Business
ICPC raises alarm over diversion of public funds
The Independent Corrupt Practices and other Related Offences Commission on Thursday in Abuja raised the alarm about diversion of public funds in the country.
The ICPC Chairman, Prof. Bolaji Owasannoye, made the observation at a two-day capacity-building workshop for members of the House of Representatives Committee on Anti-Corruption.
He frowned upon the diversion of public funds, both in revenue receipts and expenditure, while condemning illicit financial flows, misapplication of funds and budget padding.
He said it was time corruption was confronted headlong, adding that Nigerians were yet to recognise the death knell that corruption meant.
He warned that if citizens did not deal with the ethical issues of corruption, it would further impact negatively on the country.
Owasannoye noted that Nigeria was never in short supply of anti-corruption legislation but in short supply of integrity.
He noted also that this had been worsened by high-level hypocrisy.
According to him, the Central Bank of Nigeria, the Bureau of Public Procurement and the Federal Competition and Consumer Protection Commission, are all anti-corruption gatekeepers.
He stated that most regulatory agencies also played anti-corruption roles.
Owasannoye observed that corruption accentuated political patronage and encouraged sabotage of governance, stressing that funds appropriated on paper, were never used for the purpose for which they were meant.
In his remarks, Shehu Garba, Chairman of the House Committee on Anti-Corruption, noted that the challenge and the fight against corruption had remained a topical issue.
He said that the ills of corruption had been well documented, adding that Nigerians did not need to be reminded of the consequences.
The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.
Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.
The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.
The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.
Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.
https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F
“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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