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‘Don’t drag NNPC into politics’ – Kyari issues stern warning to Nigerians

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Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has urged the public to be wary of attempts to drag the corporation into politics in the guise of requests for information under the Freedom of Information law.

The GMD made the call during a courtesy visit by the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, (NEITI), Mr. Waziri Adio, to the NNPC Towers in Abuja.

A press release by the corporation’s spokesman, Mr. Ndu Ughamadu, quoted the GMD as saying that though the corporation was committed to transparency and accountability to the Nigerian people, a line must be drawn between genuine requests for information and malicious attempts to drag it into politics using the FOI law as a cover.

“As you are aware, sometimes the requests are brazenly malicious, and they are laden with political undertones. NNPC finds it difficult to respond to such requests because it is mindful of falling into the trap of being drawn into politics or maligning others”, the GMD explained.

He disclosed that in keeping with its commitment to be accountable and transparent, the corporation would publish its audited accounts soon.

On the disclosure of contracts and contractors as requested by the NEITI boss, he said the biggest contracts in the corporation’s portfolio currently are the products supply contracts under the Direct Sales Direct Purchase (DSDP) scheme, adding that details of the contracts and the contractors would also be made public within this month.

He promised to make the monthly financial and operations reports more accessible by publishing the soft copies of the reports from January to May, 2019.

On his part, the Executive Secretary of NEITI, Mr. Waziri Adio, congratulated Mallam Mele Kyari on his appointment, saying: “This is a big opportunity you have been given to shape the direction of this country in a positive way and I believe you have the capacity to do that”.

He said he was particularly impressed with the corporation’s robust deployment of modern information and communication platforms, especially the website, which he noted could be used as a transparency tool through pro-active disclosures.

He said he was committed to working with the NNPC because of the GMD’s track record of integrity.

“The GMD is somebody we can vouch for, he is a transparency champion and I can’t remember any GMD’s appointment that has elicited as much goodwill as your appointment has generated”, he said.

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Reactions as unions threaten to shut down Nigerian banks Jan 2

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Some financial experts and stakeholders have appealed to bank unions’ to dialogue with their employers to forestall the proposed operation shut down of banks by Jan. 2.

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) and the National Union of Banks, Insurance and Financial Institutions (NUBIFI), on Nov. 17, issued a strike threat.

The unions said that workers in the sector would embark on an indefinite strike over failure of their employers to review the Collective Bargaining Agreement in line with extant law.

Speaking to the News Agency of Nigeria (NAN) in Abuja on Tuesday, Mr Emmanuel Atama, the Executive Secretary of the National Cooperative Financing Agency of Nigeria (CFAN), appealed for an amicable resolution.

“It is a notice that they have given and every employee has bargaining power and when an employee wants to hit an employer, he hits the employer from a very tight corner so, there is no cause for alarm.

“I strongly believe that issues like this can be resolved.

“My appeal is for both parties to come to the table and amicably resolve this because if that is not done, it will go a long way to affect banking.

“Some people will think that if they keep their money in the bank and the banks can put them under a tight corner, it is better for them to withdraw.

“The effect of it is that the public will embark on panic withdrawal and the banks cannot withstand it.

“It will come to a point where employees will start begging that people should not withdraw their monies from their banks because people will resort to banking at home,’’ he advised.

Mrs Ijeawele Ndu, an Abuja based civil servant, called on the parties involved to resolve the issues peacefully and promptly before the festive season.

“I am not surprised to hear about this strike because of the way and manner that bankers are relieved of their duties.

“But I can’t even imagine what will happen by the time banks close operations and Automated Teller Machines (ATM) is not working.

“It will be disastrous to the economy and to us as individuals more so when it is during the festive season,’’ she said.

Meanwhile, Mr Lucky Abomi, a businessman in Karu Local Government Area, FCT, said the proposed shut down of banks would negatively impact businesses across the country if implemented.

Abomi appealed to governments at all levels to intervene in the matter in the interest of peace and development of the country.

