Tag: The Nation newspaper

  • Don seeks inclusion of sustainability accountability in Nigeria’s financial reporting

    The current financial reporting system in the country has been described as inadequate in addressing the strategic earnings of corporate and individual entities.

    This assertion was made by Prof. Ishola Akintoye, a professor of Accounting at Babcock University, Ilishan- Remo, while delivering the university’s 28th Inaugural Lecture, titled “Accounting: A mismanaged concept requiring urgent redefinition”.

    In a statement by the Director of Marketing and Communication, Joshua Suleiman, Akintoye said the inadequacy arose because sustainability accountability was yet to be incorporated in the current financial reporting. He added that the efficiency of such report would impact greatly on sustainable financial reporting.

    According to him, the past conceptual framework for the definition of accounting “cannot be adequate in driving accounting in the contemporary times and in the future if efforts are not made for an urgent redefinition of it”. “The entire Accounting building which is currently cracking will sink beyond redemption.”

    He hinted that he and a team of Accounting experts were developing a new Accounting model named ‘Sustainability Accounting’ which goes beyond the current assumption of stability and growth, to bring in economic, environmental and social factors.

    The don noted that the team was leveraging on Global Sustainability Index which had been developed for countries of the world to provide direction for government, private sectors and individuals.

    These, he said, would serve as targets for all activities to be achieved in 2030.

    According to Akintoye, the sustainable development targets were 17, and they include no poverty, zero hunger, good health and wellbeing, quality education, gender equality, clean water and sanitation.

    Others are affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure, reduced inequality, sustainable cities and communities.

    The Don said the targets also included responsible consumption and production, climate action, life below water, life on land, peace and justice, and strong institutions partnership all of which he said were required to achieve this goal.

    He asserted that an efficient sustainable financial report would enhance decision-making of the total stakeholders and guarantee ongoing concern of the business as well as the society in general.

    Akintoye recommended the inclusion of strategic accounting and sustainability accounting in the Accounting curriculum at every level of education, by the Federal Ministry of Education and the National Universities Commission.

    He recommended further that the practice of Accounting must demonstrate and emphasise driving the future rather than short or medium term in the private and public sector of any economy if long term sustainability would be actualized.

    He expressed the need to include human and environmental assets in the venture capital in business commencement and in evaluation of the strength and weakness of a company.

    “Government in all countries should insist, through their local regulatory agencies, that environmental cost and human capital be revealed in the statement of financial position of all corporate entities for public consumption,” Akintoye added.

  • Ministry, AfDB partner on job creation

    The Federal Ministry of Labour and Employment will deepen its partnership with the African Development Bank (AfDB) on job creation,  the Permanent Secretary, Federal Ministry of Labour and Employment, Mr William Alo, has said.

    He made this known in Abuja during the review of country strategy papers (2013 – 2019) and launch of the preparations for the new country strategy paper (2020 – 2024) between AfDB and the ministry.

    According to him, there is the need for more funding for the two projects which the ministry is in partnership with the AfDB. He proposed the inclusion of some intervention projects in the 2020-2024 Strategy Paper.

    He noted that since last year the ministry had been working with the AfDB on the two projects, one of which is the Public-Private Partnership for Youth Employment and Skills Development aimed at implementing eight priority projects, across relevant sectors.

    Alo said the aim was also to boost massive job creation and skills development among the teeming unemployed youths.

    Read also: Fed Govt seeks partnership with AfDB on youth employment

    He said the other project was aimed at implementing the labour content of an Inclusive Basic Services Delivery and Livelihood Empowerment Integrated Programme (IBSDLEIP) for livelihood enhancement and support for Internally Displaced Persons (IDPs) in the Northeast.

    “The aim of the IBSDLEIP is to document the Internally Displaced Persons (IDPs) in the productive age and provide technical support to the participating states,’’ he said.

    Alo said this was to build capacities on alternative means of livelihood as tools for self-reliance, rehabilitation and resettlement of the IDPs.

