Connect with us

Economy

NSITF: FG inaugurates Presidential Joint Board, Audit investigation panel

Published

on

FG to recover millions of Naira wrongly paid 588 Doctors

…As Buhari directs speedy, coordinated investigation for NDDC***

The Federal Government has inaugurated the Presidential Joint Board and Audit Investigation Panel on the Nigeria Social Insurance Trust Fund (NSITF) to investigate the management of the Fund.

Sen. Chris Ngige, Minister of Labour and Employment said this in a statement signed by Mr Charles Akpan, Deputy Director, Head Press and Public Relations in the ministry on Thursday in Abuja.

Ngige while conducting the inauguration said that the panel on the NSITF was established “to check the observed infractions on the Financial Regulations, Procurement Act, Public Service Rules, and other relevant and extant documents” in the management of the fund of the NSITF.

Ngige, who was represented by Mr William Alo, Permanent Secretary in the ministry, charged the panel to “look into all the infractions of the Procurement Act and Financial Regulations raised by the Accountant-General of the Federation (AGF) Periodic Check Report 2015 – 2019″.

The minister also asked the panel to look into the Administrative Panel’s Report into same Periodic Report of the AGF but yet to be addressed to date.”

He said that the other terms of reference for the panel include “to look into the same issues above raised in 2018, 2019 Budget Performance Utilisation in the Procurement, particularly Training.

He also said the panel should to look into other issues that was raised by the Joint Committees of the National Assembly on Labour and Employment and Productivity during the 2020 Budget Defence in December 2020 among others.

Ngige also charged the panel to look into cases of Gross Misconduct of officers, as well as investigate any other matter that would help in strengthening the operations of the Fund, and make appropriate recommendations.

The Panel has Mr Ibrahim Khaleel of the Nigeria Labour Congress (NLC), as Chairman, and Mrs E. E. Ogriki, Director, Human Resources, National Productivity Centre (NPC), as Secretary.

The other members of the Panel include Dr Ifeoma Anyanwutaku, Director, Occupational Safety and Health, Federal Ministry of Labour and Employment; Umma Aminu Dutse, Director, Human Resources, Central Bank of Nigeria (CBN); and Mr B.O. C. Omogo, Director, Organisation Design and Development, Office of the Head of the Civil Service of the Federation.

Other members of the Panel also comprises Mr Muhammed Katun Ahmed, Director, Audit and Monitoring, OAGF, Mr Nicholas Tor- Mtewave, Director, Audit, Office of the Auditor-General for the Federation, and Dr Onwusoro Maduka, Director, Procurement, Ministry of Labour and Employment.
The Panel has three weeks in the first instance to complete its assignment.

The Nigeria Social Insurance Trust Fund (NSITF) was established to provide compensation to insured employees who become casualties of occupational hazards in the course of employment, utilizing the financial contributions made by employers of labour.

In the meantime, President Muhammadu Buhari has stressed the need for better coordination in the ongoing investigation of the Niger Delta Development Commission (NDDC) by the investigating agencies in collaboration with the National Assembly.

A statement by Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, said Buhari stated this while reacting to unfolding drama, which includes attacks and counter-attacks between and around persons, institutions, and the NDDC.

The president warned that the affected investigators must ensure that the administration’s effort to bring sanity, transparency and accountability to the management of the large amount of resources dedicated to the development of the Niger Delta sub-region is not derailed.

Also read:  N40bn: Reps probes NDDC over alleged irregular expenditure

President Buhari expressed his strong determination to get to the root of the problem undermining the development of the Niger Delta and its peoples in spite of enormous national resources voted year after year for this singular purpose.

According to the directive, auditing firms and investigative agencies working in collaboration with National Assembly Committees to resolve the challenges in the NDDC must initiate actions in a time-bound manner and duly inform the Presidency of the actions being taken.

The president also directed timely sharing of information and knowledge in a way to speedily assist the administration to diagnose what had gone wrong in the past and what needs to be done to make corrections in order to return the NDDC to its original mandate of making life better for people in Niger Delta.

According to him, the administration wants to bring about “rapid, even and sustainable development to the region.”

He, therefore, gave firm assurance that his administration would put in place a transparent and accountable governance framework, not only in the NDDC but in all other institutions of government.

 

Economy

NGX Market Capitalisation Gains N836bn

Published

on

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

Continue Reading

Economy

SIFAX Group Appoints Basil Agboarumi As Executive Director

Published

on

SIFAX Group, one of the leading business conglomerates in Nigeria with investment in Maritime, Aviation, Oil & Gas, Haulage & Logistics, Financial Services, and Hospitality, has appointed Basil Agboarumi as its new Executive Director of corporate and Intergovernmental Affairs.

