Cloned Nigerian Anchor

Author: Chike Ozohili

  • Increased Investment In Women Will Improve Nigeria’s GDP -UN

    Increased Investment In Women Will Improve Nigeria’s GDP -UN

    UN Women Regional Director for East Africa, West, and Central Africa, Maxime Houinato, has said that in order to bridge the multi-sectoral gender gaps in Nigeria and improve the standard of living for women and girls, there is need for the federal government to commit specific percent of national budgets and development funds to interventions that address gender disparity in Nigeria.

    Maxime Houinato is in Nigeria for an executive visit.

    In a press briefing on Friday at the UN House in Abuja, Houinato said that increased allocation of specific budget lines to address gender disparity in Nigeria would empower more women.   

    “Women are at the heart of human capital for economic development in any nation – health, education, agriculture, and business. Gender disparity and the suffering of women are having a detrimental impact on the building of that human capital which is at the centre of productivity and development,” Houinato said.  

    The UN Women regional director met with various stakeholders in Lagos and Abuja including the Minister of Budget and National Planning, Sen. Abubakar Atiku Bagudu.

    In Lagos, a $25million GBV fund was launched as part of a contribution from Nigeria’s private sector. The fund will serve to fund gender responsive interventions that will curb violence against women and girls and enhance women’s empowerment.

    He said, “I was rushed to Lagos by my team the moment I landed in Abuja to look at a couple of initiatives. One of them is the establishment by the private sector with the technical support of the UN Women of a $25 million GBV Fund. This is the first time in Africa that the private sector is coming together to take up such issues as GBV and to put hard currency on the table.  

    “When I met the minister of Budget, he really appreciated that contribution and that the government might consider a tax break for private companies that decide to put money on the table to address gender equality issues that have always been the contribution of the government to the private sector initiative.

    “I was also thrilled to meet with the Nigeria Exchange group that has decided to start working with UN Women to launch in 2025 the first gender bond in Nigeria with contribution from various investors into gathering resources to address the lack of opportunity that women suffer from.

    “Those initiatives are interesting because so far, the government has been putting resources for critical elements of gender inequality. Now we believe more and more the private sector is getting interested, the reason being that gender based violence, gender inequality that was placed in the social sector has now moved to the economic sector where we recognize that inequality is crippling the economy.”

    In her remarks, UN Women Representative to Nigeria and ECOWAS, Beatrice Eyong, stated that the financial implication of GBV is enormous and reiterated that if the prevalence of violence against women and girls reduces, family income and earnings will improve and so will the economy of the society at large.

  • Professional Accountants Have Contributed To Nigeria’s Economic Woes – Expert

    Professional Accountants Have Contributed To Nigeria’s Economic Woes – Expert

    A governance expert, public affairs analyst and Chairman of the Board, Amaka Chiwuike-Uba Foundation (ACUF), Dr Chiwuike Uba, has revealed that accountants have contributed to the economic woes of Nigeria in the last few years as a result of their professional silence and inactions.

    Speaking on Thursday in Abuja during the 28th annual conference of the Association of National Accountants of Nigeria (ANAN), on ‘Role of Professional Accountants in Economic Reforms’, Uba, a lead presenter, said some accountants have had opportunities to support economic reforms of successive administrations, but ended up corrupting the system.

    The ACUF boss said poor management of debt and guarantees have created unnecessarily high debt service costs and could cause significant fiscal risks.

    Uba also revealed that professional accountants play a crucial role in economic reforms by providing financial expertise and advice to various stakeholders, including governments, businesses and organisations.

    He said: “Professional accountants’ actions and inactions might have contributed to Nigeria’s economic conundrum. I am expressing this opinion because some professional accountants, who had the opportunity to support economic reforms in the past, ended up corrupting and messing up the system even more. 

    “In some instances, professional accountants, including one of the former Accountants General of the Federation, were involved in a corruption case that amounted to billions of naira.

