The Financial Reporting Council (FRC) and the Ministry of Finance Incorporated (MOFI) identified how President Bola Tinubu can achieve its $1 trillion economic projection.
They identified corporate governance in both public and private institutions as a catalyst to achieving this goal.
Consequently, FRC and MOFI unveiled the draft code of corporate governance for the public sector which provides rules on how board members and directors should approach governance in their respective organisations.
The draft was unveiled at a press briefing held in Lagos State on Monday ahead of the upcoming national corporate governance summit to be held by FRC in conjunction with MOFI and the Institute of Directors Centre for Corporate Governance (IoDCCG).
The summit, expected to be held later this month, is themed,
“Institutionalising Corporate Governance for National Transformation: The Imperative for Public Private Sector Collaboration.”
The FRC said the summit would highlight the significance of fostering partnerships between government entities and private businesses to drive sustainable development, enhance service delivery, and promote economic growth.
In his address at the briefing, Urum Eke, the chairman of IoDCCG, said the importance of imbibing corporate governance in both public and private institutions to act as a catalyst to achieving the $1 trillion economy cannot be over-emphasized.
He said: “For us, we are looking at an issue of $1 trillion, and one of those things that will enable it is the right corporate governance.
“As we begin to entrench the right corporate governance, then we’re going to enhance shareholder value because it has been proven, that has a direct positive connotation, between corporate governance and corporate performance.
“If you look at corporate failures, whereas on account of technical insolvency, you have to put corporate governance at the centre to understand why the business crashed.”
On his part, FRC’s chief executive officer, Rabiu Olowo, said the theme of the summit was apt because of the importance of the public sector.
“It is high time that corporate governance also looks into the public space.
He said: “We have enjoyed the success of corporate governance in the private sector and that’s why the summit will expose to the public the work that the financial reporting council is doing to come up with a code of corporate governance for public institutions.
“The summit is designed to be a distinguished and impressive gathering of minds examining changes, trends, challenges, and best practices in corporate governance in Nigeria with a focus on the impact on national transformation.
“It serves as a premier platform that assembles practitioners, industry leaders, experts, and professionals to discuss critical issues that shape the governance landscape in public and private organizations while offering unmatched networking opportunities that promote knowledge exchange, brand recognition, and collaboration.”
By: Babajide Okeowo
The post FRC, MOFI reveal how Nigeria can achieve $1tr economy appeared first on Latest Nigeria News | Top Stories from TVN.
FRC, MOFI reveal how Nigeria can achieve $1tr economy
Tinubu has been fair to all regions on appointments
The ruling All Progressives Congress has said President Bola Tinubu has been fair to all regions of the country regarding appointments to key offices.
APC National Publicity Secretary, Felix Morka, made this statement on Tuesday during an appearance on Channels Television’s programme, Politics Today.
According Online reports that Tinubu has been criticised for not being fair to the North and South East in his recent appointments.
However, Morka appealed for calm, noting that many offices have yet to be filled and more appointments are forthcoming.
Morka stated, “President Tinubu is trying to be fair. We have some fairness in the key offices.”
The APC spokesman said it was premature for critics of the ruling party to express disapproval of the President’s appointments.
He continued, “This is a government that has just done one year in office, that has yet to even exhaust all of the opportunities for people to be invited to serve in this government. There are so many offices that are yet to be filled. There are more to come.
“We have the President, we have the Vice President. We have the defence, we have the finance. The defence is mostly staffed by people from the northern side, while the minister of finance and the CBN governor are from the southern side.
“It’s always premature to make that assessment. Hold your breath till a lot of the key positions are filled.
“For those who want to make an issue of ethnicity, the President has the country as his constituency. The President is not the President of the South-West, or the North or the South; he is the President of Nigeria, and every part of this country deserves to be effectively represented, consistent with the Federal Character flavour of our constitution.”
N’Assembly mulls stricter laws to tackle crude oil theft
The National Assembly has thrown its weight behind the Nigerian National Petroleum Corporation Limited’s ongoing efforts to boost crude oil production and grow its reserves, saying it will consider stiffer consequences for crude oil thieves and vandals of the nation’s critical hydrocarbon infrastructure.
According to a statement obtained from the Chief Corporate Communications Officer NNPC Ltd, Olufemi Soneye on Tuesday, after the National Assembly’s Joint Committee on Petroleum Resources (Upstream) paid an oversight visit to the NNPC Upstream Investment Management Services , an upstream arm of the NNPC Ltd, at its headquarters in Lagos, jointly led by the Committee Chairmen from both chambers, Senator Eteng Williams and Alhassan Doguwa, described the menace of crude oil theft and vandalism of critical oil and gas infrastructure as major challenges to Nigeria’s revenue generation and budget targets, which must be curtailed.
