Markets

It would be very difficult for Nigeria to attain economic growth, stability, if — Ribadu

Published

8 years ago

September 20, 2016

As Nigeria mulls strategies to lift the country out of recession, pioneer chairman of the Economic and Financial Crimes Commission, EFCC, Mallam Nuhu Ribadu, has warned that corruption must first be stamped out, if government must succeed in its bid to revitalise the ailing economy.

Ribadu, who is seen as the man who confronted corrupt Nigerian politicians head-on during the administration of President Olusegun Obasanjo, pointed out that it would be very difficult for Nigeria to attain economic growth and stability, if the leadership failed to muster the political will to end corruption in the country.

The ex-chairman made the remark while delivering a lecture, entitled “Minimizing Corruption in Public Life” at the Annual Conference of the Nigerian Institute of Management in Abuja, yesterday.

The former ACN Presidential candidate insisted that Nigeria must take urgent but painful steps to eradicate corruption and pave the way for sustainable development and good governance like other progressive nations of the world.

Among the urgent but painful steps that must be taken, according to him, are the stoppage of subsidy in any form by the government, prevention of corrupt persons from being elected into public office and refusal to celebrate criminals as heroes on account of their wealth instead of sending them to prison.

He also suggested that cash transactions be replaced with electronic transfers for easy monitoring of cash movement, while the use of security votes being utilized by top government officials should be phased out.

Ribadu said: “Leadership at all levels should be beyond reproach to provide the needed example. There should also be the will to apply the sanctions. As I have pointed out several times, lack of will by the political leadership to prosecute the war against corruption takes us nowhere. The political leadership should be determined and it should be seen to be serious about it.

“Honesty has to be lifted to the position of a prized and rewarding national value. Criminals should not be celebrated as heroes on account of their wealth.

“All government expenditures should be budgeted. Extra-budgetary spending should be criminalised and security votes should be completely phased out.

“Transparency should be the keyword in all government businesses; from budgeting to award of contracts and even employment. Lack of transparency is the first thing that sows the seed of corruption. “Smart technology should be deployed in procurement process to give room for transparent and accountable system of doing business.

“Cash transactions should be completely abolished or minimized as much as possible. With electronic movements of cash everything could be within watch and can be tracked.”

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

Published

2 days ago

September 5, 2024

Samed Olukoya

Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

Published

3 days ago

September 4, 2024

Samed Olukoya

Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

Crude Oil

Again NNPC Raises Petrol Price to N897/litre

Published

4 days ago

September 4, 2024

Investors King

The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.