    “Currently, over 90 of Nigeria’s revenue is being spent on payment of interest on debt. Poor debt management procedures can lead to increased costs of borrowing, poor decision making and possible default on debt repayment with associated consequences.

    “They equally play a pivotal role in promoting financial stability, transparency and sustainable economic growth. Professional accountants should, therefore, among others, play these roles: record, report and continuously monitor debt and guarantees and, based on monitoring feedback, provide expert advice. They should regularly monitor the ratio of average monthly debt service deducted from revenue.

    “Audit reports need to include more forward-looking, qualitative and non-financial data in the field of financial reporting with more information on risks. Timely reporting of audit findings to generate increased value for stakeholders and enable real-time decision-making is key. The idea of producing audit reports in arrears needs to be corrected. 

    “The last audited financial statements that are publicly available on the website of the Office of the Auditor General were the 2019 accounts. Incidentally, the account was published on August 18, 2021, which was 19 months, 18 days from the end of the financial year.”

    Dr Uba stressed the need for increased communication of financial statements and auditor’s reports through the publication of the reports for public access, adding that management letters from public companies should also be made available more widely beyond sharing it with the audit committee.

    “Performance and accountability have become vital elements in the governance framework. Improving performance and accountability with an eye on delivering more appropriate, efficient and effective public service is the hallmark of good governance. The ability of professional accountants to defend or account for performance according to some ethical framework is part of the accountability framework.

    “Audits, investigations and advisory services are required to reduce risk, improve transparency and accountability, and maintain the public trust.

    To satisfy this key element needed to achieve the objectives of economic reforms, professional accountants engaged in auditing should carry out Value for Money (VFM) auditing by confirming whether proper arrangements were in place to secure economy, efficiency and effectiveness in the use of public resources,” he added.



  • CBN Formally Confirms Emefiele’s Resignation As Cardoso Assumes Duty

    CBN Formally Confirms Emefiele’s Resignation As Cardoso Assumes Duty

    The Acting Governor of Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso, on Friday, formally assumed duty pending his confirmation by the Senate. This is as the Central Bank officially confirmed the resignation of former CBN Governor, Godwin Emefiele.

    President Bola Ahmed Tinubu, recently appointed Cardoso, and other Deputy Governors.   

    This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).

    A statement by the Director, Corporate Communications, Dr. Isa AbdulMumin which was made available to journalists on Friday in Abuja, added that the Deputy-Governors-Designate have also assumed duties in acting capacities, sequel to the formal resignation of former Deputy Governors, Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora.

    Dr. Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, on Friday and have since settled down to the task of administering monetary and financial sector policies of the Federal Government.

    An Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos, Cardoso brings over three decades of managerial experience on board.

    He is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.

    It would be recalled that Dr. Cardoso and his colleagues were appointed by President Bola Tinubu to their respective positions at the Bank on September 15, 2023, subject to their confirmation by the Senate.

    Meanwhile, The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor, three months after being suspended from office by President Bola Tinubu.

  • Exxon Eyes $16bn Profits By 2027

    Exxon Eyes $16bn Profits By 2027

    Exxon is aiming to achieve $16 billion in profits by 2027, primarily driven by its fuels and chemicals sectors. The company anticipates a prolonged plateau in gasoline demand towards the end of the decade.

    Exxon’s profit forecast follows the merger of its refining and chemicals divisions, a strategic move designed to optimize returns and enhance operational efficiency.

    As part of its growth strategy, Exxon recently commenced operations at two new chemicals units within its Baytown, Texas, refinery, with a total investment cost of $2 billion.

    These additions align with Exxon’s long-term expansion plans, aiming to provide essential high-value materials for various everyday products, as highlighted by Karen McKee, president of the company’s Product Solutions division.

    Exxon’s commitment to safety and substantial investments in the U.S. Gulf Coast have contributed to its ability to execute large projects effectively.

    In addition to the recent Baytown expansion, Exxon also augmented its Beaumont, Texas, refinery earlier this year, boosting its daily processing capacity by 250,000 barrels.

