Cloned Nigerian Anchor

Author: Chike Ozohili

  • 2023 TII: DBN Emerges Highest-Ranked Public Institution – CeFTIW Survey

    2023 TII: DBN Emerges Highest-Ranked Public Institution – CeFTIW Survey

    The Development Bank of Nigeria (DBN) has again emerged as the highest-ranked public institution in Nigeria in the 2023 Transparency and Integrity Index (TII). 

    The TII index recently released by the Center for Fiscal Transparency and Integrity Watch is a collaboration between the Centre for Fiscal Transparency and Integrity Watch (CeFTIW) and the Bureau for Public Sector Reform, with support from the MacArthur Foundation. 

    It assesses 511 MDAs and public sector institutions on their level of transparency and accountability in government processes. 

    To retain its first position, DBN scored 73.26%, moving up from the 58.74% it scored in 2022, a testament to the bank’s commitment to promoting transparency, accountability, and proactive partnerships. 

    Speaking at the public presentation of the index, the Secretary to the Government of the Federation, Senator George Akume, represented by the Permanent Secretary, Cabinet Office, Mr. Maurice Mbaeri pointed out that “proactive disclosure of information as enshrined in the Freedom of Information Act seeks to enable public institutions to adopt a proactive stance in disclosing information to the public”. 

    Akume noted that while access to information is a powerful tool that empowers citizens to request and access government-held information, these “tools are essential to reinforce good governance as it enhances openness and accountability”. 

    Also speaking, the Chairman, Board of Trustees, CeFTIW, Amb. Angela Nworgu explained that the centre introduced the Transparency and Integrity Index as an annual assessment of public institutions’ compliance with national laws and international conventions that promote transparency, and accountability and minimize corruption. 

    “The Index was developed to strengthen already existing fiscal transparency legal frameworks, institutional capacity on the requirement of these frameworks and most importantly build a well-informed citizenry that holds the government accountable”, she added. 

    Reacting to this development, the Managing Director/CEO of DBN, Dr. Tony Okpanachi expressed delight at the report, regarding the ranking as a reflection of the company’s corporate governance, ethics and processes. 

    Dr. Okpanachi further highlighted, “This report underscores our unwavering dedication to fulfilling our mandate, which involves addressing the financing challenges encountered by Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria. We achieve this by offering financing, partial credit guarantees, and technical assistance to eligible financial intermediaries in a manner that aligns with market conventions and ensures complete financial sustainability.”

    He reassured that the organization would continue to actively promote the principles of accountability, transparency, sustainability, excellence, diversity, and innovation that are deeply embedded in its corporate philosophy.  

  • Nigeria’s Equity Market Sheds N140bn

    Nigeria’s Equity Market Sheds N140bn

    Trading on the floor of Nigerian Exchange ((NGX)) on Thursday closed negative, shedding N140 billion following losses recorded by Nigerian Breweries, Stanbic IBTC and other companies which impacted negatively on the market.

    Market capitalisation of listed equities declined by 0.38 per cent to N36.864 trillion from N37.004 trillion reported the previous day.

    The NGX All Share Index also depreciated by 254.43 basis points to 67098.80 points from 66353.23 points traded on Wednesday.

    Learn Africa led gainers table in percentage terms with 10 per cent to N3.30 per share, Daar Communication followed with 9.52 per cent to close at N0.23 per share, UPDC gained 8.00 per cent to close at N1.35 per share, Thomas Way added 6.80 per cent to N3.30 per unit, SUNU Assurance gained 6.67 per cent to close at N1.12 per share.

    Mcnichols recorded the highest loss, dropping by 8.82 per cent to close at N0.62 per share, Omatek trailed with a loss of 8.70 per cent to close at N0.42 per unit, Stanbic IBTC down by 8.49 per cent to close at N69.55 per unit, Ikeja Hotel declined by 6.98 per cent to close at N2.93 per unit.

