Tag: Acting Director-General

  • CAC to assist MSMEs grow, says acting Director-General

    The  Corporate Affairs Commission  (CAC) will continue to work with  Micro  Small and Medium Enterprises (MSMEs) to revamp the sector, its Acting Registrar-General,   Lady Azuka  Azinge, said yesterday.

    Lady Azinge who spoke during the Commission’s Customers,  Stakeholders Forum in Kano,  said one of the major thrust of the administration, is to revamp the economy through support for MSMEs, adding that the Commission is working closely with several MSMEs whose activities contribute to the development of the economy.

    She said the Commission launched the Business Incentive Strategy (BIS) under which the cost of business registration was reduced from  N10,000 to N5,000 for an initial three months period. “It was recently extended for a further period of three months, January 1 to  March 31 2019, to enable MSMEs register their businesses with the commission,” she said.

    Lady Azuka said during the initial three months of the  BIS,  registration increased tremendously, stating that between  April and  June,  30,941 businesses were registered  while between July and September- 32, 504, MSMEs got registered. She said from October 1 to  December  31, 2017, 23,539 titles were registered, while from  October 1 to December  31, 2016. 20,600 businesses were equally registered.

     

  • SEC to resume forensic audit of Oando Plc

    SEC to resume forensic audit of Oando Plc

    Dr Abdul Zubair, Acting Director-General, Securities and Exchange Commission (SEC) says it will resume forensic audit to probe Oando Plc based on petitions received by the commission from shareholders of the company.

    He disclosed this during a news conference on Tuesday in Abuja.

    Zubair noted that a forensic audit was initiated in 2017, and preliminary investigation was carried out.

    He said that based on some of the findings from preliminary investigation, the commission took steps to preserve the shareholders value and protect the investing public.

    This, he said, led to the technical suspension of the shares of Oando Plc and the commencement of a forensic audit.

    He, however, said that the audit was suspended because of two lawsuits that were initiated to stop the process.

    “The two law suits were filed by Oando Plc and some shareholders of the company to restrain SEC and the Nigerian Stock Exchange (NSE) from effecting a technical suspension on the shares of Oando.

    “The lawsuits were also intended to stop SEC from appointing a team of forensic auditors to conduct a forensic audit of the company,’’ he said.

    Zubair, however, said that Oando Plc. had withdrawn the pending lawsuit against the commission by an application heard and granted by the Court of Appeal on March 5, 2017.

    He also said that the application for withdrawal by the shareholders was heard and granted by the Federal High Court on Feb. 21.

    According to him, following the dismissal and the striking out of the two suits, SEC would be proceeding with the forensic audit.

    “Following the dismissal and striking out of the suits, SEC has duly informed the firm of Deloitte to proceed with the forensic audit.

    “The commission is committed to its primary mandate of protecting investors and will take all necessary steps to fulfill that mandate and uphold the integrity of the capital market,’’ Zubair added.

    He assured all stakeholders that following the removal of the legal impediments, the audit of Oando Plc, would proceed in a transparent and thorough manner.

    Zubair, however, did not give a time frame for the completion of the audit, but assured that it would be done in the shortest possible time.

    Zubair also assured that the commission would not interfere with the audit so that the outcome would be satisfactory.

    Read Also: SEC clears Deloitte to audit Oando

  • DAWN leadership harps on integration, restructuring

    DAWN leadership harps on integration, restructuring

    The Development Agenda for Western Nigeria (DAWN) Commission has gained more traction in rallying more players in the socio-economic activities across the region to support its economic and social integration efforts of the six states in Southwest Nigeria.

    The commission has succeeded in enlisting more supporters for its projects through two major programmes. They were the signing of Memorandum of Understanding (MoU) with Southwest Football Forum and a workshop for media practitioners during which regional integration, its gains as well as concepts such as true federalism, restructuring and secession, among others were examined.

    While addressing media practitioners and other professionals that participated in the workshop held at its Cocoa House, Ibadan headquarters, its Acting Director-General, Mr Seye Oyeleye, said all stakeholders have all to gain and nothing to lose in making Western Nigeria integration a success.

    While the MoU was aimed at starting regional football tournaments to identify young talents and provide the platform for them to maximise their potential, the workshop was used to dissect the current agitations for restructuring of Nigeria. Other concepts deconstructed at the workshop included true federalism, regionalism and secession.

    At the sports programme, Oyeleye revealed that Western regional football tournaments are able to create one million direct and indirect jobs with multiplier economic effects across the region.

    The DAWN Acting D-G emphasised to participants at the workshop the need for corporate bodies and all citizens living in the region to support its activities as it creates the platform for interaction and template for developmental initiatives.

    Emphasising that the DAWN agenda is not a separatist one, Oyeleye said it was just a project aimed at harnessing the potential of Western Nigeria for socio-economic well-being of its people and residents.

    For Oyeleye, Nigeria is better when all the parts stay together. “There is nothing wrong in restructuring our country. It will make it better. But it should not lead to war or secession because we are better together,” he said.

    While quoting the Minister of Solid Minerals, Dr Kayode Fayemi, on the strategic importance of DAWN, Oyeleye said: “The Southwest Regional Integration Agenda is an eminently sensible course of action. Socio-culturally, the Southwest is homogeneous. Ecologically, the region is characterised by lush vegetation and fertile soil. But the most compelling reason for integration is provided by economic geography.

    “We must understand that the lines that demarcate the region into states are cartographical marks laid down for administrative convenience. In real terms, they are imaginary. In this respect, we share a common destiny. To a great extent, the social and economic challenges that we face are the same.”

