By Kelechi Ogunleye

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will sanction fuel stations operators who alters petroleum pumps.

Mr Farouk Ahmed, NMDPRA Chief Executive, said this during an interactive session with commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Friday in Abuja.

Ahmed said that petrol stations caught dispensing fuel with adjusted fuel pumps would face heavy sanction.

He said that the sanctions to be meted out include revocation of operating licenses, suspension from operation or shut down depending on the gravity of the offence.

According to him, adjustment of fuel pumps by filling station operators is a major concern to the oil regulatory bodies and the Federal Government.

“What we are doing now is that we have some of our staff going round to take on-the-spot checks of some of the petrol stations.

“If you drive into a station, drive out, you will not know if you have been cheated until you do a measurement.

“Sometimes we do a physical measurement where we go to some stations and buy one litre, look at that environment to see whether that one litre is really one litre.

”Then we will know whether or not they have tampered with the pump,” he said.

The NMDPRA boss said that the authority would continue to collaborate with the RMAFC to generate more revenue for the federation.

“We have started the engagement but this is just a formal collaboration on areas where we can improve the revenue generation for the federation.

“There are two areas we have to look at which are either to generate revenue or cut costs,” he said.

He called on citizens to invest in the midstream sector of the economy.

“For example, if you want to build a gas plant, come to us, we will give you the guidelines, the policies, and you will come and invest.

“The area you want to invest in will determine the cost of investment; the investment opportunities are there,” he said.

RMAFC Chairman, Mr Bello Shehu, said that the engagement between both organisations was to strengthen their partnership.

“We are here in order for them to enlighten us on what they do and what we can do as a commission to assist them to better boost revenue generation for Nigeria.

“We are interested in what the authority does to enable us monitor better and know the right questions to ask which will enable us give appropriate information,” he said.(NAN) (www.nannews.ng)

Edited by Gregg Mmaduakolam/Ismail Abdulaziz

By Rukayat Moisemhe

The Chartered Institute of Directors Nigeria (CIoD) has urged directors to increase integration of Environmental, Social and Governance (ESG) principles into their boardroom strategies to drive sustainable growth.

The institute also urged directors to imbibe ethical and sustainable business practices.

Alhaji Tijjani Borodo, President of the institute, said this at the induction of new members of the institute on Thursday night in Lagos.

The event had the theme: “Driving Sustainable Growth: Integrating ESG Principles into Boardroom Strategies”.

Borodo noted that, globally, there had been increasing emphasis on adoption and implementation of ESG sustainability principles by companies to drive growth and ensure long-term business success.

According to him, a well-structured ESG framework aims to assess the performance of an organisation, considering factors such as impact on the environment and the society.

“The world has faced a number of environmental challenges, such as climate change resulting in many variants of weather abnormalities directly connected to industrialisation and pollution.

“As the world struggles to cope with these abnormalities, more attention has been drawn to the impact of industrial production and business decisions on the environment.

“Also, there is an increasing awareness of the importance of social issues such as gender inequality, inclusiveness, etc., which have direct impact on social sustainability principles.

“Finally, governance issues such as corruption and corporate transparency are under greater scrutiny than ever before; hence, the importance of ensuring good corporate governance as a sustainability principle,” he said.

Borodo charged CIoD members to remain steadfast in their support for the institute for its growth and development, as well as adoption of ethical and sustainable business practices across all sectors of the Nigerian economy.

Mrs Ndidi Nnoli-Edozien, Member, International Sustainability Standards Board (ISSB), urged business organisations and governments to deploy strategies hinged on ESG to drive economic growth.

Nnoli-Edozien said that integration of (ISSB) standards was a critical part of governance.

The ISSB standards are designed to ensure that companies provide sustainability-related information alongside financial statements in the same reporting package.

She said that ISSB standards could deliver access to more consistent, comparable, verifiable and comprehensive disclosures for investors, as well as deliver positive effects on areas such as governance, strategy and access to capital, for companies.

According to Nnoli-Edozien, a company’s ability to deliver financial value for investors is linked to the stakeholders with which it works and serves, the society in which it operates, and the natural resources from which it draws.

“As a board, when you are approving your financial accounts or your financial statements, you are also going to be approving your sustainability related disclosures.

“On the shoulders of directors of today rests the building of more resilient companies that are well positioned to attract the significant capital flows that are out there in the world.

