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Business News

Corruption still responsible for Nigerians’ sufferings – Buhari

President Muhammadu Buhari has insisted that corruption was the major factor responsible for the suffering of millions of Nigerians.

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FG to establish Infrastructure company for critical investments in projects, Survival Fund: FG changes website due to operational challenges, FG orders Nigerians with bank accounts to fill, submit Self-Certification forms, Buhari orders payment of stranded NDDC scholarship students, commision gives reason for delay, President Buhari Democracy Day speech

President Muhammadu Buhari has insisted that corruption was the major factor responsible for the suffering of millions of Nigerians.

The President, who made the remark at the 49th Annual Accountants’ Conference organised by the Institute of Chartered Accountants of Nigeria in Abuja on Tuesday, explained that corruption at all levels was the biggest problem impeding Nigeria’s economic growth and development.

He said, “I urge you now to always see corruption in its true colour as a gross violation of human right. Corruption is the major reason why millions of our people are in hardship, sick and helpless.”

[READ MORE: UPDATED: President Buhari orders immediate evacuation of Nigerians from South Africa]

He said that it prevents good governance and encourage misappropriation of public funds, stiffens innovation, infrastructure development and investments.

The President, who was represented by Mr Boss Mustapha, the Secretary to the Government of the Federation, said: “Our fight against corruption is, in reality, a struggle for nation-building and the future. Corruption and impunity becomes widespread when accountability is disregarded.

“Disrespect for accountability also strives when people get away with all manner of questionable things and accountants are unable to check them. Corruption is the major reason why many children cannot go to school, why we have a few equipment and doctors in our hospitals.

“Corruption diverts public resources thereby causing much suffering, deprivation and unnecessary death in the country.

“Therefore, if we do not slay corruption with the passion it deserves, we will not get the result that we need.’’

Buhari reiterated that the government was committed toward achieving structural economic change and a more diversified and inclusive economy.

He said that it was for this reason that he had signed many executive orders aimed at improving the business conditions in the country.

“We signed the Executive Order 7 of 2019 on Road Infrastructure Development and Rehabilitation Investment Tax Credit Scheme.

“This Executive Order aims to accelerate road infrastructure development for balanced economic growth in Nigeria by granting approvals to private sector entities to construct and rehabilitate eligible roads across the country.

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“This is in exchange for tax credits which will be applied against their company income tax.

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“The motivation for the scheme comes from the desire to take advantage of private-sector funding to road development in our country,’’ he said.

[READ ALSO: Buhari orders probe of past administrations over $9 billion U.K judgment]

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The Acting Chairman, Economic and Financial Crimes Commission, Mr Ibrahim Magu, also called on Nigerians to join the fight against corruption.

Magu said the fight against corruption could not be won if it was left alone to the EFCC and other anti-graft agencies.

In his remark, the President of ICAN, Mr Nnamdi Okwuadigbo pledged the institute’s commitment to facilitating economic growth and development in the country.

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“Now is the time to redeem our image in the committee of nations. We cannot afford to fail as the largest economy in Africa.

“As chartered accountants, we are at a vantage position to determine the effective use of public funds and we charge you to be front runners in the fight against corruption,” he said.

 

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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Obituaries

Just-in: Supreme Court Judge, Sylvester Ngwuta reported dead

Justice Sylvester Ngwuta, has been reported dead.

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A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.

He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.

According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.

What you should know

  • It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
  • He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
  • He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.

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