    The permanent secretary reiterated the government’s efforts in generating youth employment through the skills acquisition centres scattered across the country, saying that the government had not been resting on its oars.

    He, however, said the government would include skills acquisition in the nation’s secondary schools curricula, as well as in the curriculum of the mandatory National Youth Service Corps (NYSC).

  • Stallion eyes 1.5m paddy rice

    The National Programme Manager of Popular Farms and Mills Limited, a division of Stallion group of Companies in Kano State Alhaji suleiman Umar yesterday, said the company is targeting the processing of 1.50 million tons of paddy rice yearly in Nigeria.

    Umar spoke in Kano at the foundation laying ceremony for rice mill expansion and Sesame Processing Unit on which the company has invested about N8billion.

    According to him, the company  has an installed milling capacity of 430,000 metric tons per year, and projected a capacity 44,000 tons.

    Read also: Oil prices dip nearly 2 per cent

    He added that Popular Farms and Mills is a key stakeholder in the country’s growth, with commercial interest in the food sector, especially rice and other food products.

    “Our plan is to spearhead and lead the Nigerian rice revolution and self sufficiency in rice production in the country.

    “We are achieving this through free technical and business skills training to rice outgrowere and cooperatives, as well as empowering women and youths in the rice value chain.

     

  • Gunmen kill about-to-wed man

    Gunmen have killed a young man at Ogbor, in Aba North Local Government Area of Abia State.

    The incident, which The Nation learnt, occurred at Uwakwe Street, off Ukaegbu Road, Ogbor-Hill, has caused panic in the area.

    Sources said the deceased, who reportedly visited his parents, was the only person killed by the gunmen, who, however, dispossessed others of their belongings.

    The sources said they suspected the killing to be cult-related.

    They said: “We don’t know the young man, but some people said he came to visit his parents at Medical Drive, near Ukaegbu Road.

    “According to reports, he entered a bar and a few minutes later, armed men stormed the area and struck.

    “We suspect that the gunmen trailed him to the bar. They only robbed other people in the vicinity.

    “We learnt that he was planning to wed and came to inform his family, who live on Medical Drive.

    “We ran into our houses when we heard what happened. We thought cultists were fighting again, but later found out that it was the deceased that was targeted.

    “We are now afraid because of the killing.”

    Police spokesman Geoffrey Ogbonna confirmed the incident in a phone interview with our reporter.

    He said he was yet to be properly briefed on what happened.

    The Nation gathered that the body had been deposited at the mortuary.

     

  • PTAD to verify 104,133 parastatal pensioners

    The Pension Transitional Arrangement Directorate (PTAD) is to carry out final verification exercise for about 104,133 pensioners. The pensioners  are those retired from government funded parastatals, agencies and institutions under the Defined Benefit Scheme (DBS) with effect from April 23, 2019, begining with Lagos.

    The Directorate said in a statement in Abuja that the exercise in Lagos will take place in five different locations of Ikeja, Ketu, Akoka, Ebute Metta and Lagos Island.

    The statement explained that 207 Next of Kin (NoK)  of deceased pensioners will also participate in the verification exercise, adding that pensioners may not have to travel to the state where they retired to be verified.

    Pensioners of the Nigeria Aviation Handling Company (NAHCO), Assurance Bank, Nigerian National Shipping Line (NNSL) and the Aluminium Smelter Company of Nigeria (ALSCON) will also be verified during the exercise.

    It added that the exercise is to validate inherited payrolls from the various defunct pension boards and offices which handled payment to pensioners under the DBS and to create a comprehensive digital database of pensioners.

    It said further that the exercise will also facilitate easy access and retrieval of records for computation and prompt complaints resolution and also ensure that monthly pension is accurately calculated and reflects application of relevant pension statutes, policy and salary structures.

    It said the verification exercise will not affect pensioners from the Customs, Immigration and Prisons, Civil Service or the Police and also not for pensioners of parastatals that have already been verified.

