Business
Experts Demand Full Disclosure Of Alleged Missing N30trn
Economic and financial
experts have called on the Federal Government to fully account for the N30 trillion alleged by a former Governor of the Central Bank of Nigeria (CBN), Prof Chukwuma Soludo to have been stolen under the supervision of the Minister of Finance, Dr Nogozi Okonjo-Iweala.
The experts said the exchanges between Soludo and Okonju-Iweala had brought to the fore the lack of transparency in the management of the economy.
Soludo had in his response to Okonjo-Iweala rebuttal of his earlier criticism of the management of the economy under the administration of President Goodluck Jonathan alleged that over N30 trillion had been stolen or lost or unaccounted for or simply mismanaged under the supervision of the finance minister.
He alleged that about $60 billion was stolen in four years as a result of oil theft, adding that this was at a time of the cessation of crisis in the Niger Delta and the implementation of the amnesty programme by the federal government.
Soludo has in the statement asked the minister to tell Nigerians how much the amnesty programme cost and also the annual cost of protecting the pipelines and ensuring the security of oil wells.
The former CBN governor said the country’s exchange reserves should have been at least $90 billion by now and not the current $30 billion, adding that gross mismanagement had denied the country some $60 billion or another N12.6 trillion.
A Professor of Political Economy and management expert, Pat Utomi in a telephone interview with The Tide source said it was important to provide full accounting to the Nigerian people because that was the essence of stewardship.
“You need to give an account and the accounting needs to be as complete as possible.
“The bottom line is that we have not been very prudent in the use of public resources and there is no dispute about that” he said.
Utomi, who described the level of stealing in the country as “mindless” stressed the need to put in place systems to prevent such leakages.
According to him, the executive arm of government has done a lot of disservice to Nigerians even as he said the legislative arm has been worse.
“The amount of money we spend on our legislature is scandalous. It is they who should make laws that make it impossible for the kind of profligacy that has taken place in the executive branch to continue” he said.
A Professor of Economics, Olabisi Onabanjo, University, Ago-Iwoye Ogun State, Sheriffdean Tella said “If we have not lost money through corruption, the foreign reserves should be higher than what it is currently and would have gone along way to cushion the effect of falling oil prices.
He called on economic manager to be transparent, while describing their polices as “voodoo” economics.
The Director, Centre for Petroleum, Energy Economics and Law, University of Ibadan, Prof Adeola Adenikinju said the exchange between former CBN governor and the finance minister showed that there were a lot of questions around the way the federal government had been managing the country’s resources.
General Manager, Rivers State Newspaper Corporation, Mr Celestine Ogolo (middle), addressing staff of the corporation, during the 2015 Dedication Service of the corporation in Port Harcourt, yesterday. With him are Pastor Nimah Simon Neebari (right) and Director, Publications, Mrs Juliet Njiowhor. 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