    Volume of trades during the day declined by 98.873 million, representing 24.87 per cent as investors traded 298.687 million shares valued at N4.483 billion in 5453 deals against 397.970 million shares worth N4.699 billion traded in 6165 deals.

    Transactions in the shares of United Bank for Africa led market activities with 56.287 million shares valued at N1.053 billion, Fidelity Bank followed with account of 33.882 million shares worth N282.308 million, AccessCorp traded 22.173 million shares cost N364.027 million, Transnational Corporation of Nigeria exchanged 21.823 million shares valued at N135.261 million, Ellah Lakes sold a total of 20.195 million shares valued at N81.726 million.

  • Fuel Scarcity: Avoid Panic Buying, NNPCL Tells Nigerians

    Fuel Scarcity: Avoid Panic Buying, NNPCL Tells Nigerians

    The Nigeria National Petroleum Corporation (NNPC) Limited has moved to quell concerns of an impending fuel scarcity in Nigeria by assuring the public that it currently holds a 30-day supply of fuel.

    The company also urged Nigerians to refrain from engaging in panic buying, emphasizing that the recent sporadic queues observed in some parts of Lagos and Abuja are due to specific logistical challenges that have already been addressed.

    In a statement posted on its official social media handle, NNPC Retail Limited acknowledged the appearance of fuel queues in certain regions, which were primarily attributed to a temporary reduction in depot loadout in Apapa, Lagos, over a short period.

    However, the company is keen to stress that there is no need for alarm as the situation is under control.

    The statement from NNPC Retail Management stated, “We assure all Nigerians that there is ample supply with sufficiency of at least 30 days. Motorists are advised to desist from panic buying as distribution will normalize over the next couple of days.”

    The statement became necessary to prevent unwarranted panic buying and ease the concerns of the public regarding fuel availability.

    With the assurance of a 30-day fuel supply and ongoing efforts to address the supply chain challenges, the company said it is committed to maintaining a stable and reliable fuel distribution system across the nation.

  • 2nd Abuja Runway: FG Acquires 12,000 Hectares Of Land

    2nd Abuja Runway: FG Acquires 12,000 Hectares Of Land

    The Federal Government on Thursday acquired 12,000 hectares of land from Jiwa Community in Abuja Municipal Area Council (AMAC) for the construction of a second runway at the Nnamdi Azikiwe International Airport.

    This follows the payment of N825.8 million as compensation to people of the community to enable contractors move to site for the construction of the 4.2km runway.

    The Minister of Aviation and Aerospace Development, Festus Keyamo, revealed this at the official handing over of the site to the federal government as well as the contractor China Civil Engineering Construction Company (CCECC) commended the people of the community 

    He noted that the country has been looking forward to the construction of a second runway for the past two decades since the administration of General Olusegun Obasanjo and successive administrations have not been able to put it into reality.

    Keyamo stated that a second runway will further open more opportunities for both the community and Nigeria as well as bigger aircraft will be able to land, more commercial activities around the area.

    He said “For those that have lost farms, houses, and other means of livelihoods, I can assure you that you will gain more by the time the project comes to fruition.”

    ‘For the contractors I want to tell you that youths in this communities are able bodies I would like to hear that workers, artisans, labourers are been brought from other place to work with them, youths in the community must be considered first’

    “If you don’t take them I will join them to protest, I will lead the protest against you, our eyes are on you, consider the sons and daughters of this community in your work,” he stated.

    While reacting, the Emir of Jiwa, HRM Alh Idris Yinusa said the compensation paid to them is nothing compared to what they have lost but there is nothing they can do as public interest overrides personal interest.

    He said, “My farm also affected, despite how big the farm was, meagre compensation was paid to me. I want to use this medium to say sorry to you and urge you to exercise patience; if there is anything to do about it we could have done it.

