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EFCC Should Be Thorough

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Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), said it would as from June 1, 2021 begin to look into the banking industry with regard to financial crimes. Chairman of the Commission, Mr. Abdulrasheed Bawa, said this is in a bid to ensure transparency in the banks and that bankers would be declaring their assets in obedience to extant laws.
He also said that the focus on bankers is aimed at achieving financial sanity and to track illicitly acquired funds.
The EFCC can do this but even recently, the agency under the leadership of Bawa, started a move to check some former public office holders reportedly involved in money laundering, till now no news.
One wonders if the EFCC will be able to carry out such role because it has investigated and interrogated many with alleged misappropriation of public funds without results. But if it can implement what they have to do, I think it will make a change because it is through the banks that illegitimate funds are got.
The truth is that every financial transaction involving several thousands, millions, billions and trillions are not carried as cash, but moved through the banks across the country.
When an individual goes to withdraw certain amounts of money, the banker should be able to scrutinise that customer using relevant regulatory identification cards and bearing in mind that such person cannot possess such money. Even in the case of a group account, they should be interviewed to find out the source of the money.
The bankers have a big role to play when it comes to huge sums which may be claimed by a suspected fraudster. The managers should be able to detect when a particular amount of money cannot belong to a person. These, I think are the kinds of cases that give them bad names.
The bankers may be innocent of allegations and may not be collaborating with fraudsters to engage in bank fraud.
I recall a situation where an individual was asked to present a regulatory identification card in a commercial bank before she could have access to money deposited in her account. The reason for this was to really ascertain from where, who and perhaps how the money was generated.
That can be done to other accounts that have larger funds deposited in them. They should be able to know their customers through proper bank documentations. They have regulations on how much an individual should withdraw at a go.
Issues of money laundering like looted funds, as we have heard and seen, are not done through cash handling but electronically. It is expected that they raise alarm when huge amounts are discovered.
Some persons have argued whether the declaration of assets by the bankers will help in reducing financial crimes. The EFCC. as an agency saddled with such responsibility, would have done their homework before coming up with such move.
There is nothing wrong with bankers declaring their assets, after all, every public servant, from time to time, is mandated to declare to the Code of Conduct Bureau (CCB), depending on where they work.
According to Bawa, “We are going to see a very new EFCC in terms of the way we investigate, the way we prosecute, the way generally we execute our mandate. We will do our best to ensure that this country is free of economic and financial crimes.
“We understood that the tail end of every financial crime is for the criminal to have access to the funds that he or she has illegitimately gotten and we are worried about the roles of financial institutions and we have discussed, God willing, we hope that all financial institutions particularly the bankers will declare their assets as provided for by the law in accordance with the bank employees declaration of asset act,” he expressed.
There have been allegations that financial institutions and bankers help or aid fraudsters in committing financial frauds. This move by the EFCC is a step in the right direction as it will prove whether it is true or not at the end of investigations into the bankers’ financial activities.
It may not be only bankers that are allegedly involved in financial crimes. There are others who involve in illicit movement of cash. They should not focus on the banks alone.
They should look at other loopholes that may not be available to the public, because smart people may device other means of escaping with heavy amounts of money.
In fact, anybody who decides to involve in any form of financial crime should be dealt with if found guilty of the crime.
It is a good policy but to what extent it is going to work is worrisome. So many persons in the society today have declared their assets before now but we still hear and read about their unwholesome financial activities.
Some persons are smart so the EFCC and the financial institutions should also be smart to checkmate those who are associated with larger sums of money.
The EFCC should try to rekindle the hope of Nigerians through this development. I urge the financial institutions, particularly the bankers, to be wary of the kind of customers they come in contact with. A banker should be able to identify a fraudster with the amount of money either to be deposited or withdrawn from an account, even if a joint account, to avoid running into financial crimes.
A banker may be lured into problem but being smart on his or her job can solve such problem. They should be able to raise alarm when there are suspected cases of financial crimes. For me, it doesn’t matter and it is not wrong for bankers to declare their assets if they don’t have any skeleton in their cupboards. It is better, so that they will be free of accusations from different quarters. There can be innocent persons in the bank.
I am not unaware that, before now, the EFCC had made several moves to track financial crime offenders but the outcome of the exercises is yet to be made public. The exercise should be fruitful.
I think with the youthfulness of the new EFCC boss and having risen through the ranks in the Commission, there is no doubt that Nigerians’ expectations will be met.