“The Federal Government closed the border and that is already affecting our businesses and now, we are hearing that banks might close down too.

“The government should come and mediate between the parties involved so that our businesses do not suffer setbacks,’’ he appealed.

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NSE crucial market indicators end Friday with 0.03 per cent growth

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Nigerian Stock Exchange NSE

The Nigerian Stock Exchange (NSE) crucial market indicators closed trading on Friday with a marginal growth of 0.03 per cent.

Specifically, the market capitalisation of listed equities rose by N4 billion or 0.03 per cent to N13.071 trillion from N13.067 trillion on Thursday.

Also, the NSE All-Share Index appreciated by 8.57 points or 0.03 per cent to 26, 851.68 against 26,843.11 achieved on Thursday.

Guinness led the gainers’ table during the day, increasing by N2.60 to close at N28.60 per share.

Flour Mills followed with a gain of N1.05 to close at N16.25, while Cement Company of Northern Nigeria gained N1 to close at N20 per share.

Nigerian Breweries also added N1 to close at N48.50, while Dangote Sugar Refinery increased by 80k to close at N11.70 per share.

On the other hand, Guaranty Trust Bank topped the laggards’ chart, dropping by 90k to close at N29 per share.

MTN also dipped 90k to close at N121.00, while Zenith Bank dropped by 30k to close at N18.85 per share.

Access Bank was down also by 30k to close at N10.50, while NAHCO dipped 23k to close at N2.37 per share.

A breakdown of the activity chart indicates that Access Bank was the most active stock, trading 158.78 million shares valued at N1.69 billion.

Zenith Bank Plc followed with an account of 71.03 million shares worth N1.36 billion, while United Bank for Africa traded 41.49 million shares valued at N317.02 million.

FBN Holdings sold a total of 41.49 million shares worth N282.57 million, while Fidelity Bank exchanged 23.57 million shares valued at N47 million

In all, the turnover volume of shares traded dropped by 24.78 per cent as investors bought and sold 469.99 million shares worth N5.59 billion in 5,594 deals.

This was in contrast with 624.84 million shares valued at N10.02 billion in 6,426 deals posted on Thursday.

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NSE crucial market indicators end with 0.03% growth

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Nigerian Stock Exchange NSE

The Nigerian Stock Exchange (NSE) crucial market indicators closed trading on Friday with a marginal growth of 0.03 per cent.

Specifically, the market capitalisation of listed equities rose by N4 billion or 0.03 per cent to N13.071 trillion from N13.067 trillion on Thursday.

Also, the NSE All-Share Index appreciated by 8.57 points or 0.03 per cent to 26, 851.68 against 26,843.11 achieved on Thursday.

Guinness led the gainers’ table during the day, increasing by N2.60 to close at N28.60 per share.

Flour Mills followed with a gain of N1.05 to close at N16.25, while Cement Company of Northern Nigeria gained N1 to close at N20 per share.

Nigerian Breweries also added N1 to close at N48.50, while Dangote Sugar Refinery increased by 80k to close at N11.70 per share.

On the other hand, Guaranty Trust Bank topped the laggards’ chart, dropping by 90k to close at N29 per share.

MTN also dipped 90k to close at N121.00, while Zenith Bank dropped by 30k to close at N18.85 per share.

Access Bank was down also by 30k to close at N10.50, while NAHCO dipped 23k to close at N2.37 per share.

A breakdown of the activity chart indicates that Access Bank was the most active stock, trading 158.78 million shares valued at N1.69 billion.

Zenith Bank Plc followed with an account of 71.03 million shares worth N1.36 billion, while United Bank for Africa traded 41.49 million shares valued at N317.02 million.

FBN Holdings sold a total of 41.49 million shares worth N282.57 million, while Fidelity Bank exchanged 23.57 million shares valued at N47 million

In all, the turnover volume of shares traded dropped by 24.78 per cent as investors bought and sold 469.99 million shares worth N5.59 billion in 5,594 deals.

This was in contrast with 624.84 million shares valued at N10.02 billion in 6,426 deals posted on Thursday.

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