    The petrochemical sector is emerging as a prominent avenue for sustained growth within the oil and gas industry. This shift is partly due to the ongoing energy transition, which is expected to reduce the demand for oil as a transport fuel.

    The International Energy Agency predicts that oil demand will peak before 2030, driven by the increasing adoption of electric vehicles (EVs).

    However, OPEC disputes these projections, cautioning that such forecasts could undermine global energy security by deterring investments in oil and gas production.

    Gasoline demand in the United States has already reached its zenith, occurring in 2018 at 9.33 million barrels per day. The most recent data, from June this year, indicates a demand of 9.27 million barrels per day.

    Exxon’s strategic focus on fuels and chemicals, coupled with prudent investments, positions the company to thrive in a changing energy landscape.

  • Again, Equity Market Sheds N35bn

    Again, Equity Market Sheds N35bn

    Transactions on the floor of Nigerian Exchange (NGX) on Thursday closed negative shedding N35 billion. This was due to decline in the share prices of Oando Plc, Nigerian Breweries Flour Mills Nigeria Plc Northern Nigeria Flour Mills among others.

    Market capitalisation of listed equities dropped by 0.09 per cent to N37.365 trillion from N37.400 trillion traded on Wednesday.

    The NGX All Share Index also went down by 64.58 basis points to 68271.14 points from 68335.72 points recorded the previous day.

    Investors traded 1.125 billion shares valued at N5.818 billion in 7949 deals against 566.631 million shares costing N5.386 billion exchanged hands the previous day in 8201 deals.

    A review of the investment during the day showed that JohnHolt led gainers table, increasing by 9.55 per cent to close at N1.72 per unit, Daar Communications and Omatek plc followed with a gain of 9.52 each to close at N0.23 and N0.46 per share respectively. Mutual Benefits gained 9.30 per cent to close at N0.47 per share, SUNU Assurance added 9.09 per cent to close at N0.96 per unit.

    On the contrary, Oando Plc recorded the highest loss in percentage terms, declining by 9.93 per cent to close at N13.15 per share, Lasaco Insurance trailed with a loss of 9.71 per cent to close at N1.86 per unit, Chams Plc fell by 9.59 per cent to close at N1.32 per unit, Northern Nigeria Flour Mills fell by 9.23 per cent to close at N15.25 per share. Tantalizer declined by 8.57 per cent to close at N0.32 per unit.

    Trading in the shares of Universal insurance led market activities, exchanging 669.012 million shares valued at N134.205 million, Oando Plc followed with 100.680 million worth N1.456 billion, Japaul Gold traded 43.738 million shares valued at N43.385 million, AccessCorp traded 40.144 million shares cost N681.949 million, United Bank for Africa sold 32.450 million shares valued at N552.752 million.

  • Nigeria’s Impressive $20.1bn Tops Diaspora Remittances In Sub-Saharan Africa

    Nigeria’s Impressive $20.1bn Tops Diaspora Remittances In Sub-Saharan Africa

    Nigeria has emerged as the leader in Diaspora remittances within Sub-Saharan Africa for the year 2022, receiving an impressive $20.1 billion, representing 38 percent of the total remittance flow to the region.

    This figure surpasses that of other countries in the region, including Ghana (11.9 percent), Kenya (8.5 percent), Tanzania (25 percent), Uganda (17.3 percent), and Rwanda (21.2 percent).

    According to the World Bank, Nigeria played a pivotal role in contributing to the total remittance flow of an estimated $52.9 billion into Sub-Saharan Africa in 2022.

    The increase in remittances has provided significant support to several African nations facing various challenges such as food insecurity, supply chain disruptions, drought (particularly in the Horn of Africa), floods (in countries like Nigeria, Chad, Niger, Burkina Faso, Mali, and Cameroon), and debt-servicing difficulties.

    Taking a broader perspective, global remittance flows to low- and middle-income countries (LMICs) reached $647 billion. It is projected to experience a modest 1.4 percent increase, reaching $656 billion in 2023.

