Business

Accountants’ Conference asks FG to adopt education, prevention, sanctions in fight against corruption

Published

5 years ago

September 22, 2019

…Wants unemployment, poverty addressed by FG through entrepreneurship programmes for youths

The Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN) has recommended a three-way approach to the Federal Government in its fight against corruption.

The Conference urged the Government to adopt education, prevention and sanctions in its anti-corruption drive towards positioning the economy to grow in a sustainable manner.

The accountants also called on the government to address the issue of unemployment and poverty by creating start-up entrepreneurship programmes for youths and supporting them with enabling environment and funding.

These recommendations are contained in the communiqué issued at the end of its 49th Annual Accountants’ Conference in Abuja, which was attended by 5,653 participants from 14 countries.

The communiqué was signed by the President and Chairman of Council of ICAN, Mazi Nnamdi A. Okwuadigbo (FCA) and Chairman of ICAN Conference Planning Committee, Queensley S. Seghosime (FCA).

In the communiqué, the accountants’ conference emphasised the need for education through strengthening institutions such as revenue collecting agencies, the three arms of government, law enforcement agencies, regulatory agencies, political parties and electoral bodies to regularly train and retrain their employees.

“Education should be given a pride of place as it creates awareness that enables citizens to easily identify where corruption exists,” it said.

It also advocated the creation of the necessary environment to prevent “crimes of opportunity” by ensuring individuals and organisations operate within the shared fundamental traits that are grounded in law, particularly appropriate and prompt payments of remunerations.

“Some of the agencies created to fight corruption appear to be overwhelmed by the enormity of the problem and have in certain instances adopted strategies that seem to infringe on the rights of citizens.

“The sanctions to be meted out on corrupt citizens must be fair and not selective. It should not be seen to infringe on the rights of citizens. These institutions and agencies should demonstrate independence from government interference,” the ICAN’s Accountants’ Conference added.

On public accountability, the conference advised the Federal Government to hasten the full implementation of International Public Sector Accounting Standards (IPSAS) to enhance transparency in public financial management and reporting.

“Government institutions are accountable to their people and should use their resources judiciously and not mismanage them. Transparent leadership and governance will allow citizens to identify indicators of under-performance on the part of political leadership and exert well-targeted pressure to put them back on track,” it noted.

On tackling insecurity in the country, the conference counselled the Federal Government to create employment opportunities as a means of curbing insurgency as well as develop sustainable strategies to manage the impact of climate change in the Borno State and any other part of the nation facing security challenges.

The accountants’ conference said, “Security is evidently the pillar upon which every meaningful development could be achieved and sustained. Many had hoped that the return to democratic governance in Nigeria would address insurgency and restiveness. Instead, insecurity remains one of the major obstacles to development.

“The Conference considered the case of Borno State where insurgency and climate change had destroyed over 75 per cent of developmental infrastructure and forced about 80 per cent of livestock farmers and pastoralists to migrate from the Lake Chad Basin to the Middle Belt and other parts of the country. These have caused unfortunate clashes between herdsmen and farmers.”

Other recommendations by the accountants’ conference include:

· On infrastructure, the conference recommends huge investment in power lines and substations through the rehabilitation of abandoned equipment; dealing with under-performing contracts; re-conductoring of 132KV lines; vigorous pursuit of Public-Private Partnership (PPP) initiative on hydro and other sources of power; accessing and re-assessing donor-funded programmes and their management; and in general adopt a disciplined application of market rules.

· Government should take advantage of the Nation’s young and growing population of professionals to be leaders in the area of disruptive technologies. This would require upgrading the curriculum of the entire educational system.

· Accountants are advised to skill up and adapt quickly to the new changes. The accounting profession’s response to cyber risk should include focusing on business-critical data, new controls around detection, response, resilience and a dynamic externally focused approach.

· Governments at all levels are advised to place high premium on Accountability by fully embracing the ICAN Accountability Index (ICAN-AI) programme.

· As watchdogs in organizations, accountants should continue to enable practices that ensure the judicious use of resources and demonstrate honesty in the discharge of their professional duties. Accountants are enjoined to embrace the Non Compliance with Laws and Regulations (NOCLAR).

· There is the need to attract more people of proven integrity into the political space to occupy positions of leadership based on merit. Persons who are under investigation should not be given political appointments until they are cleared by the appropriate authorities of any wrongdoing.

· In line with the ICAN motto – Accuracy and Integrity – Chartered Accountants are encouraged to get involved in active politics so as to contribute their quota to the quality of political leadership in Nigeria.

· The Federal Inland Revenue Service (FIRS) recently issued Letters of Substitution to commercial banks in Nigeria (“the Substitution Banks” or “SBs”), appointing them as tax collecting agents for certain listed customers (“affected companies”) maintaining bank accounts with the banks. FIRS, by the Letters of Substitution, intended to improve government’s tax revenues by increasing the base of tax-paying entities in Nigeria and thereby limiting the high incidence of tax evasion in the country. The Conference condemned tax evasion but whilst acknowledging the powers of the FIRS to recover taxes payable, advised FIRS to follow due process and respect the rights of taxpayers in its strategic drive at increasing revenue.

Signed

Bunmi Owolabi

Head, Corporate Communications,
ICAN

22nd September, 2019

Business

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

Published

7 hours ago

December 22, 2024

Sahara Weekly

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

1 day ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

2 days ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.