Business
NPA Debunks Non-Remmitance Of N713bn
Traffic on Apapa road following an early morning rainfall in Lagos last Friday. Photo: NAN
The management of the Nigerian Ports Authority (NPA) has reached to recent press publications alleging the failure of the Authority to remit the sum of over 713 Billion Naira into the federation Account since 2009.
The Committee on Public Finance of the on-going National conference made this known in a report submitted to the conference.
According to the report, the Non-remittance of the Authority’s revenue to the Federation Account is in contravention of section 162 of the 1999 Constitution.
“Ordinarily the Management would not have reacted to this mis-information and wrong insinuation, but considering the mis-perception it may cause amongst the wider public, we are constrained to put the records straight under the following points”, the statement said.
In a statement signed by the Assistant Manager Public Affairs, Mr. Iliya Musa and made available to The Tide in Lagos said, the Nigerian Ports Authority was established by the Nigerian Ports Authority Act, Cap N126 LFN, 2004, and has power to construct, equip, operate and provide seaport services to the general public.
According to him, the Authority is to be the commercial arm of the Government which has to operate almost like any other business and make profit before remitting its operating surplus to the Government, being the owner. This is net of all cost of undertaking operations, including development, maintenance of facilities, purchase of equipment and administrative expenses.
“In pursuance of the above, the Authority was given financial autonomy under section 13-14 of the Ports Act to apply its revenue towards carrying out the operations, development of ports, purchasing of equipment before remitting the surplus to government.”
Mr Musa said Section 14 (1) of the Ports Act allows the Authority to maintain a general reserve fund into which, it sets aside appropriate amounts for replacement, contingencies and other purposes. The monies are to be applied for purposes of the Authority with the approval of the Minster as provided under section 14(2). However, with the coming into force of the constitution of the Federal Republic of Nigeria, the appropriations in respect of the Authority are approved by the National Assembly by virtue of section 81 of the constitution.
Section 15 allows the Authority to apply its surplus revenues for its own purposes as it may determine, adding that with the coming into effect of the 1999 constitution, the surplus revenues of the Authority were made subject to the consolidated revenue fund established under section 81(1) of the constitution stressing that this supersedes section 15 of the ports Act in order to bring it in line with the constitution.
“For the avoidance of doubt, the Authority prepares annual reports not later than six months after the end of each year and submits to the Minister. It is only then that revenue surpluses are determined for remittance under the Fiscal responsibility Act when all costs as appropriated for it by the National Assembly must have been settled.
Because of the peculiarity of the industry, the requirement to pay all revenues directly to the Federation Account is not practicable as at the point of collection from third parties, the monies are not yet revenues of the Authority until the service and all associated costs are covered.
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