Williams said: “It is imperative for the National Assembly to come up with legislative action that will help stop crude oil theft and increase Nigeria’s crude oil production.
“What we found at NUIMS, it is duty-bound on the legislature to come up with decisive measures that will help the government to achieve its set targets in the oil and gas sector.”
On his part, Alhassan Doguwa said by virtue of their duties as aa legislature, the lawmakers will fast-track the strengthening of a legislative framework to be able to check the excesses bedevilling the nation’s oil and gas sector.
Doguwa, who commended NNPC Ltd’s efforts for its industry-wide security collaboration against the nation’s hydrocarbon infrastructure said more needs to be done to ensure the Company increases Nigeria’s crude oil production and grows its reserves.
He said, “The legislature will consider deploying the stick and carrot approach towards addressing the issue, but where it becomes necessary, the stick approach must be emphasised to rise vehemently against any encumbrance standing in the way of Nigeria’s economic growth and development.”
Earlier in his presentation to the lawmakers, the Chief Upstream Investment Officer of NNPC Ltd, Mr. Bala Wunti, described NUIMS as a trustee of Nigeria’s upstream investments which ensures the country maximises returns through effective supervision of its Joint Venture, Production Sharing Contracts and Service Contracts operating partners.
Wunti, who commended the lawmakers for their consistent support to the NNPC Ltd, said engagements with the National Assembly are crucial as they will help the NNPC Ltd in the attainment of its mandate.
“We are here to see how the NASS will help us produce more barrels and deliver value to our shareholders. Increasing production is the new narrative and your support is needed to enable us to achieve our set targets based on our key principles of safety, speed, compliance and efficiency,” Wunti informed the legislators.
He said so far, the industry-wide security collaboration against crude oil theft and vandalism of Nigeria’s critical hydrocarbon infrastructure through the four-way strategy of “Detect, Deter, Respond and Recover” have been instrumental in the recent restoration of some of the nation’s lost barrels.
Naira gains N1, trades N1, 576/$1 at official window
The naira reversed its slump against the United States dollar on Tuesday.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency gained N1 to trade N1,576/$1, down from N1,577/$1 recorded at the official window on Monday.
The intra-day high and low recorded during the day were N1,592/$1 and N1,492/$1 respectively, representing a lean spread of N100$1.
The naira lost N20 against the dollar at the parallel section of the market to trade N1,585|$1, as against N1,565/$1 recorded the previous day.
The naira lost N10 against the British Pound to trade N2,060£1 as against the previous N2,050£1.
The Canadian dollar continues to close flat against the naira to trade N1,200| CA$1.
The naira lost N10 against the Euro to trade ₦1,700/€1 as against the previous ₦1,690/€1.
By: Babajide Okeowo
The post Naira gains N1, trades N1, 576/$1 at official window appeared first on Latest Nigeria News | Top Stories from TVN.
Akpabio harps on enforcement of town planning laws in Plateau
The President of the Senate, Godswill Akpabio, has advised the Plateau State government to ensure that the laws governing town planning are reinforced to forestall a recurrence of the recent tragic incident of a collapsed building in which some students lost their lives.
Akpabio made the remarks when the Governor of Plateau State, Caleb Mutfwang, accompanied by some traditional rulers, paid him a courtesy call in his office on Tuesday.
The Senate President told his guests: “We want to condole you on the building collapse. Such a horrific sight and the building was not even built during your tenure. What it means is that you have to take steps to reinforce the town planning laws and take a lot of interest in the building industry.
“No sentiments attached. No matter whose ox is gored, if somebody does not follow the rules, if somebody erects a building on a passage for stream water, once the foundation is questioned, such building should be brought down.
“We know what has happened in the past. It is as if the high and mighty in society should construct a building, nobody would want to touch the building out of respect for them.
“We will continue to mourn the demise of those children. The entire country is very sad. So on behalf of the 10th Senate, please accept our condolences. We are with you in this period of mourning,” he said.
Governor Mutfwang said he and his entourage were at the National Assembly to participate in the public hearing on the Nigerian Institute of Mining and Geosciences (Repeal and Enactment) Bill, 2024.
The bill is expected to upgrade the Mining and Geoscience Institute to a full-fledged university and the governor expressed the hope that his state would be the host for the university.
Akpabio harps on enforcement of town planning laws in Plateau
Ondo NNPP petitions CJN over governor’s appointment of caretaker committees
The New Nigeria Peoples Party, NNPP, has petitioned the Chief Justice of Nigeria, Olukayode Ariwoola, over the appointment of a transition committee by Governor Lucky Aiyedatiwa across the 18 local governments and 33 Local Council Development Areas, LCDAs, in the state.
According to the opposition party, the action of the governor negated the judgement of the apex court, which recently ordered that allocation should only be paid to councils with elected chairmen.
