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N4.97trn Not Missing from Federation Account—Auditor-General

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N4.97trn Not Missing

By Aduragbemi Omiyale

The Auditor-General for the Federation (AuGF), Mr Adolphus Aghughu, has denied media reports that the sum of N4.97 trillion was accounted for by the ministries, departments and agencies (MDAs) of the federal government.

On Wednesday, Mr Aghughu presented a report of the audit on the Federal Government of Nigeria Consolidated Financial Statements for the year ended December 31, 2019, to the clerk to the National Assembly, Mr Ojo Amos Olatunde.

While speaking at the presentation, he emphasised that “from the audit carried out on the 2019 Federal Government Consolidated Financial Statement, unsubstantiated balances amounting to N4.973 trillion were observed.”

He reminded the clerk that “On March 25 this year, Audit of Consolidated Financial Statement of the federal government for 2018 was submitted to this office for the required investigation of queries raised in it by the National Assembly. Just five months after, we are here again to make submission of the 2019 Audit Report.”

The AuGF had lamented that his office was not performing optimally due to myriad factors crippling its operations and invariably giving room for all forms of financial infractions across the various MDAs.

“One of such problems is the absence of Federal Audit Service Law, which is a big challenge as far as effective and efficient public sector auditing is concerned. This is a law that is needed as the basis of fiscal sustainability.

“Absence of it at the federal level is very worrisome going by the fact that some of the states of the federation have the required law in place,” he had said.

But apparently worried by the reaction generated by his submission, the Office of the AuFG, in a statement signed by its Head of Press, Eme Ika Ika Oqua, stressed that no money was missing as being reported.

“The Auditor-General for the Federation (AuGF), Mr Aghughu Adolphus, wishes to state unequivocally that the ‘unsubstantiated balances of N4.97 trillion’ mentioned in his address during submission of his annual report on the federal government of Nigeria consolidated financial statements for the year ended December 31, 2019, to the clerk to the National Assembly on August 18, 2021, was not misappropriation of funds as misinterpreted in certain sections of both print and electronic media.

“For the avoidance of doubt, the AuGF states the materiality was determined in the context of the likely errors and unsubstantiated balances amounting to N4.97 trillion noted in the course of the audit which was above the materiality level of N89.34 billion set for the audit, among others.

“This statement was made as one of the basis for his qualified opinion. The qualified opinion notwithstanding, the FGN Consolidated Financial Statements for the year ended December 31, 2019, was true and fair.

“The general public should be guided by the above clarifications as no money is missing from the federation account of the federal republic of Nigeria,” the statement clarified.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

Economy

NIMASA, NCC Collaborate to Create Submarine Cable Regulation in Nigeria

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NIMASA, NCC Collaborate to Create Submarine Cable Regulation in Nigeria

By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Communications Commission (NCC) are collaborating to develop a regulatory framework to provide operational guidelines for Submarine Cables and Pipeline Operators in Nigeria.

Submarine and cable operators in Nigeria have been notified of the soon-to-be-implemented regulatory guideline for submarine cables and pipelines in Nigeria, in line with the provisions of the United Nations Convention on the Law of the Sea (UNCLOS).

Speaking at a pre-audit meeting of both organs of government in Lagos on submarine cable regulation, the Director General of NIMASA, Mr Bashir Jamoh, noted that the agency was committed to the Ease of Doing Business while implementing International Conventions which Nigeria has ratified and domesticated.

He noted that with Nigeria now a destination for global communication players, the time has come to prevent unregulated underwater cable laying, which might become hazardous to shipping.

According to him, “It is worthy to note that marine cable laying has been ongoing for over two decades in Nigerian waters. Our focus is to ensure the safety of navigation of shipping in Nigerian waters with all these underwater cables being laid.”

“NIMASA is developing the guidelines to regulate submarine cable operators in line with the provisions of UNCLOS; which we have ratified and NIMASA will be the agency responsible for its implementation.

“We do not just implement laws; we consult. Where the responsibility of an Agency stops, that is where the responsibilities of another agency start. Collaboration is a key component of ease of doing business in the best interest of the country and we will work closely with the NCC to achieve this,” he said.

On his part, the Executive Vice Chairman of the NCC, Mr Umar Garba Danbatta, who was represented by the Director, Compliance Monitoring and Enforcement, Mr Efosa Idehen, noted that the stakeholders’ dialogue strategy adopted by NIMASA in developing the guidelines would ensure a win-win situation urging NIMASA management to include the Ministry of Justice, a request NIMASA DG immediately granted.