    Highlighting the significance of remittances, the World Bank emphasized that over the past year, remittances have become a major source of external finance for LMICs, surpassing foreign direct investment (FDI), official development assistance (ODA), and portfolio investment flows.

    The report also pointed out that in several countries, remittances have overtaken key exports as the primary source of foreign exchange earnings.

    For instance, in Kenya, remittances exceed the earnings from critical sectors such as tourism, tea, coffee, and horticulture. Other nations, including the Gambia, Lesotho, Comoros, and Cabo Verde, are also highly dependent on remittance receipts as a proportion of their GDP.

    However, the report highlighted that Sub-Saharan Africa continues to face the highest remittance costs globally. Sending $200 to African countries during 2022Q4 incurred an average cost of 8.0 percent, up from 7.8 percent in 2021Q4.

    Costs vary widely across the region, ranging from 2.1–4.0 percent in the lowest-cost corridors to a staggering 17–35 percent in the highest-cost corridors.

    Notably, banks impose the highest costs, underscoring the importance of cross-border mobile money transactions. Limited interoperability among telecom operators and money transfer operators in countries like Kenya, Rwanda, Tanzania, and Uganda poses challenges for such transactions.

    Furthermore, the growth of remittance flows into Africa is projected to slow down to 1.3 percent in 2023, compared to 6.1 percent in 2022.

    Factors contributing to this slowdown include risks related to capital outflows, foreign exchange controls, and sanctions. South Africa’s placement on the “gray list” by the Financial Action Task Force (FATF) is also noted. However, remittance flow growth is expected to rebound to 3.7 percent in 2024, according to the World Bank.

  • NGO Urges Wike To Probe Procurement Fraud, Abandoned Projects

    NGO Urges Wike To Probe Procurement Fraud, Abandoned Projects

    Minister of the Federal Capital Territory Nyesom Wike has been urged to fashion ways to tackle procurement fraud and abandoned projects that littered in the territory.

    Program Manager at Priests Peace and Justice Initiative, Dr Agbaji Orinya, also called on the former Rivers State Governor to ensure transparency of contract awards and procurement in FCT.

    Speaking in Abuja Thursday, Orinya stressed that corruption continues to slow down the development of public infrastructure in the FCT.

    He identified issues of transparency in contract awards, project execution, poor service delivery by contractors and embezzlement of funds in some instances as the bane of development of the nation’s capital and its environs.

    He called on the FCT Minister to ensure adherence to the procurement process designated by the Law regarding contract variations. At the same time, she urged citizens to ask questions and hold leaders to account.

    On what the FCT Minister must do to combat contracting corruption in FCT, Orinya said, “The Minister should put a system in place that will make corrupt transactions difficult. There should be a portal where people can verify what project is supposed to be in a particular area. There should be a proper evaluation mechanism, which will make them deliver projects.

    “It’s about transparency and accountability. The public should know how much has been approved for a particular project. They (citizens) need to know the nature of each project within their environment so that they can ask questions.

    “We have a procurement process – where you have to identify projects, plan projects, there is a process for approval and funding. Are we following this process in awarding contracts by law,” he questioned.

  • Group Alleges Sabotage In Birnin Kebbi Transmission Station Fire 

    Group Alleges Sabotage In Birnin Kebbi Transmission Station Fire 

    The Nigerian Power Consumers Forum (NPCF) has condemned the recent fire incidents around power transmission infrastructure alleging that external forces were acting to sabotage the nation’s transmission system.

    The national grid collapsed some days after the Transmission Company of Nigeria (TCN) celebrated 500 days of relative stability of the grid.

    NPCF Convener, Comrade Michael A. Okoh in a statement in Abuja, Okoh called on the Federal Government to bring the saboteurs and perpetrators of the act to book and urged TCN to buffer other substations against further sabotage.