    Such paparstatals not included are Delta Steel Company (DSC), NITEL/Mtel, NICON Insurance, Nigeria Reinsurance, New Nigeria Newspapers (NNN), Savannah Sugar Company Ltd, Federal Housing Authority (FHA), Nigerian Defence Academy (Civilians).

    The Directorate would like to reiterate that the verification of pensioners and NoKs

    Directorate would like to reiterate that the verification of pensioners and NoKs will be done in phases across the country. Pensioners should please note that they do not have to travel to the state they retired from to be verified. They will be verified in the state they currently reside.

    Other phases of the exercise will be held in states in the different geopolitical zones between May 10 and October 2, 2019 with the exercise holding in the  South South (May 20th – June 1st, 2019), South West (June 10th – June 26th, 2019), North Central (July 8th – July 24th, 2019), North East (August 5th – August 9th, 2019), North West (August 19th – September 2nd, 2019), South East (September 16th – October 2nd, 2019).

     

  • Southwest youths back Lawan, Gbajabiamila for National Assembly posts

    SOUTH organisations from the six Southwest states have appealed to lawmakers-elect on the platform of the All Progressives Congress (APC) to respect and honour the party’s directive on the zoning of the National Assembly leadership posts.

    The organisations, under the aegis of the Congress of Southwest Youths (COSWY), said they deemed it fit to express their position on the emergence of new leaders for the 9th National Assembly as peace-loving members of the society, who would not want the Federal Government of the day distracted.

    Addressing a joint news conference on Wednesday in Ibadan, the Convener, Congress of Southwest Youths, Mr. Ahmed Shomoye, declared support for the party’s leadership choices -Senator Ahmed Lawan as the Senate President and Femi Gbajabiamila as Speaker of the House of Representatives for the coming Ninth Assembly.

    Some of the groups in the coalition include Asiwaju Grassroots Foundation, Yoruba Council of Youths Worldwide, All Progress Youth Forum, National Youth Council of Nigeria and Project Loud among others.

    The groups also urged the APC federal lawmakers to work together as a formidable caucus of progressive people and should not allow desperate lawmakers from other parties to break their ranks.

    Read also: Speakership: Why I stepped down for Gbajabiamila , by Monguno

    They also urged other interested APC lawmakers in the positions to drop their ambition and support the party’s choices.

    Shomoye said: “As the tenure of the 8th Assembly is almost coming to an end and the newly elected federal lawmakers are getting prepared for their inauguration as the 9th Assembly in June, this is the most auspicious time for all critical stakeholders of democratic rule in Nigeria to join forces together and ensure that the shenanigans, which transpired in the 8th Assembly do not, in any way, repeat themselves again.

    “Bringing back the National Assembly to the right side of history would require its next leadership to, as a matter of necessity, comprise of noble men and women, whose strength of character, a wealth of legislative experience, zeal for patriotism and commitment to national progress and unity is not in doubt.

    “The APC lawmakers should ensure the emergence of Senator Ahmed Lawan and Femi Gbajabiamila as the Senate President and Speaker of the House of Representatives respectively in the 9th Assembly in line with the informed preference of President Muhammadu Buhari and the decision of the APC national leadership.”

     

     

     

  • TEF hosts European Commission, others

    The Tony Elumelu Foundation has brought together leading stakeholders in the development finance sector, at a case study session in the EU capital, Belgium. The convening demonstrated that Africa also had solutions to bring to the table and platformed the Foundation’s unique approach to catalysing entrepreneurship in scale across the continent.

    This is coming at a time Europe’s relationship with Africa is high on foreign policy and developmental agendas and with the European Union (EU) beginning to deliver on its 2017 External Investment Plan, targeted at attracting investment and job creation in Africa.