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Nuclear Stocks Soar on Stargate AI Infrastructure Announcement

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Over the past couple of years, the nuclear energy sector has enjoyed a renaissance in the U.S. and many western countries, thanks to the global energy crisis triggered by Russia’s war in Ukraine, high power demand and nuclear’s status as a low-carbon energy source.
Uranium demand has soared, thanks to a series of policy “U-turns” with governments from Japan to Germany revising plans to phase out nuclear power.
Uranium spot prices hit an all-time high of $81.32 per pound in February, double the level 12 months prior.
According to the World Nuclear Association, demand from reactors is expected to climb 28% by 2030, and nearly double by 2040. Not surprisingly, the sector’s popular benchmark, VanEck Uranium and Nuclear ETF (NYSEARCA:NLR), recently hit an all-time high.
However, last month, nuclear energy stocks started pulling back sharply, mostly because the sector was seriously overheating. One of the biggest losers was NuScale Power Corp. (NYSE:SMR), with the stock crashing nearly 30% in a matter of weeks.
The selloff kicked off after the company disclosed an agreement with several brokerage firms in which the company may offer and sell from time to time as much as $200M in common stock.
NuScale says proceeds from the sale will be used for general corporate purposes, including operating expenses, capital expenditures, R&D costs and working capital. NuScale is a developer of modular light water reactor nuclear power plants.
Small modular nuclear reactors (SMRs) are advanced nuclear reactors with power capacities that range from 50-300 MW(e) per unit, compared to 700+ MW(e) per unit for traditional nuclear power reactors.
Thankfully, nuclear stocks are on fire again after President Donald Trump on Tuesday announced a $500 billion joint venture with Oracle Corp. (NYSE:ORCL), OpenAI, and SoftBank (OTCPK:SFTBY) to build AI infrastructure in the U.S.
The companies have pledged to commit $100 billion to start, and as much as $500 billion over the next four years toward the initiative, with Trump calling it “largest AI infrastructure project in history”.
OpenAI, ChatGPT maker, said it expects the project, called Stargate, to help support American leadership in AI, and that it could create “hundreds of thousands” of jobs in the U.S. Other tech giants including Nvidia Corp. (NASDAQ:NVDA) Microsoft (NASDAQ:MSFT)) and Arm Holdings (NASDAQ:ARM) are also expected to be technology partners in the project.
NuScale stock has rocketed 1,175% over the past 12 months; Oklo Inc. (NYSE:OKLO), which is backed by OpenAI CEO Sam Altman, has surged 299%, Vistra Corp. (NYSE:VST) has soared 386% while Centrus Energy (NYSE:LEU) has jumped 73% over the timeframe.
Meanwhile, shares of Nano Nuclear Energy (NASDAQ:NNE) have jumped 1,017% since its May 2024 IPO. The shares made further gains on Thursday after the company was awarded patents related to its designs for a modular transportable nuclear generator.
Nano Nuclear is developing ZEUS, a solid core battery reactor, and ODIN, a low-pressure salt coolant reactor.
Yet another big mover is Baltimore, Maryland-based Constellation Energy Corporation (NASDAQ:CEG), a power utility that sells natural gas, energy-related products, and sustainable solutions.
CEG shares have soared 200% over the past 52 weeks. The company owns approximately 33,094 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas, and hydroelectric assets.
The big nuclear rally kicked off last year after NuScale signed an agreement with Standard Power to supply the data center provider with SMRs. Standard Power–a developer of modular data centers–will use NuScale Power’s power solutions at two separate sites, where up to 12 SMRs (at each site) would be used to provide power for new data centers.
Suddenly, the market took note of SMRs as a viable solution for data centers struggling to keep up with surging power demands by artificial intelligence (AI) computing.
The International Energy Agency has projected that global data center electricity consumption will jump from 460 terawatt-hours in 2022 to 1,000 terawatt-hours in 2026.
The long-term outlook for the nuclear sector remains bullish, with nuclear power expected to meet surging AI demand and lower greenhouse gas emissions.
According to Goldman Sachs, escalating electricity needs from running AI data centers will generate downstream investment opportunities that will benefit utilities, renewable energy generation, and industrial sectors.
The investment bank has forecast that data center power demand will grow at 15% compound annual growth rate from 2023-2030, with data centers consuming 8% of total U.S. electricity output at the end of the forecast period compared to ~3% currently.
Analysts estimate that ~47 GW of additional power generation capacity will be required to meet the growth in U.S. data center power demand by 2030.
Last year, a total of 34  countries, including the U.S., pledged to increasingly deploy nuclear power to reduce reliance on fossil fuels.
According to the International Energy Agency’s (IEA) report Electricity 2024, nuclear power generation is forecast to reach an all-time high globally in 2025, exceeding the previous record set in 2021 as new reactors begin commercial operations in multiple markets, including China, India, South Korea, and Europe; output from France climbs and several plants in Japan are restarted.
Kimani writes for Oilprice.com
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Skill Gap And Nation Building

