CUSTOMS: ACTING CG HITS THE GROUND RUNNING, DRIVES INNOVATIVE PROJECTS FOR ENHANCED CUSTOMS EFFICIENCY

CUSTOMS: ACTING CG HITS THE GROUND RUNNING, DRIVES INNOVATIVE PROJECTS FOR ENHANCED CUSTOMS EFFICIENCY 

By: Bisi Akingbade

With the new Acting Comptroller-General, CG, Adewale Adeniyi  the Nigeria Customs Service, NCS, is about to witness remarkable transformations by spearheading innovative projects aimed at unlocking the full potential of the service with a strong focus on collaboration, engagement with international organizations, the pursuit of cutting-edge technologies, and consolidating on previous gains, the Nigeria Customs Service is poised to redefine customs practices for the better.

In a press release signed by the Chief Superintendent of Customs

National Public Relations Officer

for Comptroller General of Customs, Abdullahi Maiwada stated that the appointment of Acting CG Adewale Adeniyi was announced on Monday, 19 June 2023, while he was attending the Policy Commission and Council meetings of the World Customs Organisation, WHO,  in Brussels, Belgium. Leveraging this global platform, the Acting CG engaged in topical discussions within the global Customs community, advocating for the exploration of AI-driven solutions, including Generative Artificial Intelligence (AI) solutions like ChatGPT and advanced geo-spatial intelligence approaches such as GEOINT. These technologies present immense potential for enhancing communication, decision-making processes, and enforcement operations within Customs. 

Additionally, the NCS has already established a GEOINT unit, leveraging geospatial data, mapping techniques, and satellite imagery to gain valuable insights for customs operations. Collaborative engagements are already underway to operationalise the use of GEOINT to enhance the efficiency of NCS enforcement operations and contribute to overall efficiency. These advancements underline the NCS's proactive approach toward embracing cutting-edge technologies.

The Acting CG further engaged in strategic discussions with partners such as the WCO, Japan International Cooperation Agency, JICA, and the Japan Customs Administration. The discussions aim to garner support for the establishment of a customs Laboratory, a significant milestone in enhancing customs operations and trade facilitation across Nigeria. 

Amidst the current landscape of evolving global trade dynamics, the NCS Laboratory will provide comprehensive solutions to address challenges such as counterfeit goods, smuggling, and non-compliant imports, thereby bolstering revenue generation and ensuring the protection of public health and safety. With its advanced analytical capabilities, the laboratory is expected to deliver precise identification, verification, and classification of goods, enabling efficient enforcement measures and informed decision-making, while fostering an environment of trust and credibility within Nigeria's trade ecosystem, marking a transformative step towards achieving seamless customs operations, trade competitiveness, and national economic growth in line with the vision of the President Tinubu Led Administration. 

Furthermore, Acting CG Adeniyi’s engagements extended to fruitful discussions with relevant experts and donors, focusing on crucial areas such as conducting a Time Release Study (TRS), implementing the Authorized Economic Operator (AEO) program, leadership, and management development. These discussions underscore his commitment to comprehensive improvements and his inclination to adopt innovative solutions across various customs domains, ultimately enhancing customs operations.

The outcome of the council meeting witnessed the election of Ian Saunders of the United States as the new Secretary General of the WCO, an important position that sets the direction for customs practices worldwide. This election highlights the significance of the council meeting and the influential role the NCS played in shaping the future of customs operations on a global scale.

Under the leadership of the Acting CG, the Nigeria Customs Service is embarking on an exciting journey towards enhanced customs efficiency. Through international collaborations, engagement with the WCO, exploration of AI-driven solutions, and strategic discussions, the NCS is pioneering innovative projects that will shape the future of customs practices in Nigeria. With a strong emphasis on technology and international partnerships, the NCS is well-positioned to make substantial advancements in customs operations, ultimately benefiting trade facilitation, security, and operational effectiveness.

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ICAN lauds subsidy removal, recommends 11-point agenda to cushion its effects

ICAN lauds subsidy removal, recommends 11-point agenda to cushion its effects

By: Bisi Akingbade

The Institute Chartered Accountants of Nigeria, ICAN, has lauded the recent removal of fuel subsidy as bold steps taken by the new government to address market distortions and block revenue leakages.