    “Nigerians have seen the enormous work done by the current TCN management led by Engr. Sule Ahmed Abdulaziz. For instance, in the history of Nigeria, the TCN for the first time took delivery of over 30 power transformers in 2022 and all were deployed to the site for onward installation. The projects TCN is executing to improve access to bulk electricity cover all the six geopolitical zones too.

    “From independent assessment which started last year and up to this year, the Forum was able to confirm the various initiatives TCN deployed to stabilize the grid including the use of the Internet of Things (IoT) and the deployment of the stopgap system as a placeholder for a smart grid system which is in the advanced stage of the procurement process for a robust deployment of a full-scale state-of-the-art Supervisory Control and Data Acquisition (SCADA)/Energy Management System (EMS).     

    “But unfortunately, just after the pronouncement on the efforts of TCN on grid stability, the power sector has recorded at least two system collapses in succession, all caused by a fire incident in the Birnin Kebbi transmission substation and line snap along the 330kV Jebba – Kainji transmission line. These have caused nationwide outages which the NPCF believes is to bring the management of TCN into disrepute.

    “This is not the first time critical national infrastructures have been sabotaged as cases abound every day of oil theft rupturing pipelines or hacking power transmission towers of which over 20 such cases were reported by TCN in the last 12 months.

    “The fire incident at the Birnin Kebbi transmission substation switchyard is more of sabotage on the national grid systems. According to power engineers who have over three decades of experience, believe that technically, there is no way two power transformers separated by a reasonable distance from each other will be engulfed by fire simultaneously’’, he said.

  • CBN Shifts Monetary Policy Committee Meeting

    CBN Shifts Monetary Policy Committee Meeting

    The Central Bank of Nigeria (CBN) has postponed its 293rd Monetary Policy Committee (MPC) meeting.

    The MPC meeting had been scheduled for September 25 and 26, 2023.

    A statement by the Director of Corporate Communications at the CBN, Dr. Isa AbdulMumin on Thursday in Abuja, which was posted on its website, did not give any reason for the postponement.

    “The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively.

    “A new date will be communicated in due course.

    “We regret any inconvenience this change may cause our stakeholders and the general public,” the statement read.

  • Nigeria’s Equity Market Rescinds, Sheds N13bn

    Nigeria’s Equity Market Rescinds, Sheds N13bn

    Trading activities on the floor of Nigerian Exchange on Wednesday closed on a negative note, declining by N13 billion, as investors embark on profit taking activities.

    Market capitalisation of listed equities declined by 0.03 per cent to N37.400 trillion from N37.413 trillion reported the previous day.

    The NGX All Share Index also depreciated by 23.50 basis points to 68335.72 points from 68359.22 points traded the previous day.

    A review of the investment showed that Sunu Assurance led gainers table, increasing by 10 percent to N0.88 per share, Berger Paint followed with a gain of 9.91 per cent to close at N12.75 per unit, Oando Plc added 9.77 per cent to close at N14.60 per share, Chams Plc up by 9.77 per cent to close at N1.40 per unit while MRS increased by 9.47 per cent to close at N104.00 per share.

    On the contrary, TranscoHotel topped losers’ chart, dropping by 10 per cent to close at N45.90 per share, IkejaHotel trailed with 9.93 per cent to close at N2.72 per share, Chi Plc fell by 7.41 per cent to close at N1.00, NSLTech dipped by 7.41 per cent to close at N0.25 per unit, while Glaxosmith sheds 7.38 per cent to close at N11.30 per unit.

    Volume of trades declined by 110.105 million, representing 16.27 per cent as investors traded 566.631 million shares valued at N5.386 billion in 8201 deals against 515.280 million shares worth N5.893 billion in 7659 deals.

    Transactions in the shares of Oando Plc led market activities with 109.996 million shares valued at N1.599 billion, Courtvellle Business Solutions followed with account of 66.002 million shares cost N32.569 million, Chams Plc traded 56.388 million shares valued at 56.388 million shares cost N81.804 million Japaul Gold traded 36.630 million shares valued at N35.248 million Access Corp traded 32.530 million shares valued at N563.305 million.