    With  A Convening on Africa’s Economic Transformation: A Case Study of the Tony Elumelu Foundation as its theme, the event presented the results of the first five years of the Foundation’s Entrepreneurship Programme a unique programme, which has trained, mentored and seeded 4,470 African entrepreneurs with 3,050 newly announced to receive seed funding, and drawn over 200,000 applications to its 2019 cycle. Tony Elumelu’s $100million investment in entrepreneurial philanthropy was held up as an example of how vital capital could be targeted efficiently and effectively, at African businesses best able to create significant economic and developmental impact.

    Read also: Tony Elumelu Foundation lifts 4,460 entrepreneurs with $20m

    Opening the event,  Deputy Director General, DEVCO, EU,  Mr. Koen Doens, said: “Africa needs to create jobs by the millions to match the needs of its exponentially growing population. It will achieve this only if it unleashes a generation of empowered entrepreneurs. The Tony Elumelu Foundation contributes to this massively. The EU wants to play its part and contribute to this endeavour.”

    During an question and answer session with EU-Africa relations expert, Annie Mutamba, Founder, Mr. Tony O. Elumelu highlighted the growing interest in the Foundation and its unique approach, while welcoming a new type of intervention in Africa.

     

  • When Aisha Buhari feted TB champions, survivors 

    Access to TB diagnostic services is a huge challenge. The current local government areas coverage of Gene Xpert, which is the first-line test for diagnosis of TB, is 41 per cent. Another worrisome trend is funding. The catastrophic cost survey conducted in 2017 showed that 71 per cent of TB patients and their households are affected negatively by the catastrophic cost due to TB

    With fanfare, Aisha Buhari, wife of President Muhammadu Buhari, celebrated some eminent people and organisations that have joined hands with the government towards ending the tuberculosis scourge in the country.

    Tuberculosis (TB) is an infectious disease usually caused by mycobacterium tuberculosis (MTB) bacteria. The disease affects the lungs, although it can also affect other parts of the body. While most of the MTB infections do not have symptoms in its latent state, the infection can present symptoms such as bad cough that lasts three weeks or longer, pain in the chest, coughing up blood or sputum (mucus from deep inside the lungs), drastic loss of weight, among many others.

    Fighting to end tuberculosis is a huge task that cannot be left to the government alone, hence, individuals and private organisations have joined in the efforts to eradicate the deadly disease. So the presence of who is who at the gala night put together by the First Lady and Stop TB Partnership Nigeria to celebrate some TB champions and survivors organised was a welcome development. It also gave some survivors the opportunity to narrate their testimonies.

    The event, which held at the Banquet Hall of the Aso Villa, showed Mrs. Buhari’s desire to end the scourge. It was also a night to honour eminent personalities who had contributed to the fight against TB, including the United States Ambassador to Nigeria, Mr. W. Stuart Symington; Nigeria’s Minister of Health Prof. Isaac Adewole; Chairman, Zankli Medical Centre and Board Chair, Stop TB Partnership Nigeria, Prof. Lovett Lawson; Programme Manager, Anambra State TB and Leprosy Control, Dr. Ifeanyi Okolie, and the Agbami parties, which comprises Star Deepwater Petroleum Limited (a Chevron company and operator of the Agbami unit), Famfa Oil Limited, Nigerian National Petroleum Corporation (NNPC), Equinor Nigeria Energy Company Limited, and Petroleo Brasileiro Nigeria Limited.

    Mrs. Buhari said TB had become a major challenge globally and a killer disease, adding that it should be integrated in the fight against HIV/AIDS to reduce the deaths associated with the disease.

    “In Nigeria, one of the major challenges of TB response is attributed to low cases of its discovery both in adult and children. This is attributed partly to poor knowledge about TB that influences the health seeking behavior of people and low treatment coverage,” she said.

    Prof. Adewole expressed concerns over the rising cases of TB in Nigeria, saying the current proportion of health facilities in the country with TB services is barely 265. “Access to TB diagnostic services is a huge challenge. The current local government areas coverage of Gene Xpert, which is the first-line test for diagnosis of TB, is 41 per cent. Another worrisome trend is funding. The catastrophic cost survey conducted in 2017 showed that 71 per cent of TB patients and their households are affected negatively by the catastrophic cost due to TB,” Adewole said.