    He however appealed to the National Assembly to increase the amount of money paid as compensation to indigenes, 

    “If they don’t charge what is being paid many people will die, the money given to us is not okay for feeding, not to talk of training our children,” he stated.

    For instance, one person with about 30 children could get about N1million as compensation, he may end up sharing it at N200 to N10,000 and there is nothing we can do but the house of assembly needs to revise the current module of payment.

    The Emir called on CCECC to ensure that they prioritize their people when giving people work, because I would not like when our people start protesting we have many unemployed youths, so the contractor don’t need to look elsewhere 

    “We know the Aviation University is still coming up and a lot of work will be there. So wish the people with cooperate and work with the government so that we can achieve much,” he stated

  • NUJ Commends NNPCL On Appointment Of New Spokesman  

    NUJ Commends NNPCL On Appointment Of New Spokesman  

    The NUJ National Secretariat has hailed the appointment of the publisher of Per Second News, Femi Soneye, as the Chief Communications Officer of the Nigeria National Petroleum Company Limited (NNPCL).

    NUJ’s National Secretary Shuaibu Usman Leman, said in a statement that the appointment was well deserved as Mr. Soneye is a thoroughbred professional.

    He said, “The Union is excited by this appointment which is well-deserved, and is coming at a time of transition for the oil and gas company and requires an individual such as Soneye with global expertise and experience in journalism, information and communications.

    “We are confident that Soneye will discharge his duties diligently, professionally and transparently owing to the importance of the NNPCL in the nation’s growth and development. As a professional with full-time and freelance experience at some of the world’s most respected publications in Nigeria, Australia, and the United States of America, the Union expects him to deliver optimally in this role.”

    Soneye, who was announced as the new spokesperson of the NNPCL on Wednesday, October 18, 2023, is expected to drive NNPCL’s Corporate Communications team and drive its brand penetration, strategic communications initiatives, and stakeholder management. He is a former President of the Nigerian Media Practitioners, Washington, D.C. 

    “While we laud the efforts by NNPCL against illegal refineries and bunkering in the Niger Delta region, we urge it to strengthen its pipeline surveillance to ensure increased oil production,” the statement read.

  • We Won’t Increase Taxes, FIRS Assures Companies

    We Won’t Increase Taxes, FIRS Assures Companies

    Acting chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has allayed fears being expressed by corporate organisations that the resolve of FIRS to increase the country’s tax-to-GDP ratio to 18 per cent from 10.86 will lead to a hike in taxes.

    According to a statement by Special Adviser on Media and Communication to the Ag Executive Chairman, FIRS, Dare Adekanmbi, Adedeji said such resolve would not necessarily lead to increase in taxes or introduction of new taxes as the President Bola Tinubu-led administration is determined to create a wholesome environment for businesses to flourish.

    The FIRS chairman had said the agency under his leadership would in the next three years achieve an eight per cent raise in tax-to-GDP ratio to surpass Africa’s average of 16.5% without stifling investment or economic growth.

    The plan had triggered muffled apprehensions among entities corporate that the decision could cause an increase in tax rates or introduction of new ones.

    Addressing representatives of top large tax-paying companies during a get-together at Four Points by Sheraton in Lagos on Wednesday, Adedeji said, “Our belief, understanding and vision as a revenue-generating agency is not to introduce any new tax as we only want to use data to improve compliance.”

    A statement by his Special Adviser on Media and Communication, Dare Adekanmbi, quoted the FIRS chairman as saying that the invited companies and those willing to voluntarily carry out their tax obligations have nothing to be afraid of.

    “Our plan is simple. We want to grow tax revenue and we only want to tax prosperity and not poverty. Therefore, it is not in our interest to kill the trees that bear the fruits. My first ‘love letter’ to you is to appreciate what you have done. So, you don’t have anything to be afraid of.

    “We will not collect what is not due to us. But we don’t want anyone not to pay what is due to us. Fair engagement is our plan. Rest assured that the 18% tax-to-GDP target will not translate to increase in taxes.