Also speaking at the meeting was the Director General of the Bureau of Public Service Reforms, Mr Dasuki Arabi, who commended NIMASA and NCC for adopting effective Inter-Agency collaboration to avert a potential challenge for the country in the future.

NIMASA and the NCC also agreed to identify and resolve areas of likely regulatory overlaps, ensuring a regulatory framework based on consultation to engender the attainment of Nigeria’s digital economy transformation.

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Economy

BUA Cement, Nigerian Breweries, Others Drive Stock Market’s 0.06% Loss

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BUA Cement NSE

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited recorded a 0.06 per cent loss on Friday as a result of the selling pressure on some blue-chip stocks at the bourse.

It was observed that the decline was mainly driven by the poor performances of financial and industrial goods shares during the trading session.

Data obtained by Business Post showed that the insurance space lost 1.01 per cent, the industrial goods counter depreciated by 0.66 per cent, the banking sector declined by 0.25 per cent, and the consumer goods category shed 0.21 per cent, while the energy index remained flat.

Consequently, the All-Share Index (ASI) moderated by 31.55 points to 54,892.53 points from 54,924.08 points, and the market capitalisation went down by N18 billion to N29.903 trillion from N29.921 trillion.

A total of 137.6 million shares valued at N3.9 billion exchanged hands in 2,912 deals on the last trading session of the week compared with the 117.9 million shares worth N1.4 billion traded in the preceding session in 2,575 deals, representing an improvement in the trading volume, value and the number of deals by 16.71 per cent, 178.57 per cent, and 13.09 per cent, respectively.

Fidelity Bank closed the session as the most traded equity after it sold 21.5 million units and was trailed by GTCO, which sold 14.9 million units. Neimeth traded 14.0 million shares, UBA exchanged 12.8 million equities, and Transcorp traded 8.9 million stocks.

Investor sentiment was slightly strong yesterday as the market breadth was positive with 13 price gainers and 11 price losers led by AIICO Insurance, which fell by 5.00 per cent to 57 Kobo.

Linkage Assurance depleted by 4.76 per cent to 40 Kobo, Coronation Insurance went down by 4.76 per cent to 40 Kobo, International Breweries depreciated by 2.25 per cent to N4.35, and Transcorp lost 2.19 per cent to trade at N1.34.

On the flip side, NPF Microfinance gained 6.94 per cent to finish at N1.85, Geregu Power appreciated by 6.25 per cent to N323.00, Lasaco Assurance rose by 5.00 per cent to N1.05, Chams grew by 4.17 per cent to 25 Kobo, and Japaul improved by 3.57 per cent to 29 Kobo.

Analysis of the market data indicated losses reported by BUA Cement (1.60 per cent), Nigerian Breweries (0.55 per cent), GTCO (0.25 per cent), and Zenith Bank (0.15 per cent) caused the downfall of the exchange on Friday.

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Economy

Again, NASD OTC Exchange Valuation Crosses N1 trillion

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NASD securities exchange

By Adedapo Adesanya

The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange recorded a 5.3 per cent appreciation at the final session for the week, Friday, March 24, to close at N1.01 trillion from N959.06 billion on Thursday.

Business Post reports that this is the second time the value of the NASD OTC exchange would cross the N1 trillion mark.

The first was when Access Bank Plc was admitted to the alternative stock exchange in March 2022 and about a year later, it again crossed the same mark after Purple Real Estate Income Plc joined the platform on Thursday and began trading the next day.

Meanwhile, the NASD Unlisted Securities Index (NSI) grew by 0.5 points or 0.07 per cent yesterday to wrap the session at 730.37 points compared with 729.87 points recorded in the previous session.

The day’s single price gainer was Geo-Fluids Plc, which improved its value by 16 Kobo to close at N1.80 per share versus Thursday’s closing price of N1.64 per share.

The volume of securities traded by investors depreciated on Friday by 67.3 per cent to 1.7 million units from 5.2 million units, the value of transactions slumped by 87.2 per cent to N3.1 million from N24.3 million, while the number of deals decreased by 78.6 per cent to three deals from the 14 deals carried out in the previous trading day.

Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with 462.1 million units valued at N505.0 million, UBN Property Plc stood in second place with 365.8 units valued at N309.5 million, while IGI Plc was in third place with 71.1 million units valued at N5.1 million.

In terms of the most traded stock by value on a year-to-date basis, VFD Group Plc was on top of the chart for exchanging 7.3 million units worth N1.7 billion, followed by Geo-Fluids Plc with 462.1 million units valued at N505.0 million, and UBN Property Plc with 365.8 million units valued at N309.5 million.

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