Business
Forensic Audit Report: ‘No Oil Money Missing’
The Nigerian National Petroleum Corporation (NNPC) has said that the report of the forensic audit carried out on its books by PricewaterhouseCoopers (PwC) did not indict it in anyway.
The Group Managing Director of the NNPC, Dr Joseph Dawha, said at a news conference in Abujaon Wednesday that the report, rather, absolved NNPC of culpability on all counts.
The managing director, who was clarifying the highlights of the PwC forensic audit report, expressed joy at the successful completion of the exercise.
He said the report had laid to rest the 15-month long controversy over the allegation of missing 49.8 billion dollars.
“The report has clearly vindicated our long held position that the alleged unremitted crude oil revenue was a farce from day one,” he said.
On the issue of the outstanding 1.48 billion dollars, he explained that the amount was the balance of the book value of the divested assets that were transferred to NNPC upstream subsidiary.
Dawha said the amount transferred to its subsidiary, the Nigerian Petroleum Development Company (NPDC), excluded taxes and royalties.
“This does not constitute indictment; rather this value is still being reconciled with the Department of Petroleum Resources (DPR).
“It is pertinent to note that the 1.48 billion dollars is not part of the alleged unremitted revenues from crude oil sales,” Dawha.
He explained that what the DPR sent to NNPC as the estimated value of the assets was 1.847 billion dollars.
He said out of this, the corporation paid over 300 million dollars as a token to indicate its commitment to acquiring the assets pending resolution and reconciliation by NNPC and DPR.
On remittances of proceeds from crude oil sales into the Federation Account from Jan.1, 2012 to July 31, 2013, he said the PwC forensic audit report was clear on this.
He stated that NNPC remitted 50.81billion dollars out of a total of 69.34billion dollars.
He added that the report acknowledged that the balance was spent on petrol and kerosene subsidy as well as the corporation’s operation costs.
He explained that both the Senate Finance Committee probe report and the PwC forensic audit report corroborated the corporation’s position on kerosene subsidy.
He said that subsidy on kerosene was still in force as the presidential directive of Oct.19, 2009 was not gazetted in line with the provisions of the Petroleum Act of 1969.
Dawha explained that though the forensic audit report recommended a review of the laws to stop NNPC from deducting its costs and expenses from crude oil sales proceeds, they were not illegal.
He, however, stated that the management of NNPC fully supported the ongoing process of reviewing the laws governing its operations.
He said the corporation had commenced internal transformation ahead of the passage of the Petroleum Industry Bill (PIB) which was currently undergoing legislative processes at the National Assembly.
He called on the media to eschew sensationalism and help disseminate the facts regarding the alleged missing money as contained in the reports of the various probes.
He urged Nigerians to shun malicious reports linking the corporation with missing or unremitted oil revenue.
He said that the various probe reports, including the latest PwC report, had clearly stated that “no oil money is missing”.
Executive Director, MCC Nigeria Ltd, Mr. Nelson Jaja (left) in a handshake with Chief Nabil Saleh (right), during the Garden City Corporate Award in Port Harcourt recently. With them is Mr. Saleh Habib. Photo: Egberi A. Sampson
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter