Business Times Daily Times Nigeria
NCC’s ‘year of the consumer’ growing -Danbatta
Naira relapses to 365/$1 as FX market lifted with $250m
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NNPC: Personnel to tackle corruption underway Toheeb Ademola The Nigerian National Petroleum Corporation (NNPC) has said it will equip 50 per cent of its work force with requisite knowledge on how to identify and examine fraud as part of measures to stamp out corruption from its system. The Group Managing Director of the NNPC, Dr. Maikanti Baru, made this commitment on Tuesday, in Abuja, while receiving a delegation of the Association of Certified Fraud Examiners (CFE), Abuja Chapter, led by its president, Mr. Ishili Emmanuel. Baru said training staff on fraud examination would ensure that NNPC was not involved in the five per cent annual global revenue loss to fraud. “We will seize the opportunity offered by the CFE to train at least 50 per cent of our staff on fraud examination. We do know that there are a lot of advantages in getting as many staff as possible trained in fraud examination,” Baru said. He explained further that as the major foreign
exchange earner for the country, NNPC was very conscious of issues of corruption in all its ramifications; and had gone beyond looking at corruption in terms of money alone. “NNPC under my leadership has instituted what we call Governance, Risk and Compliance Division, which is very much in line with the mission of CFE. The division is not only looking at corruption in terms of naira and kobo, but also at the system itself. The new division will ensure that fraud did not manifest in our system and if does, it would be quickly nipped in the bud,” he added. He stated that corruption was a major waster of human resources as workers found culpable were usually prosecuted and sacked, adding that it was better to train them on fraud and safeguard them. Baru said the corporation was at the vanguard of providing support to anticorruption agencies in the country by providing them with necessary information on cases involving its employees and other relevant third parties.
Joy Ekeke Following the recent announcement by the National Bureau of Statistics, (NBS), on Tuesday, that Nigeria has exited its worst economic recession in more than two decades, notching up growth of 0.55 per cent in the second quarter of 2017, The National President of Manufacturers Association of Nigeria,
BUSINESS TIMES Business Editor Ganiyu Obaaro Deputy Business Editor Azubike Nnadozie Asst. Business Editor Simon Ugwu Capital Market Editor Bonny Amadi
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Thursday, September 7, 2017
AfDB, World Bank provide $800m for agric. transformation in Africa Page B7
Ooni lauds Nigerian Breweries on youth empowerment Babajide Okeowo The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II has endorsed Goldberg’s empowerment scheme, Isedowo and commended Nigerian Breweries Plc for the initiative at the flag-off of the campaign on Thursday, 31 August 2017. The event, which held at
the palace of the revered monarch in Ile Ife, Osun State, had in attendance prominent Obas and chiefs from the Southwest region of the country. The Imperial Majesty expressed his appreciation for the youth emancipation initiative and commended Nigerian Breweries at the occasion for taking a bold
step at improving the lot of small scale entrepreneurs in the Southwest region. “On behalf of my brothers from the seven Yoruba speaking states, I thank Goldberg lager beer and Nigerian Breweries for this community partnership with the Yoruba people. By leading the way to support the businesses and entre-
preneurial potential of artisans in the Southwest, you have challenged other corporate bodies to give back to the society where they operate,” the monarch declared. The King further called on all Yoruba youths who are skilled in trade to grab the opportunity to showcase their business potential and be rewarded.
L – R shows Clifford Akpolo, Digital Marketing Manager, The Nigerian Stock Exchange (NSE); Tony Ibeziako, Head, Domestic Capital Markets, NSE; Andrew Hanlon, Chief Executive Officer, Television Continental (TVC); Ade Bajomo, Executive Director, Market Operations and Technology, NSE and Ade Ewuosho, Head, Market Services, NSE at the Closing Gong Ceremony in commemoration of the signed Broadcasting Agreement with The NSE Ɛ Ɛ Ɔ &Ɣƅ Ɔêêê zƆƗ Ɔ Ɨ ƕê
Recession exit: MAN urges Nigerians not to expect automatic fall in prices (MAN) Dr. Frank Jacobs has said that Nigerians should not expect an automatic fall in the prices of goods and services if certain key issues are not duly addressed by the federal government Addressing journalists on Wednesday at a briefing in Lagos, on the 45th Annual Gneral Meeting scheduled to hold obetween the 13 and 14 September, 2017, Jacob stressed that, “It may be true to say that the economic growth rate of 0.55 percent is good. The question remains: is the growth real, is it sustainable and can it
Ïz Ɛ ƌ ƅƏ Ɔƅ ƌƈƅ ƅ ƋƋƆ Ɔ ƗƗƏƆ ƆƗ engender inclusiveness?, the impact of a positive improvement like this should ideally be felt by all classes of citizens in our country before one can boldly assert that a growth experience is inclusive.” He said,”MAN believes that, with appropriate mix of policies and concerted efforts of all stakeholder, the growth rate would eventually become inclusive and impact the lives of over 180 million Nigerians.”. Jacobs, while responding to
questions stated that, even with the contribution of the manufacturing sector to the Gross Domestic Product’s (GDP’s) growth rate, exiting recession does not mean that prices will come down automatically, except when concerted efforts are made to address the challenges faced by manufacturers in the country. According to him,”I don’t believe that recovery from recession meant that prices will come down, why prices are high is because of a fall in the value
of naira to the dollar; and as long as it persists, prices won’t come down. Although with improved productivity in agriculture sector, prices might come down due to competition but not as significantly as expected.” He said,”As long as we depend on imported raw materials and machinery for manufactured goods, and buy dollar at the current exorbitant rate, it will be almost impossible for prices of manufactured goods to be lower
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