 The institute however called for action plans to reduce the burden of such economic policy decisions and limit the burden on the populace especially small businesses and vulnerable households.

 In a paper titled "Fuel Subsidy: Critical Considerations for success in Implementation" by the Registrar/Chief Executive of ICAN, Prof. Ahmed M. Kumshe FCA, the institute recommended the following Eleven-Point action plan to the federal government to cushion the effect of the fuel subsidy:

"1. Stakeholder engagement–Effective-consultation and communication with all relevant stakeholders is critical for the introduction and implementation of any major policy, as it will facilitate buy-in, broad support and ensures ease of implementation. While it would have been ideal for this to happen prior to the removal of the fuel subsidy, we acknowledge and commend the federal government for taking the necessary steps to engage and manage various stakeholders. Stakeholder engagement will build trust and ensure that the process is inclusive.

"2. Credible palliatives –The government needs to introduce credible palliatives to cushion the impact on the most vulnerable population beyond the civil service. In this regard, the government should design and implement palliatives for low-income earners especially in cities and towns where the cost of living will rise much higher. It should introduce policies that will bring down the cost of transportation and food.  Palliatives should be implemented at both the national and sub-national levels. Care should be taken to measure the cost of palliatives to be introduced to avoid re-introducing another form of subsidy. This is where chartered accountants are needed. We do not support the borrowing of $800m for palliatives when the savings from the subsidy removal can be used for this purpose, saving the country from further 

debt and rising debt service costs. For SMEs, palliative may be to put on hold, the recently introduced tax increases, while granting tax rebates and investing in infrastructure.

"3. Better accountability and transparency– Notwithstanding the full deregulation, there is still the need 

for full transparency and accountability of all activities within the oil and gas sector. A situation where the public does not know the exact daily consumption of fuel is inexcusable. All individuals and organisations that may have been involved in subsidy corruption should be investigated and punished while established proceeds of such crimes should be recovered. There should also be transparency on how fuel prices are determined in the future. The relevant regulators should therefore set in motion a framework to ensure full transparency leveraging on technology. This will also provide useful information 

for any necessary interventions by the government in the future as envisaged in the Petroleum Industry Act. Chartered Accountants are well placed to help government in all aspects of accountability and transparency in the oil and gas sector.

"4. Leadership by example – Political office holders should lead by example in making the necessary sacrifice to restore the country back to the path of fiscal buoyancy. This is necessary to show that leaders are making sacrifices too and not just the ordinary citizens being overburdened. Matters such as security votes and general cost of governance should be addressed. Government should demonstrate fiscal prudence and financial discipline rather than extravagance amid widespread poverty.

"5. Utilisation of savings–The savings from the subsidy removal and subsequent accretion to the federation account should be applied in a manner that will optimise the benefits to the people in view of their sacrifices. According to the World Bank and IMF, Nigeria spends an average of USD$23 per annum on every Nigerian on education, compared to UDS$32 in Mali, USD$88 in Ghana and USD$350 in South 

Africa. Nigeria spends even less on health (USD$15 per capita per annum). The savings should be directed at human capital and critical infrastructure. In addition, the States and Local Governments should prioritise spending on the key factors responsible for multidimensional poverty including 

provisions of primary healthcare, clean water and basic education that are accessible and affordable to the people especially in rural areas. The benefits should not be limited to demonstrable growth in GDP but extended to inclusive development, and delivery against the Sustainable Development Goals,  

SDGs.

"6. Effective regulation – While market forces are desirable for price recovery, government needs to ensure effective regulation and monitoring to prevent manipulations and market imperfections that may lead to exploitative pricing or price collusion. Regulation is also required to ensure that the desired 

quality of products is achieved whether imported or locally produced, and the maintenance of sufficient stock to guarantee uninterrupted supply.

"7. Market efficiency– The gains which are expected to accrue because of market efficiency should cascade to the people rather than for the enrichment of a few. The relevant government agencies involved in the downstream petroleum industry value-chain should aim to improve their performances not to hinder the effective operation of the sector and minimise financial burdens in the form of levies which can keep prices high. We note that the pump prices of diesel and household kerosene for instance, are relatively higher in Nigeria compared to our neighbouring countries despite the deregulated pricing and notwithstanding that many of the taxes imposed on fuel products in these 

countries are not applicable in Nigeria. This situation can therefore be attributed to market imperfections and inefficiencies within the value chain.