    Also speaking, the Director of Star Deepwater Petroleum Limited, \ Kennedy, said it was time for active collaboration to end the scourge, keep the promise on taming it, especially finding TB and treating it. Kennedy, who was represented by the medical director of Chevron, Paul Arenyeka, said the company has built, equipped and donated 28 chest clinics to health institutions across the country. “Since 2008, N16.6 billion ($2.7million) has been spent building and donating equipped chest clinics in Nigeria. Between 2015 and 2017, over 48,000 presumptive TB cases were registered in the facilities, with over 11,000 cases detected. The chest clinics contributed to about 3 per cent of national presumptive TB cases registered and 3 per cent to national aggregate of TB cases,” he said.

    Read also: The Tuberculosis enigma

    Represented by Esimaje Brikinn, Chevron’s General Manager, Policy, Government and Public Affairs (Corporate Affairs), Kennedy stated that in the efforts to end TB in Nigeria, the Agbami parties have made appreciable investments in chest clinic infrastructure with modern facilities and state of the art equipment, and sponsored awareness and advocacy programmes in vulnerable communities; built the capacity of health workers as well as provided safeguards for protecting health workers. He added that the Agbami parties have built, equipped and donated 28 standard chest clinics with consulting rooms; fully equipped laboratories with mobile X-ray units and gene expert machines, in health institutions across the country to help facilitate the diagnosis of susceptible and resistant tuberculosis. The Agbami parties have also supported production of National TB Guidelines as safeguards for health workers that provide care for TB patients.

    “Tuberculosis awareness campaigns have been carried out by the Agbami parties in 10 high burden states of Lagos, Kano, Kaduna and Rivers, Nassarawa, Akwa Ibom, Oyo, Benue, Delta and Sokoto States, reaching over 60,000 community beneficiaries,” he stated. He stated further that since 2008, the Agbami parties have spent about N16.6 billion ($2.7million) in building and equipping chest clinics in Nigeria.

    A TB survivor, Oluwafunke Dosumu, while narrating her experience, said her initial thought was that she had “an ordinary minor cough” when the disease started and not until it persisted and was asked to run series of medical laboratory investigations, which dragged for a while.  Speaking at the TB gala night, which was hosted by the First Lady, Dosumu said she felt the worst had come when the results were out and she was later told by doctors that she had TB.

    “At first, I was scared and shocked that I had TB, but later I summoned the courage to go through every bit of the process, positive that I will definitely come out of it. I was placed on anti-TB drugs, which I had to take every day for six months. During the process, I lost so much weight due to loss of appetite; night sweats as well as fever and chest pain. I was also isolated from my immediate environment, family and children for some months to face my health squarely and prevent the disease from spreading,” Dosumu said, adding that her experience has turned her into a TB champion and advocate who works with communities to prevent stigmatisation of TB patients.

     

  • Ekiti justice sector reform ‘ll reorder society, says Fayemi

    EKITI State Governor Kayode Fayemi has expressed optimism that ongoing reform in the justice sector embarked upon by his administration will help reorder the society and nip crimes in the bud.

    Speaking in Ado-Ekiti at a meeting with the state legal officers, the governor said his administration believes that the law should be an instrument for social justice.

    He added that “the beauty of the law is to help reorder the society the way we want it”.

    Dr. Fayemi, who added that he had received several calls from different quarters commending him on the steps recently adopted by the Ministry of Justice to curb sexual violence, reiterated the zero-tolerance of his administration for the social menace.

    He assured that his government, using the instrumentality of the law, would bring an end to child rape and any other sexual violence in the state.

    Reacting to the claim that the government’s lawyers file government cases with their personal money, the governor expressed dissatisfaction with the development.

