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Whistle-blower Policy: FG Receives 2,251 Reports on Stolen Funds, Others

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  • Whistle-blower Policy: FG Receives 2,251 Reports on Stolen Funds, Others

The Federal Government said since the whistle-blower policy commenced in December last year, 2,251 cases have been reported so far.

The Minister of Finance, Mrs. Kemi Adeosun, provided the details of the reported cases in a statement issued on Friday night by her Media Adviser, Mr. Festus Akanbi.

The minister, who said the communication includes enquiries, tips, compliments and general advice from the public, did not provide the amount so far recovered since the commencement of the policy.

A breakdown of the reports showed that 1,550 reports were made through phone calls, 412 through text messages, 195 through emails while the balance of 95 was done through the whistle-blower website.

Further breakdown showed that a total of 282 tips were provided by members of the public out of which 154 were actionable.

The tips provided by members of the public have to do with contract inflation and conversion of government assets to personal use, ghost workers, payment of unapproved funds, embezzlement of salaries of terminated personnel, improper reduction of financial penalties, and diversion of funds meant for distribution to a particular group of farmers.

There are also tips on the diversion of funds to personal commercial bank accounts to earn interest, non-remittance of pension and National Health Insurance Scheme deductions, failure to implement projects for which funds had been provided, and embezzlement of funds meant for the payment of personnel emoluments.

Similarly, there are cases of violation of Treasury Single Account regulations by keeping funds in commercial banks, violation of Value Added Tax regulation by adjusting VAT payment, non-procurement of equipment required for aviation safety, money laundering and diversion of funds meant for approved projects.

Others are illegal sale of government assets, diversion of Independent Generated Revenue, financial misappropriations, concealed bailout, mismanagement of Micro Finance Banks and illegal recruitments.

The Minister of Information and Culture, Lai Mohammed, had last month stated that through the whistle-blower policy, the Federal Government had recovered $151m and N8bn looted funds.

He said the looted funds were recovered from just three sources who gave actionable information to the Office of the Minister of Justice and Attorney-General of the Federation.

He said, “When we told Nigerians that there was a primitive and mindless looting of the national treasury under the last administration, some people called us liars.

“The whistle-blower policy is barely two months old and Nigerians have started feeling the impact, seeing how people squirrelled away public funds. Whatever has been recovered so far is just a tip of the iceberg.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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