“This can happen particularly looking at the African countries and giants such as Nigeria with huge economic and environmental potential,” she said.(NAN)(www.nannews.ng)

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Edited by Ijeoma Popoola

By Rukayat Moisemhe

Governance experts have identified critical factors that could ensure sound governance practices in organisations to improve the country’s economy.

Some of them who spoke with the News Agency of Nigeria (NAN) on Thursday in Lagos identified such factors to include institutional strengthening, display of moral values and a sound Personal Social Responsibility (PSR).

They spoke at the 47th Annual Conference of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), with the theme, “Sound Governance as a Cursor to a Thriving Economic: A Case for Inclusiveness”.

Prof. Enase Okonedo, Vice Chancellor, Pan Atlantic University, said that the first step to ensure sound governance was to strengthen institutions across the private and public sectors of the Nigerian economy.

Okonedo said Nigerians must continue to build value-based culture and uphold the sound governance practices to overcome the social ills and economic challenges bedeviling the country.

According to her, when governance is weak, institutions falter and the economy bears the brunt, hence the need for inclusiveness in governance.

This, she said, was necessary to address the need of citizens regardless of region, tribe or religion, recognising that a thriving economy benefits all.

Okonedo also said leadership commitment to principles of sound governance could have a profound impact on organisations and the economy.

She charged ICSAN to make use of their roles as administrators and corporate governance practitioners to enforce compliance and drive socio-economic change.

“Two factors that have gotten in the way of national progress include corruption and insecurity.

“Sound governance should not be discussed only at the macro level but we must as individuals live by the principles of sound governance.

“We must also demonstrate unwavering commitment to transparency and accountability with a corporate culture that values honesty and integrity.

“Transparency, accountability and other corporate governance practices would foster trust between the government and the people and also ensure that opportunities for everyone are not reserved for a select few.

“There is also the need for clear values in the public sector with sound measures to promote the culture of integrity in government and society.

“ICSAN must collaborate and continue to lend its voice to championing regulatory reforms that promote inclusive governance and inclusive economic development initiatives.

“We have the moral responsibility to building a more equitable, transparent and prosperous future for our nation where prosperity knows not bound and inclusiveness not just a phrase but a reality,” she said.

Mr Asue Ighodalo, Founding Partner, Banwo & Ighodalo, noted that a strong link existed between well governed companies, rule of law and economic growth and development.

He stated that strong corporate governance practices would guarantee excellent economic performance if the enabling environment is right.

Ighodalo, noting the critical role ICSAN played in driving governance across several sectors of the Nigerian economy, urged the institute to continue to be catalyst of economy growth and development.

“In five years, India emerged from being the poverty capital of the world to being one of the top ten economies.

“With a new government in place, we have a chance to reset, realign the direction of the economy and ICSAN must play its part at the forefront of all reforms.

“We must stop idolising wealth that is unaccounted for and bring up children with good values with consequences and sanctions.

“Remember, we all have a pivotal role to play in promoting sound governance to enable a thriving economy,” he said.

Also, Mrs Funmi Ekundayo, President, ICSAN, said the event’s theme was to establish the undeniable role sound governance played in establishing a strong, viable and vigorous economy.

Ekundayo described the concept of inclusiveness as the bedrock of national growth and sustainable development.

“As a governance institute, we know the importance of inclusiveness not only as a purveyor of sense of belonging and fairness by giving equal opportunities for everyone to succeed, but also as an instrument of all-encompassing economic progress and long-term development.

“In a practical display of the principles of diversity and inclusiveness the institute has championed over the years, you chose me as the president, and another women as the Vice-President of ICSAN for the next two years.

“You can now see the extent of aptness of our theme for this year’s conference, against the background of the avowed commitment of our institute to promote good corporate governance and sound public administration,” she said. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

By Okeoghene Akubuike

The National Bureau of Statistics (NBS), says the average retail price of a litre of Petrol increased from N189.46 in Aug. 2022 to N626.70 in Aug. 2023.

It made the declaration in its Petrol Price Watch for Aug. 2023 released in Abuja on Friday.

It stated that the Aug. 2023 price of N626.70 represented a 230.78 per cent increase over the price of N189.46 recorded in Aug. 2022.

“Comparing the average price value with the previous month of July 2023, the average retail price increased by 4.39 per cent from N600.35.

“On state profiles analysis, Taraba paid the highest average retail price of N680 per litre, followed by Borno and Benue at N657.27 and N649, respectively.

“Conversely, Adamawa paid the lowest average retail prices of N594.81 per litre, followed by Rivers at N596.80 and Delta at N604.63,’’ it stated.

