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Business News

PWC and EY to audit TSA accounts

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The Office of the Auditor-General of the Federation has asked Price Waterhouse Coopers and EY to audit the Treasury Single Account (TSA). Mr Alexander Oyeyemi, a director in the OAGF’s office disclosed this recently.  Mr Oyeyemi also revealed that over N5 trillion has been paid into government coffers since the policy began, while N300 billion that has been unclaimed by MDA’s will be invested in treasury bills.

More facts about the audit

The Federal Government wants to confirm that funds remitted by the Ministries, Departments and Agencies (MDAs) are equal to the amount paid into the bank accounts. The FG had recently taken 7 banks to court for allegedly hiding money meant for the TSA, then withdrew the case citing public interest. The scope of the audit covers MDA balances before and after the implementation of the policy. Minister of Finance, Kemi Adeosun had in February this year stated that the government had recovered some funds from banks that were not remitted into the TSA account.

The Treasury Single Account (TSA) was introduced by the Goodluck Jonathan administration, but implemented by the Buhari administration in November 2015. While the government has witnessed an increase in its revenue,t the policy has led to a huge drop in government deposits with banks. PWC was formed in 1198 from the merger of Pricewaterhouse and Coopers and Lybrand. The company has roots dating to the 18th Century. EY (formerly known as Ernest and Young) was founded in 1989 and is one of the 4 biggest accounting firms in the world.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Appointments

AFEX appoints Kamaldeen Raji as MD of AFEX Fair Trade Limited

Mr Kamaldeen Raji has been appointed as the Managing Director of AFEX Fair Trade Limited.

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AFEX appoints Kamaldeen Raji as Managing Director of AFEX Fair Trade Limited

Leading commodities market player, AFEX has announced the appointment of Kamaldeen Raji as the Managing Director of AFEX Fair Trade Limited (AFEX Fair Trade).

This information was contained in an exclusive disclosure sent to Nairametrics today the 25th of January 2021.

According to the information contained in the press statement, the appointment is in line with AFEX’s mandate of strengthening trade infrastructure for Nigeria’s commodities market, while providing support for smallholder farmers, who are key players in the agricultural value chain.

What they are saying

The CEO of AFEX, Ayodeji Balogun, who commented on the appointment of the New Managing Director, said:

  • “I am delighted to have Kamaldeen stepping into the leadership at AFEX as the Managing Director of AFEX Fair Trade. This is in alignment with AFEX’s five-year strategy that consolidates the best aspects of our business into business units that will deliver impressive wins in trading, financing and market system development for Africa’s commodities market.”

Kamaldeen Raji, Managing Director, AFEX Fair Trade limited said:

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  • “AFEX has delivered on its promise for a working commodities exchange model for West Africa after six years of operations in Nigeria. I am excited to join the executive leadership to contribute to our next five years as a business.”
  • “As I drive our strategy to reach one million farmers and expand our national storage capacity to 500,000 MT over the next five years, AFEX Fair Trade will build on the success of previous years.”
  • “Through AFEX Fair Trade, AFEX will continue to contribute to impact metrics that align with the United Nation’s Sustainable Development Goals (SDGs) 1, 2, 5, and 8; no poverty, zero hunger, gender equality, and decent work and economic growth.”

Kamaldeen prior to his appointment as the Managing Director of AFEX Fair Trade Limited had previously served in Commercial Manager’s capacity for AFEX. This position monitored all commercial partnerships with a focus to drive revenue activities and growth opportunities.

It is important to note that, AFEX Fair Trade is one of AFEX’s business units, responsible for commodities trading and storage, the company is charged with the task of providing extension services to farmers in a bid to boost their productivity and incomes across all segments of the agricultural value chain.

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Coronavirus

COVID-19: Moderna set to launch a new vaccine for virus strain found in South Africa

Moderna said it is accelerating work on a covid booster shot to guard against the recently discovered variant in South Africa.

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Moderna COVID-19 vaccine passes safety test on animals

American biotechnology firm, Moderna Inc. on Monday announced that it is launching a trial of a new Covid-19 vaccine as it warned that its current shot was less effective in tackling the strain that emerged in South Africa.

Moderna said it is accelerating work on a covid booster shot to guard against the recently discovered variant in South Africa.

According to the company, Laboratory tests show Moderna’s Covid-19 jab still works against the variant named 501Y.V2, which emerged in South Africa, and B.1.1.7, which was first discovered in the UK.

It however warned that the neutralising antibody response to 501Y.V2 was sixfold lower compared to the original variant, raising concerns that immunity to it may wane significantly, particularly in older people.

“Out of an abundance of caution and leveraging the flexibility of our mRNA platform, we are advancing an emerging variant booster candidate against the variant first identified in the Republic of South Africa into the clinic to determine if it will be more effective to boost titers against this and potentially future variants,” Moderna CEO Stephane Bancel said.

