface, which included a facility inspection tour for reporters and journalists who cover the sector. We have no reason to commit public resources to projects that will not advance the cause of repositioning our sector and we believe that we did everything to intimate the general public about our activities in this respect.
For the records and for public information, our IT Integrated Automation & Interactive Solid Minerals Portal (IAISMP) project has the following key components:
Feasibility assessment, needs analyses and re-engineering of the IT processes within the ministry, departments and agencies;
Two nos data centres (a fully equipped on-premises centre within the ministry and another off-site centre for recovery and real-time backup in case of emergency), also covering civil and environmental works;
Enterprise Resource Planning (ERP) solution and Electronic Document Management System (eDMS) solution—Microsoft Dynamics AX: Financials, Supply Chain, Business Intelligence, Human Capital, Procurement (license and maintenance);
Basic and advanced IT (ERP & eDMS) and GIS training programmes for 200nos staff of the ministry and its agencies. Already 75 officials have been trained in Abuja;
GIS capacity building for 25nos management and lead technical staff with Esri;
Wide Area Network at the ministry’s headquarters and all its 10 agencies (including back up internet, disaster recovery hosting and DR site internet—installation and initial one-year subscription);
Procurement, supply and installation of a GIS laboratory with 20nos computer systems;
Building of GIS Web Portal with Business Automation System, Content Management System (CMS), Decision Support System and Side Stream along the minerals corridor;
Reordering and re-organisation of available geological data in the sector into geospatial database;
Online Mining Licensing and Mineral Title Application with tracking system for openness, transparency and accountability in compliance with global EITI standards for the extractives sector;
Online payment (royalties and fees) and blocking of revenue leakages by integrating/interfacing with Remita, GIFMIS and relevant revenue generating MDAs of the government;
Enterprise ArcGIS Solution license and maintenance for GIS Mining and Assets Management;
On-site project management and execution staff (26nos), including operationalisation of the project management office for upward of 10 months. Project staff to remain on-site till end of Q1-2018;
Procurement, supply and installation of various project equipment, complete with civil works;
Collaborative tools and help desk; and,
Strategic communications.
It is most important to state that acquired IT infrastructure, in all its ramifications, is an enabler of the serious work at repositioning the sector. For us, this is never an end in itself but a robust attempt to ease how the regulatory-cum-administrative systems interface with mining operators and stakeholders everywhere. It is noteworthy that only this past October [2017], the Mining Journal’s World Risk Report, which rated different mining jurisdictions on a range of indicators including legal, governance social, fiscal and infrastructure indicated that Nigeria is showing notable improvements in positions. In the two years that we have methodically and deliberately introduced reforms and implemented a roadmap, our sector now has better perception, lowered investments risks and improved opportunity index.
The import of this assessment, in light of the World Bank’s Report on the improved status of our country towards ease of doing business, cannot be far-fetched. Ours is a modest effort to consolidate the overall efforts of the Federal Government at increasing opportunities in other sectors of the economy.
We have done repeated due diligence to ensure that the implementation of the project does not only meet expected design but also fits into globally recognised systems and further help us to place our jurisdiction on the mining map. A phased approach has been adopted, with incremental deliverables which should be fully completed by end of first quarter of 2018.
We continue to be open to checks and to present ourselves to public scrutiny. We want to assure all Nigerians that we do not take lightly the confidence reposed in us or in our government nor would we do anything to undermine our reputation under whatever guise.
We come from a tradition of commitment to service and honour in the handling of all our public service roles. In superintending over this project, we are confident to declare that we have not let the ball down, therefore it is wantonly disingenuous for anyone to reinvent and reduce all of these into an expenditure on a website.
By Adedapo Adesanya
The Naira further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, July 16, by 65 Kobo or 0.04 per cent to sell for N1,381.53/$1, in contrast to Wednesday’s closing value of N1,382.18/$1.
This was buoyed by improved FX liquidity to absorb the high demand for Dollars during the trading session.
However, the local currency depreciated against the Pound Sterling in the official market yesterday by N9.48 to close at N1,866.17/£1 versus the preceding day’s N1,856.69/£1, and lost N2.99 against the Euro to quote at N1,582.68/€1 compared with the midweek rate of N1,576.69/€1.
At the parallel market, the Nigerian currency maintained stability against its United States counterpart at N1,405/$1, and at the GTBank FX desk, it remained unchanged at N1,389/$1.
On Thursday, data from the Central Bank of Nigeria (CBN) showed a surge in interbank FX turnover and deal count. Interbank FX activities at the NFEM window increased sharply by 69 per cent to $205.366 million from $121.727 million reported the previous day.
Nigeria’s gross external reserves continue to rise, supported by steady foreign exchange inflows from hydrocarbon receipts, remittances and foreign portfolio investments, boosting market confidence. It settled at $51.893 billion from $51.867 billion the previous day.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
In an operational guidance issued on July 15 to authorised dealer banks and licensed BDCs, the CBN introduced the FX BDC Purchase Tracker (FXBT), a centralised electronic portal that will monitor foreign exchange purchases by BDCs from the point of request through approval, settlement and eventual sale.