    Fayemi assured the legal officers that the government would no longer shirk its responsibilities or allow workers to shoulder what government should normally attend to.

    Attorney General and Commissioner for Justice Mr. Wale Fapohunda had briefed the governor on efforts at strengthening the legal system in the State; stating that the Ministry is working to improve its work pace to ensure quick dispensation of justice.

    Fapohunda noted that the process of reviewing the laws of Ekiti State had begun and would be concluded in the next two months.

    Also speaking, the chairman of the Nigerian Bar Association, Ado Ekiti branch, Mr. Kanmi Falade, thanked the governor for allowing the All Progressives Congress (APC) field some lawyers as candidates into the state and national assemblies as well as appointing competent lawyers as aides.

    The NBA chairman, however, highlight some challenges in the sector, especially inadequate judges on the bench of the state judiciary; saying that the development, which has slowed down the judicial process, has occasioned the adjournment of many cases till much later dates.

    Falade noted that no fewer than five judges from Ekiti are currently out of the state on election petition matters.

    He equally urged the governor to set up an Alternative Dispute Resolution (ADR) centre to facilitate speedy resolution of cases.

     

     

  • Lagos retirees lament delay in payment of entitlements

    Thousands of retirees in Lagos State are worried over  the delay in the payment of their gratuities and pensions.

    Speaking with The Nation, Chairman of the Lagos State Association of Retirees and Pensioners Mr Omisande Micheal appealed to the government to respond urgently to the demands of the retirees. He added that theywe re disappointed because after serving their fatherland meritoriously for over three decades, they have to wait endlessly to get their entitlement.

    He said the delay in the payment of their gratuities and pensions had affected them to the extent that some of them had to borrow money to maintain themselves.

    “Even when some of us  go for medical checkup, they cannot get money to take care of their health because government has no programme to assist the retirees in getting urgent medical attention.

    In addition to the delay, he said  the government had also not kept its promise of upward review of gratuities and pensions anytime there was increase in salaries and allowances in the civil service.

    Omisande Micheal said  some of those who retired in 2015 had been paid.

    His words: “We can deduce that from the payment of 137 retirees in January, the monthly allocation released for the payment of pensions  is grossly inadequate.

    “Out of the meagre sum released, 95 per cent was for payment of State Universal Basic Education (SUBEB) and local government while five percent was used to pay mainstream and secondary school retirees. How many people do you think five per cent can cater for”.

    Omisande urged Lagos State government to fulfill its promise on the  health insurance scheme for retirees.

    He also urged the government not to reduce the 25 per cent  being paid to the retirees in their lump sum.

    He appealed to Governor Ambode to increase allocation to Lagos State Pension Commission ( LASPEC), to accelerate the  payment of retirees’ entitlement and clear the back log of 2015 and 2016 pension and gratuities within the next two months on compassionate grounds.

    Mrs. Ogunkoya Josephine Funke, a civil servant at Lagos State Ministry of Education, District 3, Eti Osa, for 32 years and retired in October 2016 said:  “Since two years ago when I retired, I have been suffering due to the delay in payment of my gratuities and pensions.  I  have been having difficulty in getting needed medical attention because government has no concrete programme to assist retirees having serious health challenges.

    She said what madethe situation worst was that those in authority such as the permanent secretaries, commissioners, governors, deputy governors, got their entitlements within six months after leaving office with access to quality medical attention, while  many of them have served for shorter period when compared with an average civil servant.

    Mrs. Ayodele Abibat Okaah, a civil servants in Lagos said: “ It is unfair for government to treat us like this. We have been turned to beggars, yet, this is our country and we are asking for our rights.

    Mr. Olagbaye Johnson who retired as Director at SUBEB said he cannot understand why retirees are been shabbily treated.

    “It is discriminatory, It is apartheid, and we are not happy, we are calling on Lagos State government to expedite action and ensure that our entitlements are paid without further delay, “ he said.

    Meanwhile, the retirees have embarking on a one day prayer and fasting.