    “If you have been listening to Mr Taiwo Oyedele who is the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, you will have known that part of the mandate of the committee is to reduce the number of taxes,” he said.

    According to him, the purpose of the engagement with the companies is to factor their inputs into the strategic action plan being mapped out in order to address challenges hampering tax revenue collection.

    He lauded the invited companies for their high sense of responsibility, urging them to continue to discharge their tax obligation diligently.  

    “I must also commend your commitment to upholding high tax compliance standards and responsible corporate citizenship, which sets you apart as the top taxpayers in Nigeria.

    “This aligns perfectly with our vision of making taxation the pivot of national development through voluntary compliance. Your respective industries play a pivotal role in generating substantial tax revenue for government and in shaping economic and fiscal stability of the nation.

    “We are not unmindful of the challenges facing businesses in Nigeria with the ongoing reforms to improve economic performance. These are painful but necessary choices we must make as a nation to attain our full potential,” he said.

    The chairman, while responding to some of the concerns raised by representatives of the companies such as multiplicity of taxes, duplication of tax oversight on corporate entities, promised to address the issues raised.

    Some of the companies at the event included Nestlé Nigeria Plc, ExxonMobil, Shell, Guinness, Nigerian Breweries Plc, Flour Mills, Dangote Group, MTN, British American Tobacco company, First Bank, Access Bank, Guaranty Trust Bank, Zenith Bank Plc, KC Gaming Limited (Bet9ja), Airtel, Seplat, BUA Cement, Nigeria Liquified Natural Gas, NNPC Limited and others.

  • FEC Approves Concession Of ‘Colonial’ Central Workshop In Ijora

    FEC Approves Concession Of ‘Colonial’ Central Workshop In Ijora

    The Federal Executive Council has approved the concession of the Central Workshop Ijora to a private sector firm for rehabilitation and optimal operation under the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC).

    According to a statement signed by Head, Media and Publicity, Manji Yarling, it is the First Public Private Partnership (PPP) projects to be approved under the new administration of H.E. President Bola Ahmed Tinubu.

    The concession which will adopt a Rehabilitate-Operate-Maintain-Transfer PPP model seeks to upgrade the Central Workshop to ensure its functions are realized.

    With the Federal Ministry of Works as Grantor, the project which is an unsolicited project (Privately Initiated Infrastructure Proposals – PIIP) by, Beta Transport Nigeria Limited is expected to generate NGN 28.1 billion within a 20-year concession period.

    The Central Workshop, Ijora, Lagos (“CWI”) was an appendage of the defunct Public Works Department (PWD).

    The PWD was the agency of the Colonial Government responsible for building and maintaining government buildings and property, roads, rail tracks, bridges, harbours and aerodromes. During the colonial era, the Workshop was used for the maintenance of vehicles, sewage treatment plants, and water supply equipment.

    It also provided technical advice to other departments in the Colony. Presently, the workshop is not operating optimally hence, the need to engage private sector participation.

    With the approval by FEC, the concessionaire will ensure that productive and professional work will be carried out in the workshop in line with standard guidelines and operating procedures via the provision of modern equipment.

    The concessionaire will also ensure that the workshop runs at the highest standard of operational excellence and in all restore past reputation of engineering productivity and excellence.

    The activities of BETA will complement the mandate of the Engineering Services Department of the Federal Ministry of Works for the fabrication of mechanical tools, products, poles, foundry items amongst others. The rehabilitation of this workshop will also provide repair services to most of the run-down trucks and vehicles which would have otherwise been left parked on the roadsides, which will in turn decongest the roads in this area.

  • Naira Hits All-Time N1065/$ Low, As BDC Operators Seek Urgent Reforms

    Naira Hits All-Time N1065/$ Low, As BDC Operators Seek Urgent Reforms

    The nation’s currency, the Naira, experienced a historic low on Wednesday in the parallel market, with the unofficial exchange rate reaching an unprecedented N1065 to the US dollar.