While describing the development as a gross violation of the judgement of the court, the petition signed by Ondo NNPP Chairman Peter Olagookun and the State Secretary, stressed that the appointment of the transition committees also rubbished the June 20 ruling of Justice A.O. Adebusuoye of the Ondo High Court in line with the Local Government Creation Law 2023.
The Attorney-General and Commissioner for Justice in the state, Kayode Ajulo, SAN, had earlier justified the appointment by the governor, as he maintained that it was done within the constitutional rights of his boss.
NNPP, demanding that Ajulo be stripped of his Senior Advocate of Nigeria title over his action, stated: “We are constrained to bring to your attention the report of gross misconduct and flagrant disobedience of court judgement against Dr Kayode Ajulo, the Attorney-General and the Commissioner of Justice of Ondo State, bordering on the ignoble role he played in the matter.
“In flagrant disobedience to the validly given judgement of the Ondo State High Court on June 20, 2024, and in an attempt to overreach the judgement of the Supreme Court delivered on July 11, 2024, the governor of Ondo State announced the constitution of caretaker committees for the 33 LCDAs and the 18 LGAs and, under the cover of the night, surreptitiously swore them in, in flagrant disobedience to these subsisting orders of the Court.
“This act of Dr Kayode Ajulo has been widely criticised by the people of Ondo State, and there have been calls for him to resign his position as the Attorney-General and the chief law officer of the state.
“This act is, to say the least, unbecoming of the person occupying the exalted position of the office of the Attorney-General, the chief law officer of a state, and also a member of the inner bar.
“It is, therefore, reasonable to say that his membership in the inner bar and position as a Senior Advocate of Nigeria are unmerited and therefore should be withdrawn.”
Ondo NNPP petitions CJN over governor’s appointment of caretaker committees
Six foreigners found dead in Thailand hotel room
Six foreign nationals were found dead in a luxury hotel room in central Bangkok on Tuesday, Thailand’s Prime Minister Srettha Thavisin said, with police suspecting they were poisoned.
“There were no signs of a struggle,” Srettha told a press conference at the Grand Hyatt Erawan hotel in the upscale Pathum Wan district, where the incident took place.
“We need to conduct an autopsy to see if they had ingested anything,” he said, dispelling rumours the deaths were connected to a theft and had involved a shooting.
The prime minister said all six of the deceased were Vietnamese, two of whom had dual US nationality.
The case was reported at 4:30 pm (0930 GMT) after cleaning staff discovered the bodies when they arrived to make up the room on the fifth floor, police said.
Srettha arrived on the scene shortly after. He said it was believed a seventh Vietnamese person could have been involved in the incident.
The chief of Bangkok’s Metropolitan Police, Bureau Thiti Sangsawang, said the guests had failed to check out of the hotel that afternoon.
A preliminary examination found no evidence of injuries related to a fight or theft but suggested all six had ingested a toxic substance, Thiti said.
“We need to find out the motives,” he said, adding that the deaths were not the result of suicide, but of a “killing.”
– Investigation ongoing –
Earlier a police officer speaking on condition of anonymity denied initial reports that the six had been killed in a shooting, saying the investigation was currently focused on a “link with a toxic substance.”
Some of the six foreigners appeared to be on their first trip to the country, while others appeared to be return visitors, he added.
In a statement, the police said they were still investigating the scene and cause of death.
In Washington, State Department spokesman Matthew Miller expressed “our sincere condolences to families on their loss” and said the agency was “closely monitoring the situation” and was “ready to provide assistance to those families.”
The area where the crime took place is popular with tourists and home to several upscale shopping malls and the Erawan shrine, a visitor draw.
Last October, a 14-year-old boy opened fire at the Siam Paragon mall in the area, killing three people.
The shooting came just days before the anniversary of a massacre at a nursery in northern Thailand that left 36 people dead and amid government efforts to bolster tourist numbers.
Some 28 million people visited Thailand in 2023, up from 11 million the year before, but still well down from the 40 million who came in 2019, the last year before the pandemic.
Travel restrictions during the Covid-19 pandemic hammered the kingdom’s vital tourism sector and arrivals have not bounced back as quickly as officials hoped.
Officials are hoping to hit 35 million visitors in 2024, with a target of $55bn in revenue.
AFP
No hiding place for oil thieves in Niger Delta
The Naval Flying Unit, Port Harcourt, which is tasked to operate helicopters in support of the Nigerian Navy surface fleets in the Niger Delta region, has expressed satisfaction over the improved successes so far recorded in the ongoing fight against crude oil theft in the region.
This is just as the Navy vowed that there will no longer be a hiding place for oil thieves in the region.