Analysis by zone showed that the North-East recorded the highest average retail price in Aug.2023 at N636.93 per litre, while the South-South recorded the lowest at N616.95 per litre.

The NBS also stated in its Diesel Price Watch Report for August 2023 that the average retail price was N854.32 per litre.

It explained further that the Aug. 2023 price of N854.32 per litre amounted to a 8.57 per cent increase over the N786.88 per litre paid in August 2022.

“On a month-on-month basis, the price increased by 7.53 per cent from the N794.48 per litre recorded in July 2023,’’ it added.

On state profiles analysis, the report said the highest average price of diesel in Aug. 2023 was recorded in Abia at N970 per litre, followed by Niger at N960.14 per litre and Abuja at N950.22 per litre.

On the other hand, the lowest price was recorded in Bayelsa at N700 per litre, followed by Katsina State at N771.43 per litre and Kaduna State at N775.42 per litre.

In addition, the analysis by zone showed that the North-Central had the highest price at N907.86 per litre, while the South-South recorded the lowest price at N820.02 per litre. (NAN)

Edited by Joseph Edeh

By Lucy Ogalue

The Nigeria National Quality Policy will unlock the benefits of the African Continental Free Trade Agreement (AfCFTA) for Nigeria.

The Chairman/Chief Executive Officer of the National Quality Council (NQC), Mr Osita Aboloma, made this known while addressing newsmen in Abuja.

The News Agency of Nigera (NAN) reports that the Federal Government established NQC to enhance development, harmonisation and rationalisation of Nigeria’s quality infrastructure.

The council was created to implement the approved Nigerian National Quality Policy document which provides for efficient and effective management of regulatory responsibilities.

It aims to achieve protection of society and the environment as well as transparent and reliable state-regulatory systems, devoid of bureaucratic vagaries.

According to Aboloma, the agency will assist in providing a supportive national quality infrastructure for the country.

He said this consists of Standards and Metrology, Accreditation and Conformity Assessment Services that must be acceptable globally to enhance the competitiveness of products and services made in Nigeria.

He said without adhering to international standards, Nigeria might not enjoy the benefits of AfCFTA as products from Nigeria would continue to suffer rejection due to non-conformity with standards.

According to Aboloma, AfCFTA is a bloc of over 1.3 billion people, ratified in 2021 by over 47 African nations as of August 2022.

He said in the short-to-medium term, the agency would convene a stakeholders’ summit on the implementation of the national quality policy and how it affected every facets of the Nigerian economy.

“We will have a national discourse across the country where we will discuss details of the national quality policy, how it affects various sector of the economy and how it will improve our economy.

“We will also be doing gap analysis that will look at gathering data for every laboratory that exist in Nigeria whether government or privately owned.

“What they are testing and their capacity for those tests, do they have international accreditation, will their result be accepted in Togo for example since we are talking about AfCFTA?

“When we analyse where the gaps are, we can properly advise the government on what needs to be done in the short term, medium term and long terms,”he said.

According to him, this will ensure that trade and commerce within Nigeria, with our neigbouring countries and the rest of Africa and internationally will benefit Nigeria.

Aboloma said these activities would generate jobs for the country, boost economic growth and increase exports for Nigeria.

“ So, it is the working of the national quality infrastructure that will guarantee businesses to function well and the products they are producing are giving people value for their money,”he added.(NAN)(www.nannews.ng)

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Edited by Kevin Okunzuwa/Sadiya Hamza

By Rukayat Moisemhe

The Lagos Chamber of Commerce and Industry (LCCI) has unveiled the 2023 edition of the annual Lagos International Trade Fair (LITF) scheduled from Nov. 3 to Nov. 12.

Mr Leye Kupoluyi, Chairman, Trade Promotion Board, LCCI, at a news conference on Thursday in Lagos, said there would be multiple specialised fairs to mark the LCCI’s 135th anniversary at the fair.

Kupoluyi told newsmen that the 2023 LITF which is the 37th edition with the running theme “connecting businesses, creating value” would be declared open by President Bola Tinubu.

He said the multiple specialised fairs to mark the LCCI’s 135th anniversary included an entertainment village, Children’s Corner, Tech Hub, Africa Hall, Lagos Island Connect, United Asia International Exhibition, and LCCI Mentees.

“As business people, the chamber is very aware of the contribution of the creative and entertainment industry to the Nigerian economy, and the media, as a stakeholder, has been a major driver.