    On Tuesday, the Naira closed at N1060 to the dollar on the unofficial market, driven by a shortage of dollars, leading to a rapid depreciation of the currency.

    Additionally, the Naira weakened by 8.9 percent to N848.12 against the dollar in the official Investors and Exporters (I&E) forex market on Tuesday, according to data from FMDQ.

    Foreign exchange trades took place within the range of N700 to N981 per dollar, with the dollar’s trading volume surging to $133 million, according to an investment note by the Lagos-based investment banking firm Chapel Hill.

    The Central Bank of Nigeria (CBN) had relaxed foreign exchange controls in mid-June following criticism of monetary policy measures by President Bola Tinubu and a pledge to end the multiple exchange rate regime.

    The official rate briefly aligned with the parallel market, plunging 40 percent, but the spread began to widen again. Until Tuesday, the official rate remained near N800 to the dollar, while the street rate surpassed N1,000 to a dollar.

    Foreign exchange operators attributed the Naira’s depreciation to persistent illiquidity in the market in the absence of central bank intervention. The widening premium between the official rate and the black market is a sign that the exchange rate has not found a clearing price.

    The Chairman of the Association of Bureau de Change Operators in Nigeria (ABCON), Aminu Gwadabe, explained that the Naira’s rapid devaluation is due to significant liquidity driving up demand for unavailable dollars in the market. He also pointed to uncertainties, loss of public and international confidence in the economy, rising inflation, and a low interbank market interest rate, which have reduced the appeal for alternative investments.

    Gwadabe recommended abolishing the I&E window and allowing willing buyers and sellers to dictate price mechanisms with legislative backing.

  • DisCos Record 95.21% Market Remittance In Q2 2023 –NERC

    DisCos Record 95.21% Market Remittance In Q2 2023 –NERC

    The Nigerian Electricity Regulatory Commission (NERC) has stated that electricity distribution companies (DisCos) recorded 95.21 percent market remittances in the second quarter of 2023.

    This represents the highest remittance by the distribution companies so far.

    The Commission, in its just published ‘Electricity on Demand; report, on Tuesday, indicated that the combined upstream bill that DisCos were expected to pay totaled N194.69 billion, comprising N154.04 billion for generation costs from the Nigerian Bulk Electricity Trading (NBET) and N40.65 billion for transmission and administrative services facilitated by the Market Operator (MO).

    Out of this amount, the DisCos remitted a total of N185.36 billion (N152.48bn for NBET and N32.88bn for the MO), leaving an outstanding balance of N9.32 billion, representing a remittance performance of 95.21 per cent in Q2 2023 compared to the 67.43 per cent recorded in the previous quarter.

    Industry analysts believe that the improved remittance by the DisCos in the quarter indicates that they did better in fulfilling their financial obligations to NBET and MO, ensuring a higher percentage of payments made in relation to the total amount due.

    On revenue generation, the report indicated that the DisCos collected a total of N267 billion in revenue in Q2 2023 reflecting a collection efficiency of 75.54 per cent for the quarter out of the total billing value amounting to N354.61 billion.

    The Commission reported that the improved revenue generation capacity showed an improvement of 6.79 per cent when compared to the first quarter of 2023, when the collection efficiency stood at 68.75 per cent.

    The NERC linked the boost in collection efficiency to two main factors, namely the increased metering of consumers, which ensured a more accurate measurement of electricity consumption, as well as the DisCos’ sundry collection campaigns targeting pre-paid customers, which encouraged timely and complete remittances.

    The report further said that the ATC&C loss stood at 38.41 per cent and comprised technical and commercial losses of 18.47 per cent and collection losses of 24.46 per cent.

    Even then the ATC & C loss still reflected an improvement, as it decreased by 7.98 percentage points when compared to the 46.39 per cent loss recorded in Q1 2023.