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A recent exposition by the Executive Director of National Board of Technical Education in Nigeria Professor Bitrus Bagagi on skill Gap in all se3ctors of the economy is revealing.
The issue of skill gap is traceable to the yawning gap in our educational system between paper qualification and capacity development in skills that are relevant to industry and general services in Nigeria.
According to professor Bitrus Bagegi in every five university graduates, there should be five technologists and in every five technologist there should be five technicians.
However, this reality has eluded Nigeria because of poor educational planning and implementation.
Nigerian educational system is still suffering from the hangover of British colonial Educational system which emphasised two basic skills of Literacy and Numeracy.
The colonial masters brought this skill regime to provide the needed manpower for their colonial administration. They wanted interpreters, court clerks, Clergy and security personnel to run their administration. These skills served their purpose of that time and the early days of our independence. However it does appear as if curriculum developers in the Nigeria Educational System are still struggling to get away with this philosophy of immediate and non- sustainable manpower needs.
When the six-three-three-four system of education in Nigeria was introduced, there was a strong vocational component to remove the system from this colonial need.
Old habits they say are difficult to die. Efforts at building vocational education centres to remove the skill gap at the lower rungs of technological development did not seem to make deep and sustainable impact in bridging skill gaps. Polytechnic Education also was created to grow middle level manpower to groom technologists that will provide industrial revolution. Sadly, polytechnics created none technological
Departments to satisfy other needs which universities and Colleges of Education should address. The Universities of Technology became the vogue in the nineteen . eighties with the establishment of Rivers State University of Science Technology in Port Harcourt. The Federal Government of Nigeria glorified it by establishing several Universities of Technology to enthrone a technological revolution. The idea in all these is to have a large army of Artisans, Technicians, Technologists and Certified Engineers.
Education Departments created vocational Department to produce teachers of these skills in technical colleges and vocational centers. Have these efforts made any sustainable and effective impact in addressing skills gap at all levels of technological enterprises.
It is sad to note that the current railway development project in Nigeria has exposed serious skill gap among the I Nigerian work force. Records indicate that five thousand welders are needed in the current construction of Rail tracks and maintenance in Nigeria but the numbers that were documented were only in their hundreds.
This is just a tip of the ice bag in the gap that exists in skill acquisition in the Nigeria conomy. Citizens of Togo and other West African Countries cross the border to Nigeria to do simple jobs of pipe fitters, plumbers and other building craftsmen.
In a country of over 180 million people, it is difficult to find good craftsmen to do simple electrical wiring in a house and good automobile craftsmen are hard to find.
Most times we find half baked technicians who end up creating more problems. Poor electrical wiring installations have often led to fire out breaks and electrocution. Car engines are easily damaged these days because of Incompetent Auto mechanics.
The problem emanates from poor training culture and get rich quick mentality. Some of these skills which are picked on the road sides can be better managed in well structured vocational training centers with the right curriculum and philosophy.
According to C. S. Lewis “Education without value is useful only to make man a more clever devil”.
Have we asked ourselves why buildings are collapsing? Lack of adequate skill is responsible. The Nigeria Polytechnics and Engineering as well as Environmental science Departments have produced more quacks than men and women with requisite skills, the rest are paper tigers. This is why there is serious reliance on
foreign skill holders in almost all the high tech enterprises in Nigeria.
Competent and well groomed craftsmen, technicians, technologies are very few.
Many quacks roam the streets with their tools of incompetence. Sadly, it is not their fault; it is a problem that starts from a flawed educational Environment. Nigeria is a
; mono cultural economy that relies so much on oil but possesses little skill value in the industry.
Foreign investors still control the bulk of man power needs. The hope lies in restructuring our educational system to produce balanced skill driven system. We must get rid of producing graduates with skills and craftsmen who are empty in capacity.