“The entertainment village will provide a platform to showcase nigerian music, fashion, food, and arts and culture and we are currently engaging with critical stakeholders in the creative and entertainment industry to actualise this project.

“The LITF has always attracted children and students over the years and this year, we are planning to have a children’s corner where invited and visiting children will be treated to a juvenile experience with food, drinks, music, games, and quizzes.

“The LITF tech hub is a single pavilion that hosts techpreneurs, tech enthusiasts in telecoms, software, and Information and Communication Technology (ICT) to showcase their innovative products and services,” he said.

Kupoluyi revealed that for the first time since the COVID-19 pandemic three years ago, about 200 exhibitors from china would be attending the LITF while almost all 54 African countries had been invited to the event.

He said the the United Asia Exhibition Company was currently concluding logistics to host three different trade exhibitions at the event and urged Nigerian businesses on commercial agreements and distributorship deals.

“The Japan External Trade Organisation (JETRO) and the Japanese hall has become a major attraction at the Lagos international trade fair and there will be a three -day free entry for visitors at the fair this year.

“It is my sincere hope that when the fair is declared closed by the Governor of Lagos, Mr Babajide Sanwo-olu, we shall all proclaim the 2023 LITF as the best so far in 37 years,” he said.

The News Agency of Nigeria NAN reports that the 2023 LITF is sponsored by the United Bank of Africa plc. (UBA) Japan External Trade Organisation (JETRO) United Asia International Exhibition co. Ltd.

Others are New Home Distribution Africa ltd. – distributors of Scanfrost and Sony Products in Nigeria, Dangote Group, FEDAN Investment Ltd, Lifemate Nigeria Ltd., Rite Foods, several Ministries, Departments and Agencies (MDAs) among others.(NAN)(www.nannews.ng)

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Edited by Chioma Ugboma

By Ginika Okoye

Federal Competition and Consumer Protection Commission (FCCPC) has called on Fintech operators to adhere strictly to regulatory guidelines and partner with regulators in their operations for more global impacts.

FCCPC in its official social media handle quoted the Executive Vice-Chairman of the commission, Mr Babatunde Irukera, as making the call on Thursday at a meeting with the operators.

Irukera said that the partnership with regulators and policy makers would help increase the country’s investments.

“If the country is capturing 40 per cent of 2.7 billion dollars in investment, imagine what she will do when you partner with regulators and policy makers.

“Fintech is not just the present, it is the future. Fintech is transactional; it is the greatest instrument of financial inclusion.

“If the operators do not get together with regulators and policy makers to define what is best for all of us, it will soon become more sensible for businesses to just cite themselves across the border.

“These businesses could begin to explore the market because it is a free trade area.

“You cannot keep talking about what the regulators have not done right, but you have to get down with the regulators to create a regulatory environment that protects businesses,” he said. (NAN)(www.nannews.ng)

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Edited by Deborah Coker and ‘Wale Sadeeq

By Kadiri Abdulrahman

The Debt Management Office, on Thursday, took its Federal Government of Nigeria (FGN) Securities Issuance Awareness Programme to Asaba, the Delta State capital.

The programme, which is a collaborative effort of the DMO and CSL Securities Limited, the stockbroking firm for the FG, witnessed a large turnout of industry stakeholders and prospective investors.

Patience Oniha, Director-General of the DMO, said the programme was designed to educate Nigerians about safe investment opportunities in FGN securities.

According to Oniha, who was represented by Mr Makaizu Nwankwo, Director, Debt Recovery and Settlement Department at the DMO, investing in FGN securities is the safest place for Nigerians to grow their investments.

“The safest place to grow your investment is through the FGN securities. They help to fastrack national development, ” she said.

She said that the various FGN security instruments, which constituted the local component of country’s public debt, also contributed to developing the local financial market and deepening financial inclusion.

She listed the various investment platforms to include FGN bond, FGN savings bond, treasury bills, the green bond, and the Sukuk bond.

She said that the FGN savings bond was specifically designed for the retail investors to benefit, while supporting government to raise funds and also supporting development of the financial market.

“One function of these FGN securities is to raise capital to finance deficits in the budget, and also to raise funds to execute critical infrastructure projects.

“FGN securities also contribute to the development of the domestic capital market, and they serve as a benchmark for other private institutions to issue their own securities.

“They are backed by full faith and credit of the Federal Government of Nigeria, and are default risk-free,” she said.

Oniha said the objective was to ensure that many more Nigerians became aware of the huge investment opportunities so they could take advantage of them.

