The Director General, Securities and Ex¬change Commission (SEC), Ms. Arunma Oteh has disclosed that Nigeria had lost over $140 billion to illicit financial flows within a 9-year period even as it is estimated to need about $50 billion investment to ensure stable electricity. According to Oteh the fund are not lost only by embezzled public […]
At the Annual Conference of the Society for Corporate Governance with the theme “Leadership and Governance in the Public Sector”, Governor Bababtunde Fashola and Mr Peter Obi (former governor of Anambra State) spoke eloquently on leadership and governance. Both shared very interesting and thought provoking anecdotes on values, transparency, accountability and the essence of leadership. […]
On September 24, Nigeria’s BusinessDay reported that a study conducted by the Centre of International Private Enterprise (CIPE) in collaboration with the Lagos State Chamber of Commerce and Industry (LCCI) on the “Impact of Regulatory Agencies on Businesses.” revealed that regulatory challenges and their attendant costs have been the major factors stifling healthy growth of […]
Some foreign investors are beginning to shun the Nigerian business environment due to concerns about insecurity and the fear of uncertainty regarding the 2015 elections. The latest investment analysis from the Nigerian Stock Exchange showed that foreign investments dropped significantly by N61.58bn at the end of July. As of June this year, the total investments […]
Nigeria Deposit Insurance Corporation (NDIC) has urged operators of Primary Mortgage Banks (PMBs) to embrace good corporate governance and sound risk management practices to avoid creation of huge toxic assets that could put insured deposits at risk. Chief Executive Officer of NDIC, Alhaji Umaru Ibrahim, gave the advice in Lagos at the NDIC sensitisation workshop […]
THE Nigeria Customs Service (NCS) has accused some rice millers in the country of allegedly aiding the activities and operations of smugglers. Speaking during a raid on some smuggling route in Igbesa, Ogun State on Tuesday, the Controller, Federal Operations Units (FOU), zone ‘A’, Ikeja, Usman Turaki alleged that some local rice millers are the […]
Did the Nigerian Ports Authority (NPA) award the N20 billion Calabar Port dredging contract without following due process? This is the puzzle stakeholders in the maritime industry are seeking to unravel over the contract. The contract, sources said, was awarded to the Calabar Channel Management (CCM) without passing through the Bureau of Public Procurement (BPP) […]
The country’s current petroleum products pricing model, which is based on import parity and the Petroleum Support Fund, is riddled with corruption, a new report produced under the project, Transparency and Accountability in the Oil and Gas Sector in Nigeria, has stated. The report by the African Centre for Leadership and the Strategy and Development, […]
The role of an effective regulatory regime in promoting economic growth and development has generated considerable interest among researchers and practitioners in recent years. According to experts, the ability of the state to provide effective regulatory institutions can be expected to be a determinant of how well markets and the economy perform; and the impact […]
The Federal Government, in an effort to ensure that the country keeps pace with the growing global competition in technology and economic development, had made provision for companies to hire expatriates to undertake jobs and responsibilities in areas where Nigerians lack the requisite skills and capacities, while making sure that Nigerians take up jobs they […]
More Nigerian firms are planning to list on the London Stock Exchange (LSE) following the listing of Seplat Petroleum Development Company PLC. last April. Head, Equity Primary Markets, Africa, India and Middle East at the LSE, Mr. Ibukun Adebayo, disclosed this to THISDAY in an interview in London last week. Continue Reading
Most organizations have good intentions when it comes to complying with regulatory and ethical standards. They demonstrate this by writing codes of conduct, having internal and external audits and by training new and current hires on compliance requirements. However, there is usually a divergence between what is coded and communicated, and what is actually carried […]
The German Development Minister, Mr. Gerd Müller, has slammed the Federal Government for what he describes as rising cases of oil spill in the Niger Delta. According to him, over 600 cases of oil spill have been recorded in the area so far this year. Müller was on Tuesday quoted by the Stakeholder Democracy Network […]
A row is brewing between Zambia and Dangote Cement, a major employer in Africa’s second largest copper producer, after a government minister accused an executive at the local unit of the Nigerian company of attempting to bribe him. The dispute appears to be the latest in a string of incidents in which the southern African […]
The Steel and Engineering Workers’ Union of Nigeria (SEWUN) has scored the Bureau of Public Enterprise (BPE) low over its handling of the privatisation process in the country. Its National President, Comrade Elijah Adigun, who spoke at the union’s yearly Industrial Relations Conference held at the Teachers’ House, Ibadan, said the BPE, saddled with the responsibility […]
The Nigerian Civil Aviation Authority (NCAA) has said the authority would sanction the crew of the alleged private jet belonging to the president of the Christian Association of Nigerian (CAN), Ayo Oritsejafor, linked with illegal laundering of about $9.3 million in South Africa. The NCAA deputy general manager, Public Affairs, Mr Sam Adurogboye, who disclosed […]
Of the many challenges banks face as we move into the second decade of the 21st century, dealing with cyber attacks is chief among them. Cyber security experts have predicted an increase in cyber crimes in 2014 in line with the growing usage of the internet. The Central Bank of Nigeria’s report for the first […]
There was security breach yesterday in the Koluama community of Southern Ijaw Local Government area of Bayelsa State following the invasion and shutting down of the Chevron Oil Platform by youths over the refusal of the company to pay adequate compensation for January 2012 KS Endeavour rig fire disaster in the area. Continue Reading
The Socio-Economic Rights and Accountability Project (SERAP) has called the Central Bank of Nigeria’s Governor Godwin Emefiele, to “urgently provide information on the identity of the persons involved in alleged money laundering through the bank to fund the activities of the Boko Haram,.” SERAP in a statement signed by Adetokunbo Mumuni, executive director, also urged […]
The National Association of Road Transport Owners, NARTO, has raised alarm over the hijack of their trucks by heavily armed men who escape with them fully loaded with petrol and siphon the fuel and set them ablaze afterwards. The drivers, who expressed their concern over the worrisome development in Kaduna recently, decried the great losses […]