According Metro gathered that the ongoing collaborative efforts of the Unit with sister services and other maritime stakeholders had led to the reduction of crude oil theft and environmental pollution.
It was further gathered that the air elements avail the relevant units of the Nigerian Navy units timely and actionable intelligence to curb the nefarious activities of crude oil theft.
The Flag Officer Commanding Central Naval Command, Rear Admiral Samson Bura, while commending the Command Task Group of Operation Delta Sanity II, on Tuesday, directed “an all-inclusive approach of both kinetic and non-kinetic methods in further tackling the menace”.
The directive followed a flight conducted by operatives of the Naval Flying Unit, Port Harcourt, around BILLE and Ke areas of Rivers state which revealed the impact of the crude oil thieves in degrading the environment and overall deprivation of the nation’s revenue generation.
Bura therefore warned would-be perpetrators of crude oil theft that “there is no hiding place for any one of them”.
According to him, the Naval Flying Unit Port Harcourt is presently “maintaining a deterrence posture by ensuring the continuous surveillance and patrol of the Niger Delta region.”
It would be recalled that the Chief of the Naval Staff, Vice Admiral Emmanuel Ogalla, who is mandated to police and protection of the Nigerian Maritime Environment, has tasked the Flag Officer Commanding Central Naval Command, Rear Admiral Samson Bura, the Command Task Group of Operation Delta Sanity II, that while fighting the crude oil thieves, they should imbibe all-inclusive approach of both kinetic and non-kinetic methods.
In addition, he had equally mandated the sensitization of the populace on the impact of the crude oil theft stressing that this is also key in the fight against crude theft.
Keying to the Chief of the Naval Staff’s mandate, Bura said the Naval Flying Unit, Port Harcourt, has embarked on the renovation of the State Primary School Rumuomasi school toilets.
“The 10 unit toilets are to avail the opportunity of relaying the Chief of the Naval Staff message of educating the pupils and our larger society of the impact of the crude oil theft,” he said.
Elon Musk to move companies out of California over transgender law
Elon Musk on Tuesday said he would move the headquarters of SpaceX and X, formerly Twitter, to Texas after a Californian law blocked schools from forcing teachers to notify parents about changes to a student’s gender identity.
“This is the final straw. Because of this law and the many others that preceded it, attacking both families and companies, SpaceX will now move its HQ from Hawthorne, California, to Starbase, Texas,” Musk said on X.
The multi-billionaire also said that he is transferring X from its art-deco headquarters in San Francisco to Austin, a threat he has made before but never saw to completion.
Musk has already moved Tesla’s headquarters from Palo Alto in Silicon Valley to Austin, Texas.
“I did make it clear to Governor Newsom about a year ago that laws of this nature would force families and companies to leave California to protect their children,” Musk wrote.
Musk has expressed deep disdain about the use of preferred pronouns, often mocking the practice on social media and dismissing it as part of a “woke” agenda that was dangerous for society.
California Governor, Gavin Newsom, on Monday, signed the bill after a contentious legislative process that pitted a handful of school boards fighting for parental rights against LGBTQ activists concerned about the welfare of vulnerable students.
The law reversed decisions in conservative school districts that ordered teachers to notify parents if a student changed their name or pronouns or requested to use facilities or participate in programmes that didn’t match their official gender.
Newsom, who is seen as a potential alternative to President Joe Biden as a candidate for the White House, has often exchanged fire with conservatives over gender issues at state schools.
Last year, he signed a law that sets fines for school districts that ban textbooks portraying LGBTQ people and other marginalised groups.
The latest law came after Newsom fought bitterly with a conservative school board over its opposition to the study of gay rights figure Harvey Milk, a San Francisco public official who was assassinated.
Musk has previously sparred with Newsom, who is a former San Francisco mayor, during the deadliest stages of the Croonavirus pandemic when he challenged the decisions of city and state health officials.
AFP
Benue government distributes life jackets to ferry operators
Benue State Government has distributed life jackets to ferry operators and passengers on the River Buruku jetty in Buruku Local Government Area of the state.
The life jackets were distributed by Governor Hyacinth Alia to prepare ahead of the impending 2024 flood and to eradicate the issue of losing lives in the River Buruku.
Governor Alia, represented by the acting executive secretary of the Benue State Emergency Management Agency, BSEMA, James Iorpuu, appealed to the people of Buruku to make judicious use of the jackets to avoid loss of life in the impending 2024 flood and should any accident occur while crossing the river.
Iorpuu said the National Emergency Management Agency, NEMA, had earlier informed Benue State of the impending flood and to respond to their alert, BSEMA has swung into action to avoid disasters that will cost lives.
He said Governor Alia has carefully selected the people in Buruku Local Government Area to help him deliver to the good people of Benue State.
Benue government distributes life jackets to ferry operators