As for the crypto market, prices were down as the markets weighed fresh US airstrikes on Iran that boosted risk sentiment, with Ethereum (ETH) down by 4.7 per cent to $1,829.37.
Solana (SOL) decreased by 3.6 per cent to $77.49, Dogecoin (DOGE) depreciated by 3.1 per cent to $0.0718, Cardano (ADA) also crashed by 3.1 per cent to $0.1588, Bitcoin (BTC) slumped by 2.9 per cent to $62,820.21, Ripple (XRP) dipped by 2.6 per cent to $1.08, Binance Coin (BNB) fell by 2.3 per cent to $569.02, and TRON (TRX) shrank by 0.8 per cent to $0.3219, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Aduragbemi Omiyale
In a bid to help investors recover about N270 billion in unclaimed dividends in the capital market, a nationwide enlightenment campaign has been launched by the Securities and Exchange Commission (SEC).
This initiative involves town hall meetings that would go around the country to sensitise Nigerians on the need to claim these fallow funds.
The Director General of SEC, Mr Emomotimi Agama, speaking at a town hall meeting in Lagos, said the regulator is not happy that investors, who worked hard to purchase shares in the stock market, have not claimed their profits for many years, making unclaimed dividends pile up.
“The commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” the SEC chief, represented at the event by the Director of Registration and Exchanges, Market Infrastructure Department, Ms Hafsat Rufai, stated.
He said during this campaign Nigerians would be informed of the unclaimed monies, the role of the National Investor Protection Fund (NIPF), and the procedures for verifying and recovering legitimate claims, stressing that SEC is committed to ensuring that investors’ funds are returned to their rightful owners.
The DG stated that unclaimed monies administered by the NIPF include return funds from public offers, scheme consideration arising from mergers, acquisitions and corporate restructuring transactions, as well as other capital market-related funds that have remained dormant.
He disclosed that the town hall meetings would be held in the six geopolitical zones and the Federal Capital Territory.
In addition, electronic and social media platforms would be used to broaden public awareness on this issue, with efforts to be made to address the transmission of securities following the death of an investor, noting that many families were either unaware that their deceased relatives owned shares or lacked knowledge of the legal and administrative procedures required to transfer such investments to rightful beneficiaries.
“As a result, valuable investments and returns on investments sometimes remain inaccessible for many years, thereby denying beneficiaries the financial benefits intended for them,” he said, urging investors to maintain proper records of their investments and encouraging families to take proactive steps to preserve inherited wealth.
By Dipo Olowookere
The decision of investors to book profit after the previous session’s gains pulled back Customs Street by 0.09 per cent on Thursday.
The selling pressure was mainly on BUA Cement, which put the Nigerian Exchange (NGX) Limited off-balance during the session.
Analysis of the trading data showed that the industrial goods sector was the sole decliner, losing 2.85 per cent, as a result of the poor performance of BUA Cement at the market yesterday.
The other key sectors of the bourse were bullish, with the banking space up by 2.87 per cent. The consumer goods index appreciated by 0.30 per cent, the insurance counter improved by 0.16 per cent, and the energy segment rose by 0.08 per cent.
At the close of business, the All-Share Index (ASI) went down by 221.14 points to 242,145.61 points from 242,366.75 points, and the market capitalisation decreased by N32 billion to N156.207 trillion from N156.239 trillion.
Eunisell crashed by 10.00 per cent to N189.00, BUA Cement lost 9.99 per cent to quote at N275.60, CAP declined by 9.61 per cent to N142.45, Royal Exchange slipped by 9.55 per cent to N1.42, and Guinea Insurance tumbled by 5.38 per cent to 88 Kobo.
Conversely, First Holdco soared by 9.96 per cent to N87.25, McNichols gained 8.00 per cent to trade at N5.40, UBA appreciated by 7.93 per cent to N44.25, Veritas Kapital jumped by 6.85 per cent to N1.56, and Jaiz Bank chalked up 4.07 per cent to settle at N8.95.
It was observed that the market breadth index was positive after the exchange closed the session with 22 price losers and 27 price gainers, representing strong investor sentiment.
A total of 498.5 million shares valued at N34.9 billion were traded in 39,484 deals on Thursday, in contrast to the 476.3 million shares worth N29.6 billion transacted in 40,992 deals on Wednesday. This indicated that the trading volume grew by 4.66 per cent, the trading value increased by 17.91 per cent, and the number of deals depreciated by 3.68 per cent.
Japaul ended the day as the busiest equity after trading 77.7 million units for N231.5 million, Access Holdings sold 41.2 million units valued at N1.0 billion, First Holdco exchanged 38.8 million units worth N3.4 billion, UBA transacted 31.5 million units for N1.4 billion, and Fidelity Bank traded 23.8 million units worth N495.0 million.