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What you should know

  • On Thursday, Dr. Anthony Fauci, White House health advisor said that new data had shown that the Covid-19 vaccines currently on the market may not be as effective against new and more contagious strains of the coronavirus.
  • Also, a team of researchers working with South Africa’s National Institute for Communicable Diseases stated that the 501Y.V2 shows substantial or complete escape from neutralising antibodies in COVID-19 convalescent plasma.
  • According to reports by South African researchers, the 501Y.V2 variant is 50% more infectious than previous ones. It has already spread to at least 20 countries since being reported by the World Health Organisation in late December.
  • Meanwhile, the total confirmed cases of the virus is currently at 99.85 million with over 2 million deaths worldwide.

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Corporate Press Releases

FITC wins BIZZ, IBX Global Awards for Business Excellence, Strategic Leadership

FITC was announced the winner of the two global awards in an elaborate virtual ceremony held in Doha, Qatar and Houston Texas respectively.

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Financial Institutions Training Centre (FITC)

FITC, the world-class, innovation-led, technology-driven, knowledge and professional services institute has emerged winner of the 2020 Business Excellence Award (The BIZZ Awards) and the Strategy, Change, and Transformation Award (The IBX Awards).

FITC, which provides cutting edge Learning, Advisory and Research Services to organizations within the Financial Services and other sectors, was announced winner of the two global awards in an elaborate virtual ceremony held in Doha, Qatar and Houston Texas respectively.

The Nigeria’s premier knowledge institute, FITC, won the Gold category in The BIZZ awards and Silver category in Strategy, Change and Transformation in the International Business Excellence, IBX Awards in recognition of its phenomenal initiatives that have led to innovative and exceptional transformation within the organization.

Also presented with an award was the Managing Director and CEO, FITC, Chizor Malize, who won the IBX 2020 Award for “Inspirational Leader”. The award was in recognition of the innovative, dynamic and game changing work at FITC in 2020 at the height of the global pandemic resulting in the extraordinary organization wide transformation at FITC and positive impact on the Nigerian financial services sector, FITC’s primary focus area.

Other IBX 2020 Award winners include Microsoft and Virgin Mobile.

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The International Business Excellence (IBX) Awards is part of a global business movement, giving organizations the chance to meet and compete with others from all over the world. Over the last twelve years, IBX Awards have been leading the way in recognising inspirational business practices, holding over 100 events and hosting more than 2000 companies.

Organized by Awards International, the IBX Awards recognises long-term sustainable profitability achieved through the practice of excellence, which occurs across a broad range of disciplines and defines the modern business agenda.

The BIZZ Awards gathers and recognizes leading businesses from different regions that contribute to the daily growth of their local economy and the world economy. THE BIZZ was created by World Confederation of Businesses (WORLDCOB), to offer to the global business community a range of benefits that further their development.

WORLDCOB was founded in 2004 in Houston, Texas, in the United States of America. Its primary mission is to promote business development worldwide, recognizing and boosting the growth of leading businesses and businesspeople in every country through the special tools and services that it offers its members. The organization has approximately 3,500 members representing over 130 countries.

Considered to be the most important business excellence award in the world, The BIZZ Awards is organized and given out to the most outstanding companies and businesspeople in each participating country. The award which targets small, medium and large enterprises was created to recognize businesses with practices worthy of recognition who end up being examples for other businesses to follow in their communities and internationally.

Speaking on the awards, Malize, said the organization would keep going beyond the ordinary in its effort to delivering innovative knowledge solutions to its clients in the Financial Services and other sectors.

“For 40 years, FITC has been an innovator, enabling people and organizations to excel and it was in line with our vision to build a world class innovation-led and technology-driven organization that we defined our six success pillars which are programmes, process, platforms, people, positioning and performance.

“We took deliberate and strategic steps by making significant changes across these key drivers of the positive transformation experienced today by our stakeholders, and which has also culminated to these awards and recognitions being given to our organization today. We are extremely delighted by these awards and we remain committed to helping our clients in the Financial Services and other sectors navigate and advance their careers, while building on our member firms’ successes through our clear vision, strong corporate values, and our culture of excellence,” Malize said.

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Established in 1981 as a non-profit organisation limited by guarantee to provide capacity building and serve as a knowledge hub for the Nigerian Financial Services Sector, FITC is owned by the Bankers Committee, Central Bank of Nigeria, Nigeria Deposit Insurance Corporation (NDIC) and all deposit money banks in Nigeria.

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Over the years, FITC has demonstrated delivery of best-in-class services using a large pool of multidisciplinary and versatile professionals, who provide business support to its numerous clients within the public and private sectors, most notably within the financial services sectors and public sector of Nigeria and Sub-Saharan Africa.

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