By: Bon Woke

 

 

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Checking Illegal Oil Refining

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Lately, the rate at which fire incidents resulting from illegal oil refining, popularly known “kpo fire” refining, are being reported is alarming. The fire incidents have led to several deaths and destruction of properties worth millions of naira.
It is worrisome that the sad event occurs almost on a daily basis.  No week passes without a case of kpo fire explosion being mentioned in the society. These days, it is not only in the rural areas of the creeks, it is also happening in the urban areas that are heavily populated, due to storage of either kpo fire kerosene or petrol.
Despite heavy security checks and monitoring of those involved in the act of producing adulterated petroleum products, the menace has continued unabated. The rate of loss of lives and properties due to activities of illegal refineries has continued to increase despite all the surveillance mounted in various communities by community heads, community development committees (CDCs) and local vigilante groups whose responsibility is to safeguard oil installations in their domain.
Kpo fire or illegal refining does not just occur but is carried out by humans through illegal tampering of the oil pipelines by fraudsters. It is high time we looked into it by getting the relevant authorities to create more awareness. Government at all levels and all relevant agencies involved in crude oil production and refining should, as a matter of urgency, do something as it has caused a lot of harm in most communities.
About two months ago, it was reported that residents were concerned about the activities of illegal oil refineries which led to three separate fire outbreaks in different communities in a local government area. After a fire incident that occurred in Elele community, they were worried about the activities of artisanal crude oil refinery.
As the dry season approaches, it calls for concern because a little spark can lead to serious fire outbreak. Any lives lost can never be recovered. It was alleged that a case of fire outbreak that occurred at Omerelu and led to the death of a man was as a result of kpo fire. Residents of that area also alleged that those involved in the act convey the products in the open without fear of apprehension.
Those involved should be fished out because they are humans and are visible. A situation where such illegal business will be going on within a neighbourhood, while residents keep quiet calls for concern. Even when some of the residents are aware of the activities, they are afraid of victimisation at the end of the day.
Recently, it was also reported that a motorcycle carrying illegally refined products fell and spilled its content in Ubima community. That led to the razing of some buildings and properties worth millions of naira were lost to the inferno.
Eyewitness account revealed how in Omerelu community, a fire incident was recorded when a bus carrying adulterated petroleum products ran into a truck while trying to avoid security checks. It was also gathered that three occupants of the bus lost their lives to the fire and properties were also destroyed.
One problem associated with fire incidents in the rural areas is that of contacting Fire Service operators who are usually stationed in the city. One thing is to put a call across and another is the distance which may take a long time before arrival.
About a month ago, there was fire incident around Chokocho village in Etche Local Government Area. Although Fire Service from Mile 1 in Port Harcourt was contacted and they responded but properties worth millions of naira were already destroyed before their arrival. Their effort deserves commendation, though.
We are aware of the far distance between Isaac Boro Park Flyover in Port Harcourt and Chokocho. One amazing thing about that incident was that so many people in that neighborhood never knew what happened and even those who knew could not speak out.
It was also gathered that the fire outbreak was traceable to the activities of illegal oil refinery. The artisanal refinery was said to be owned and operated by a yet-to-be identified man who fled the area before the surveillance group got information about him. In fact, the man was accused of being behind the Chokocho incident. The head of task force on illegal bunkering activities who made inquiries about it discovered that the suspect left the area with his family before their arrival.
The issue of artisanal refinery has been on the increase in this part of the country and it is important that people are aware of the activities going on in their neighborhood as that will check the excesses of those who indulge in it. People should be able to identify their neighbours with their occupations.
Imagine a situation where security agents were not aware of such incidents until the members of the illegal bunkering taskforce got informed. There are speculations that law enforcement agents are involved and assisting perpetrators in indulging. It is high time the police defended themselves so that all eyes will not be on them. Lately, the Police had been doing great jobs. In fact, their relationship with the citizenry has been very cordial and anything that will tarnish the image of the Force should be avoided.
At the end of investigation, anyone found guilty of the offence should be arrested and prosecuted to serve as deterrent to others. This is because the harm resulting from illegal oil refinery and kpo fire is alarming. Sometimes, it is either adulterated petrol or kerosene stored in the houses that go up in flames when it comes in contact with fire. Petrol as inflammatory substance is supposed to be deposited at the petrol filling stations and not in the houses.
It is common these days to see heavy and thick smoke resulting from kpo fire around creeks in the environment. The smoke, experts say is dangerous to human health. How long will ‘yet-to-be-identified persons’ continue to perpetrate evil in the society?
Some persons have argued that it is better to gather all the people doing the illegal refining since they have become local petroleum engineers. Then the government should set up refinery and sell the crude to them to refine legally without doing kpo fire that is harming the environment. At the end of the day, they distribute to their customers in a better and legal manner. I think that is a welcome development as it will save the society from the menace.
The issue of illegal refining or kpo fire should be looked into by governments and oil producing companies in Nigeria.  Surveillance by both host communities where oil installations are sited and security agencies should be intensified so as to apprehend those whose stock-in-trade is to vandalise pipelines and cause loss of lives and properties.
Local Government chairmen and their councillors should ensure that those found in the act are punished according to the law. Community heads should communicate with the rural dwellers and more awareness created on the dangers of oil bunkering.

By: Eunice Choko-Kayode

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