Connect with us

Business

Cyber Crime: Bankole Advocates Corrective Legislation

Published

on

The Speaker, House of Representatives, Dimeji Bankole, has advocated for the enactment of corrective legislation on Cyber crime to check the crime.
Represented at a workshop in Abuja by the Deputy Speaker, Usman Nafada, Bankole stressed the need for relevant stakeholders including financial institutions, inter-switch agencies and the entertainment industry to collaborate in the fight against cyber crime in the country.
Bankole said a legislative framework on cyber crime would complement government’s efforts at checking corruption especially in the implementation of the electronic payment (e-payment) by various Ministries, Departments Agencies (MDAs).
“The e-payment directive of the President being implemented by the account ant-general of the federation has dramatically altered the way our government conducts procurement, accounting and even auditing.
This vision of the President would have seen far greater impact in the area of transparency, accountability and probity,” he said.
The Speaker noted that though the e-payment would serve as a veritable complement to government’s anti-corruption activities, the disturbing reality is that the platforms are easy to manipulate and abuse hence the need for corrective legislation.
Bankolo regretted that the organisations and agencies whose businesses were greatly affected by the current spate of cyber crime were not doing much in terms of collaborating with the National Assembly towards a legislative framework against the phenomenon.
Meanwhile, the federal government says that N16 billion out of the N19.5 billion aviation intervention fund approved by Olusegun Obasanjo administration about four years ago was squandered.
After a recent Federal Executive Council (FEC) meeting in Abuja, the Minister of Aviation, Babatunde Omotoba said N3.5 billion out of the money could only be accounted by the Ministry.
This is the first time that government spoke publicly on the funds for which two former ministers, Babalola Borisade, Femi Fani-Kayode and Roland Iyayi, a former Managing direcor of the Nigeria Airspace management Agency (NAMA) are being prosecuted.
According to Omotoba, the federal government contributed N13 billion out of the said amount of money to the fund, while the Aviation Ministry borrowed N6.5 billion from Zenith and United Bank for Africa (UBA) Plc.

Print Friendly, PDF & Email
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Lockdown: NNPC Begs Security Agencies To Allow Tanker Drivers Operate

Published

on

The Nigerian National Petroleum Corporation (NNPC) has appealed to law enforcements agencies across the country to allow petroleum products tanker drivers free movement during the lockdown order in parts of the country by President Muhammadu Buhari and some state governments.
This was contained in a statement on Tuesday in Abuja by the NNPC Group General Manager, Group Public Affairs Division, Dr Kennie Obateru. The NNPC boss said the exemption granted by President Muhammadu Buhari in his broadcast to certain categories of essential workers covers the operations of petroleum products tanker drivers.
The President has on Sunday ordered total lockdown of Lagos State, the Federal Capital Territory, Abuja and Ogun State.
The release said the Federal Government counts on the support of the law enforcement agencies across the country to ensure smooth distribution of petroleum products across the nook and cranny of the country during the period of the restriction.
The corporation said that NNPC has over 2.6 billion litres of petrol, enough to last the period of the lockdown and beyond, advising that motorists should not engage in panic buying.

Print Friendly, PDF & Email
Continue Reading

Business

SEC Urges Firms To Publish Impact Of COVID-19 On Businesses 

Published

on

The Securities and Exchange Commission (SEC) has called on public companies to publish the impact of coronavirus on their business operations.
SEC in a circular dated March 31, and released in Abuja yesterday, advised the companies to publish the information on their websites and or other relevant media.
“All public companies are required to continue to make material disclosures to investors on the impact of COVID-19 pandemic on their business operations,” the commission stated.
According to SEC, they should also continue to disclose the trend and outlook of the company as well as updates on implementation of business continuity plans.
The commission said it would continue to engage and collaborate with all stakeholders to ensure that the capital market remained resilient, adding that the move was part of its business continuity process.
“In compliance with the Federal Government’s directives on the cessation of movement in Lagos, Ogun and the Federal Capital Territory, SEC has activated its business continuity process.
“In light of the global pandemic of the Corona Virus Disease (COVID-19), the commission wishes to provide additional guidance to the capital market as follows:
“Public companies who plan to conduct Annual General Meetings are required to ensure that the conduct of the meetings comply with the provisions of the Companies and Allied Matters Act, the Investments and Securities Act, the SEC Rules and Regulations, among others.
“Debt issuers are also expected to continue to engage trustees to ensure that relevant disclosures are provided,’’ the commission said.
The commission enjoined all Capital Market Operators (CMOs) to continue to monitor the real and potential risks COVID-19 might have had on their business operations and the discharge of services to investors and clients.

SEC called on all issuers and trustees who might require further guidance to contact it through the following email addresses: quotedcoyreturns@sec.gov.ng,offerapplications@sec.gov.ng, and dhpostoffer@sec.gov.ng.

Print Friendly, PDF & Email
Continue Reading

Business

MAN Tasks Govs On Smooth Movement Of Essential Items

Published

on

The Manufacturers Association of Nigeria (MAN) has appealed to state governors to give necessary directives to security agencies to allow smooth passage of essential products across states of the federation.
In a statement to newsmen on Tuesday in Lagos, MAN President, Mr Mansur Ahmed, said that better sensitisation of such officers became necessary following the actions of some of them, which were hampering the chain of distribution.
Ahmed said, “Since the decision to lock down economic activities by different states and the eventual national declaration by the Federal Government, MAN has maintained consistent talks with relevant governmental authorities.
“The talk is on the survival and sustenance of livelihood of Nigerians, via the operation of critical manufacturing sector and has indeed yielded positive results.
“One of the numerous results is the letter addressed by the Chairman of the Nigeria Governors’ Forum (NGF) to my humble self for manufacturers.
“The food, beverage, pharmaceutical and other complementing sector that makes the value chain of essential products available are very critical.
“The Association is glad that government recognised this critical role in its directive for 14-day lockdown.
“Let me add that the directive of the NGF has yielded good outcomes in some states as our members have testified to unhindered operations in the face of the lockdown.
“Notwithstanding, some security operatives in other states are not yielding, particularly, the rank and file officers on the field.”
Ahmed said, in order to address this setback, MAN has been in talks with the NGF to give the necessary directives for adequate sensitisation of officers to give manufacturers of essential products easy movement.
He commended the Federal Government’s response to manufacturers as it tackles Coronavirus pandemic.

Print Friendly, PDF & Email
Continue Reading

Trending