Agboarumi recently completed his term as the Managing Director/CEO of the Skyway Aviation Handling Company Plc. (SAHCO Plc.), one of the subsidiaries of SIFAX Group.

Agboarumi holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi and a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko, a Master in Communications (MSc) from the Lagos State University and a Certificate in Creative Design & Digital Communications from the School of Media & Communications of the Pan-Atlantic University, Lagos. He also holds a Management Certificate in Civil Aviation from Concordia University, Montreal, Canada.

Basil Agboarumi, Executive Director, Corporate and Intergovernmental Affairs

After the privatization and subsequent takeover of SAHCOL by SIFAX Group in 2009, Agboarumi was appointed the Head of Corporate Communications to spearhead the re-branding of the new company. He was subsequently appointed the company’s Managing Director in 2018. Under his leadership, SAHCO Plc was listed on the Nigeria Stock Exchange while many airlines, both local and foreign, signed business deals with the company due to its excellent and cutting-edge services which include passenger handling, ramp handling, and cargo handling.

Agboarumi has over 25 years of professional in public relations, reputation management, brand development, media relations, business development, and government relations.

Speaking on the new appointment, Dr. Taiwo Afolabi, Chairman, SIFAX Group, said Agboarumi brings vast experience and records of achievements to his new role, adding that these qualities will help him succeed in the new role.

He said: “He demonstrated the capacity and ability to navigate different terrains as a leader during his time as the Managing Director of SAHCO. The COVID-19 pandemic hit shortly after he took over the reins at SAHCO, but he was able to steer the ship of the company to profitability despite the uncertainties that characterised the global aviation business at the time. I am convinced the Group will benefit tremendously from his wealth of experience as he assumes this new role.”

Continue Reading

Economy

NGX All-Share Index Crosses 100,000 Mark

Published

on

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Guinness Nigeria and FTN Cocoa Processors lead the losers’ table

The All-Share Index, one of the performance indices of the Nigerian Exchange Ltd.(NGX), on Thursday, crossed a 100,000 mark for the second time in the year.

Having crossed the mark on Jan. 24, and later dropped, the All-Share Index specifically added 0.75 percent or 744 points to settle at 100,335.3, compared to 99,591.64 posted on Wednesday.

Consequently, investors gained N420 billion or 0.75 percent, as the market capitalisation which opened at N56.310 trillion, closed at N56.730 trillion.

Also, the Year-To-Date (YTD)return rose to 33.19 percent.

Improved buy interest in the shares of Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, and Cornerstone, alongside other top gainers drove the equity market to a positive terrain.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 percent.

However, market breadth closed negative with 33 losers and 25 gainers.

On the gainers table, Dangote Sugar and MTN led in percentage terms of 10 percent each to close at N50.60 and N201.30 per share, respectively.

Transcorp Power followed closely by 9.99 percent to close at N351.30, while Juli Plc added 9.96 percent to close at N4.97 per share.

National Salt Company of Nigeria (NSCN) rose by 9.92 percent to close at N47.65 per share.

On the other hand, Guinness Nigeria and FTN Cocoa Processors led the losers’ table by 10 percent each to close at N45.90 and N1.53 per share, respectively.

Transcorp also lost 9.95 percent to close at N17.10, Ikeja Hotel shed 9.93 percent to close at N6.08, while Redstarex declined by 9.87 percent to close at N3.38 per share.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

A total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals, compared to 416.48 million shares valued at N19.51 billion exchanged in 9,338 deals.

On the activity table, Transnational Corporation (Transcorp) led both in volume and value with 301.36 million shares traded in value of  N5.65 billion.

Sterling Nigeria sold 33.32 million shares worth N150.78 million, while FBN Holdings traded 23.21 million shares valued at N773.91 million.

Also, United Bank of Africa (UBA) transacted 18.38 million shares worth N400.29 million and Zenith Bank sold 17.08 million shares valued at N583.93 million.

Reacting, a stockbroker with Premium Capital, Mr Victor Ibrahim, said that the improved performance of the equity market was due to renewed investors’ expectations from the current government’s policies.

Ibrahim stated in Lagos that investors were keying into the future benefits of the economy by boosting their investment in the equity market.

He said, “The stock market is a leading indicator of the Nigerian economy and as such, with government policies such as the free-flow economy, investors confidence in our market has been boosted.

“The artificial scarcity of dollars in order to underprice or devalue the Naira is also another indicator.

“This is because the price of stocks in the Nigerian equity market is cheaper for foreign investors and those local investors who have dollars in reserve.

“While the Nigerian economy may presently appear tough, investors are keying into the future opportunities in the current government’s policies with the belief in the capacity of President Bola Tinubu.”

Continue Reading

Editor’s Pick

Politics