    He further added: “DAWN is widely acknowledged as presenting an opportunity for the states of Western Nigeria to act together and focus on critical development priority areas. The strategy is premised on the need to create a basket of collective actions towards delivering significant development outcomes to the people of the region.

    “The vision behind the agenda is clear: it is to make Western Nigeria the preferred destination to visit, live, work and invest. Western Nigeria refers to the Southwest geo-political zone as a definitional boundary comprising Ekiti, Lagos, Ogun, Ondo, Osun and Oyo states. Apart from contiguous boundaries, the states have close historical and cultural affinities, common language, similar development orientation and trajectory; all of which is being combined as a leverage for the development of the region.

    “The agenda seeks to commit the leadership of the region to governance actions and activities that deliver impactful results to the people, through deliberate regional thinking, planning, and acting together in critical areas of development possibilities and potential. It also seeks to mobilise the collective strengths, enterprise, assets and endowments lying within the states.

    “DAWN is a regional development strategy. There is a need to seek resource maximisation through joint exploration of innovative solutions for achieving social, economic, human and physical development. The development agenda is therefore a united front of all the states in the region for a secured future for all, which takes into consideration the development of Western Region as a consolidated bloc of interventions, economic opportunities, resource optimisation, investment promotion, advisory, guidance and access; development assistance and multilateral support.

    “It prescribes a compelling roadmap for achieving social and economic development, through a synergy of development actions that cut across the six constituent states of the region, hoping that successful models and best cases can evolve which would then be copied or replicated across zonal boundaries. It is hoped that Nigeria’s development process can then be fast-tracked in an atmosphere of competitive regional initiatives and actions across the country.”

    He said the workshop was organised to enlighten journalists on the calls for restructuring of Nigeria, devolution of power, regional integration, and the debate on Nigerian federalism so that they would be better informed to play their role of agenda-setting from informed perspectives.

    Participants praised the commission for blazing the trail in regional integration in Nigeria.

    Giving a lecture on “Understanding Nigerian Federalism: Origin, Trajectory, Dynamics and Travails,” Williams Fawole, a Professor of International Relations at the Obafemi Awolowo University (OAU), Ile-Ife, explained that the hotbeds of sub-national agitations for break-up of Nigeria has necessitated the need for negotiation of the country’s existence.

    Fawole said: “I am convinced that Nigeria needs to be negotiated along the lines that promote unity, equity and justice for the benefit of its diverse people, not for the purpose of break-up, for it is better for all Nigerians to hang together so that none will hang separately.”

     

  • ‘World Bank waiting for Katampe PPP project’

    The Acting Director-General, Infrastructure Concession Regulatory Commission (ICRC), Mr. Chidi Izuwa, has disclosed that the World Bank is waiting for the success of the Katampe District Public-Private-Partnership (PPP) engineering infrastructure project as a model which it can spread round the world.

    Izuwa revealed this in his remark at the inauguration of the Inter-Ministerial Implementation Committee on the Report of the Audit of the Structure and Financing of the PPP Project for the Development of Engineering Infrastructure at Katampe District, Phase 2, of Abuja.

    In his words, it is “because of the uniqueness of Katampe PPP project, especially the land value capture that the World Bank is still waiting for the success of the project as a model which it can spread to the world.”

    Izuwa counselled that the PPP project is the only option for meeting the infrastructure deficit in the FCT given that only 11 of the 72 districts in the FCT has full infrastructure. He noted that it is only by this kind of creative and innovative policies being embarked upon by the FCT Minister that Abuja can become the tourism and investment hub of Africa.

    The ICRC Acting DG noted that FCT hosts one of the most successful PPP projects in Nigeria, as demonstrated by the Garki Hospital PPP initiative which is one of its kind, as it involve the health sector. He said if FCT can make PPP work, it would be easy for the states of the Federation to copy.

    In his keynote address at the event, the FCT Minister, Malam Muhammad Musa Bello said “For us at the FCT Administration, this is a project we want to succeed simply because it will open the way for us to be able to replicate it in similar projects within the city.

    He expressed dismay that a very laudable project faced excruciating problems because of poor packaging and implementation. In doing this, the Minister noted, the Administration was taking into account the fact that the past system of developing the city based on budgetary allocation is no longer sustainable, simply because the funds are not there.

    He said, “Already, we are talking of Phase 5 of the city, whereas, except for Phase 1, there has been no significant development of infrastructure in Phases 2, 3 and, indeed, Phase 4.”

    He used the occasion to thank all the partnering ministries and agencies from where the 17-member Committee was constituted for agreeing to participate in the implementation committee. They include the Ministries of Finance, Justice, Power, and Works and Housing, the Accountant-General’s Office as well as the ICRC.

    He paid special tribute to Committee Chairman Engr. Babagana Zanna for accepting to come back to serve in spite of the very strenuous work he did earlier as Chairman of the Audit Committee.

    The terms of reference of the Committee, the Minister stated include to renegotiate the structure, scope and financing of the project to ensure compliance with the PPP principles as well as to ensure accountability fairness and value for money. The Committee is also expected to repackage the Katampe project in order to bring back the contractors to site. He pledged to continue to open the line for finance so that the project will be done and to see people building their houses and moving in.

    Bello however used the occasion to thank the FCTA Permanent Secretary, Dr Babatope Ajakaiye for having driving the process from the very beginning up to the present stage, and wished him well as he retires next week. He also announced him as an ex-officio member of the committee “in order to contribute his experiences and guidance to the project,” he stated.

    In his response, the Chairman of the Committee, Engr. Babagana Zanna thanked the FCT Minister for the confidence reposed in him and the members of the Committee and pledged to do their best to meet the expectations of the Administration and the residents.