The Institute of Chartered Accountants of Nigeria (ICAN) has said that recent banking reform programmes of Central Bank of Nigeria (CBN) would address all regulatory deficiencies in the nation banking sector.
President, Chartered Institute of Accounts of Nigeria, Elizabeth Adegite, said this is necessary as the programme would create room for more liquidity and stimulate the economy as well as financial base of the banks” at the 39th Annual Accounts Conference held in Abuja.
She, however, challenged chattered accountants in the country to play more critical role in ensuring good corporate governance in the organisations they serve either as a staff or external auditors but in accordance with the ethics of the profession. She said that accountants should see themselves as members of the larger society who would always be affected by the general success of the nation’s economy.
Also speaking at the conference, CBN governor, Sanusi Lamido said that some managing directors and directors of these troubled banks include bankers, accountants, lawyers and other professionals who threw away the ethics of their professions to plunder the banks at the detriment of their investors and the national economy.
According to him, “I would like to use this opportunity to express some of the concerns I have about the state of professionals in Nigeria. In the past, institutions were well run by professionals and politicians often linked with dubious practices. However, today, the professionals are not better”.
Sanusi said that some of the things that happened in the banks would shock Nigerians when they are eventually revealed in courts. “We have discovered that one MD gave out loans totalling N236 billion to companies that are linked to him. Just imagine that”, he added.
He also disclosed that one of the affected banks used depositors funds to purchase 50 per cent of its current shares, a practice, he said, was totally fraudulent in a deal where the share price has since fallen from between N25-30 per share to a mere N3 per share.
Also speaking to those present at the conference, Vice President Goodluck Jonathan said that the economy had remained strong in spite of the global financial crisis which has affected other most countries all over the world.
Jonathan, who was represented by Dr. Mansur Mukhtar, Minister of Finance, said that the economic reforms of recent years paid off with the windfall from oil, high foreign reserves and a well capitalised banking system, preventing the type of economic crisis Nigeria witnessed during the oil price cycles of the early 1980s.
We should be wary of any quick turnaround for our continent because, global recovery of African economies may take longer time”. He said that the major challenge therefore is on how to implement short term responses to the crisis while staging focused on long term sustainability Mukchtar concluded.
Multiple Fibre Cuts Bar MTN’s 87m Customers From Calls, Data
MTN Nigeria has blamed the recent network issue experienced by its customers nationwide on multiple fibre cuts.
Recall that MTN customers were unable to make calls or use their data last Wednesday.
According to the company, the problem started at about 1.39 PM on Wednesday.
In its reaction via X, MTN Nigeria blamed the network issue on multiple fibre cuts, even as it assured that its engineers are working assiduously to restore normal services.
The statement reads: “Dear Customer, you have been experiencing challenges connecting to the network due to a major service outage caused by multiple fibre cuts, affecting voice and data services.
“Our engineers are working hard to resolve this with services gradually being restored in some areas.
Alake Confident Nigeria’ll Overcome Economic Hardship
The Minister of Solid Minerals Development, Dr Dele Alake has said that Nigeria would soon overcome its current economic hardship.
Alake gave the assurance in a statement by his Special Assistant on Media, Segun Tomori on Wednesday in Abuja.
He said the hardship was because Nigeria was going through a gestation period of economic restructuring and reforms.
He said that President Bola Tinubu was determined to revamp Nigeria’s economy and put on a pedestal for sustainable growth through his Renewed Hope agenda.
According to him, the President has a track record of changing the economic tides of a region, just as he did when he was the governor of Lagos State.
“Going down memory lane to the experience in Lagos state, the then governor Tinubu in 1999, met a state that was almost insolvent, with a monthly Internally Generated Revenue (IGR) of N600 million.
“ And a wage bill of over N1.1 billion monthly, with little or no resources to cater to infrastructure and other sectors of the economy.
“President Tinubu took similar measures in Lagos as he is taking in Nigeria, to turn the tide and financially re-engineer the state. Today, the state is the fifth largest economy in Africa, bigger than most African countries.
“What we are going through is the gestation period of reforms and policies for economic restructuring and like the President will say, it is like throes of pregnancy, that a pregnant woman goes through.
“After delivery, she heaves a sigh of relief,” he said.
The minister urged Nigerians to be patient with the government as the current economic situation would soon stabilise with positive results from on going reforms.
“For the first time, Nigeria has a president well-versed in public finance. I am confident in this administration’s capacity to diversify the economy, plug leakages, and redirect the economy to a path of sustainable growth.
“ The future of this country is extremely very bright. What we need to do is to exude confidence in our ability and capacity to weather the storm of restructuring, economic and societal restructuring.
“As we restructure our economy, putting in physical infrastructure, we must also restructure our minds and mental capacity to be at par with physical development.
“ So that we can efficiently and judiciously enjoy the benefits of physical development.
“With the cooperation of Nigerians, the tide will turn very soon, and we all will be proud, he
Only Professional Builders’ll Handle Global Centre’s Modern Cities – President
The President/ Chief Executive Officer (CEO) of Global Centre for Empowerment and Care for Life Challenges (GCECLC), Amb. Vincent Ejikeme Agbo has said that only professionals would be used for the massive global center real estate housing and industrial development in the country.
The CEO who said this in a chat with the media shortly after their press conference in Port Harcourt recently, reiterated that the group will not compromise standard both in the use of standard building materials or professionals in the building sector.
Amb. Agbo noted that the use of quacks builders and building materials are the major causes of building collapse in the country, adding, “the 5,000 housing units that would be built in the 36 states of the federation and the federal capital territory in the first phase of the GCECLC building project would be the same quality with that of the developed countries”.
He said the building materials would be supplied directly by the main companies, adding, “GCECLC, a non governmental organizations (NGO) has already gotten the license from Dangote group of companies to supply cement at a giveaway price for the building project, seeing the importance of the project to the masses.
“We want to bridge the gap in the Nigerian building sector and this would enable everyone in the country to own a quality building in an environment where the system is working”.
In his contribution, the Vice President of the NGO, Amb. Shittu Isiaka Salami said the group is working with all the building construction agencies to ensure that quality jobs are delivered because, “we have zero tolerance for building collapse”.
Amb Isiaka called on qualified building engineers and contractors to come and do business with the NGO in the project that is aimed at fulfilling United Nations Sustainable Development Goals (UN SDGs) 9 & 11.
The Public Relation Personel/ the marketing contact person for the building project, Amb. Larry Goodwill Ajiola advised interested building engineers and contractors to register for the project, adding that non professional contractors would not be given a chance to build.
Amb Ajiola said contractors should give priority attention to the project when money is given to them as, “no excuse would be tolerated in the first and second phases of the building project aimed at decongesting the urban settlement.
Amb. Ajiola who is also the CEO of I Cnntact- Connect Limited, Port Harcourt, said the project is a welcomed development, especially to the less privileged ones that never thought they could own a house of their own.
He noted that the long span of payment between 10- 30 years makes it affordable to all serious minded citizens, adding, “GCECLC has risen to give hope to the hopeless in the country, especially now that Nigerians are passing through hardship.
“It is a welcomed development to Rivers state and the other 36 States. It is contributing to the welfare of the masses. Everyone will benefit since you will pay small small. I have confidence that the project is already a success”.
One of the invitees, Mrs Ifeoma Usoro commended the NGO for moving into this financial intensive area for their love to help the poor masses and requested for the building engineers to be given more time to conclude registration modalities.
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