“The purpose of this gathering is to introduce DMO to the people. Some might have read one or two things about us in the newspapers, but the Nigerian people are a very important set of stakeholders we must engage.

“Also, we have to educate the general public about the various products that we offer. We are talking of investment products similar to shares, but this is the other side of shares.

“The needs of government are growing and becoming different, so, we need to get more stakeholders involved in what we are doing,” she said.

She said that the idea of getting more Nigerians to invest in government securities was to also promote and encourage financial inclusion.

“We do not want anybody outside of the banking system as much as possible. We want to encourage financial inclusion.

“It is good to keep bank accounts, but it is also good to get actively involved in the financial market, either by buying shares or bonds,” she said.

According to her, the various FGN securities constitute the local component of government borrowings which go into providing some critical needs of the citizens.

“As you know, government does borrow to execute projects. One of our objectives is to prove our ability to raise the funds that government will use to fund these projects that will benefit all of us.

“We will like you to support us by subscribing to our products so that we can transfer the funds to the government, ” she said.

According to Mr Abiodun Fagbulu, Managing Director, CSL Stockbrokers Limited, the stockbroking firm for the Federal Government, FGN securities are financial instruments issued by the DMO on behalf of the government.

Fagbulu, who was represented by Mr Richard Akinmoladun from CSL, said that FGN securities were designed to accommodate all categories of Nigerian investors.

He said that government securities also enhanced the saving and investment opportunities of the populace.

“They are mostly fixed-income securities under which the government is obliged to make payments of a fixed amount on a fixed schedule, once or twice a year, and repay the principal amount on maturity.

“Investors in fixed-income securities are, therefore, guaranteed a constant and secure return on their investments,” he said.

Fagbulu said that it had become increasingly necessary to create awareness about government securities among retail investors.

He said that ordinary Nigerians also deserved the opportunity to invest and benefit from the huge opportunities in FGN securities.

“FGN securities serve as a benchmark for other private institutions to be able to issue their own debt securities,” he said.(NAN)(www.nannews.ng)

Edited by Idris Abdulrahman

By Rukayat Moisemhe

The Nigerian Institute of Management Chartered (NIM) says a more holistic and proactive approach is critical to addressing Nigeria’s foreign exchange challenges and reinvigorating the economy.

NIM President, Dr Christiana Atako, said this at the Pre-39th Omolayole Management Lecture(OML) news briefing on Wednesday in Lagos.

The annual lecture, scheduled for Sept. 28, is in honour of a doyen of management in the country, Dr Michael Omolayole.

The event, with the theme: ‘The Interplay between Capital Markets and Economic Growth: Exploring the Dynamic Relationship’, has Mr Kyari Bukar, Managing Director, Africa Operations, Inlaks Ltd., as the keynote speaker.

The NIM President urged the government to strategically leverage the strength of the Nigerian Capital Market to address the foreign exchange crisis.

Atako, however, stated that experts must address the issue in totality; how it started, where it is currently and consider every index in dealing with such complexity.

She noted that the theme was apt and critical because of the symbiotic relationship between capital markets and economic growth.

The NIM president explained that the annual lecture, beyond being a tribute to Omolayole, would be a clarion call to policymakers, industry stakeholders, academicians, and the media to engage.

She said the event would provide the platform to craft a blueprint for a future, where capital markets and economic growth march in embrace toward shared prosperity.

“We note the steps that the current administration has taken to preach the safety and security of the business environment in the country.

“The most important thing now is to find a way to ensure the foreign exchange crisis does not escalate.

“Previous OMLs have impacted many policy formulations based on the need of the country at the time and so this time, we are looking at how we can leverage the capital market to address some economic concerns.

“NIM would continue to be the source and symbol of management excellence and in making an impact on governance, while addressing contemporary issues germane to nation building,” she said.

Also, Ms Bunmi Abejirin, President, International Association of Students in Economics and Commercial Sciences (AIESEC) Alumni, pointed out that the Nigerian Exchange Ltd. (NGX) has experienced a twelve-year high.

This, she said, was a pointer to the happenings in that sector.

Abejirin stated that the 39th OML would unveil how the NGX All Share Index (ASI) would impact individuals and businesses.

“While the government is doing all it can to address foreign exchange issues, Nigerians must consciously cut their roles in the crisis by beginning to have a taste for everything made in Nigeria,” she said. (NAN)(www.nannews.ng)

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Edited by Kamal Tayo Oropo/Olawunmi Ashafa