"8. Import regime: A large number of private refineries that were recently commissioned or licensed have not yet commenced operations, whilst government-owned refineries are undergoing rehabilitation. As we continue to import PMS before the local refining commences, the regulatory 

authorities should demonstrate transparency in the issuance of import licenses. Adequate number of 

licenses should be granted to importers with demonstrated capacity and capital. No one individual or few individuals should be granted import licenses to avoid the risk of monopoly or oligopoly. This will ensure fair pricing of PMS to consumers.

"9. Complementary policies- To attract investment into the sector at the required scale, government needs to introduce other policies to complement the fuel subsidy removal to make the sector competitive and attractive given its international nature. Policies seeking to impose higher taxes on gas operations, duties on renewable energy items amongst others should be reviewed. The border closure in respect of items where local production falls short of the nations demand should also be reconsidered. The requirements to pay certain taxes and levies in foreign currencies should be discontinued while policy formulation should be evidence-based, and data driven.

"10. Envision tomorrow– As the most populated country in Africa and with the highest GDP, Nigeria needs to provide leadership in every aspect. With the enactment of the Petroleum Industry Act (PIA) and the full deregulation of the downstream sector, government needs to develop a blueprint for Nigeria and our place within the international community and more specifically on the continent leveraging on the African Continental Free Trade Area(AfCFTA) Agreement. There should be a concrete plan for energy transition, refining for Africa, the future of the NNPC Limited and the nations refineries, unlocking gas investments to bridge the gap created in Europe due to the invasion of Ukraine by Russia.

"11. Fiscal responsibility - With the greatest burden and pressure on the country's finances taken care of, 

government must recommit to following due process and respecting the rule of law regarding budgeting, borrowing and expenditure efficiency. Legally prescribed limits as set out in the Fiscal Responsibility Act should be respected at all times. Also, the budgeting process needs to be improved as government's 

revenue increases thereby creating the fiscal space to finance development. The consequential savings from fuel subsidy removal, lower debt service cost, elimination of forex subsidy, etc., should be channeled into programmes that will benefit the people and in line with fiscal responsibility legal framework. Again, 

chartered accountants are position to lead in they accountability and transparency required here."

In its conclusion, ICAN recognizes that this is a momentous time in the nation's history and that certain difficult but necessary decisions must be made 

which may result in temporary pains to pave way for the gains of tomorrow and a desirable future for the 

next generation.

 ICAN described it as a duty for which all must not fail. It remarked that the review of President Tinubu's Policy Advisory Council Report reveals that more reforms are in store in the power sector and exchange rate management, among others. All these are laudable, ICAN said 

However, the institute through Prof. Kumshe lamented that given the trust deficit in the government that has followed years of failed promises, corruption and fiscal laxity, the efficacy of the much-needed reforms may be constrained.

"The Institute of Chartered Accountants of Nigeria stands ready and offer its support to the government in 

the effort to move our country forward", it stated finally.

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NIMASA: NOT A REVENUE GENERATING AGENCY – Dr. Ade Dosunmu, MON

NIMASA: NOT A REVENUE GENERATING AGENCY – Dr. Ade Dosunmu, MON

Dr. Ade Dosunmu, former D. G. NIMASA

... Our waters can become a destination for rickety ships and thereby becoming a dumping ground for ship wrecks and derelicts.

... emphasis of Government should be on how to strengthen NIMASA to deliver more on its technical mandates.

By: Bisi Akingbade

The former Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr, Ade Dosunmu,  MON, has advised the administration of President Bola Tinubu  on erroneous classification of NIMASA as a revenue generating agency by Presidential Policy Advisory group thereby proposing a merger of NIMASA, CUSTOMS and FIRS.

In a press statement duly signed the former Director General, NIMASA, Dr. Ade Dosunmu reads as thus "My attention has been drawn to speculation purported to have emanated from the Presidential Policy Advisory group erroneously classifying the Nigerian Maritime Administration and Safety Agency, NIMASA  as a revenue generating Agency, thereby proposing a merger of NIMASA, CUSTOMS and FIRS. It is a very serious misconception and dangerous for the future of shipping/ Maritime industry in Nigeria. 

"The Nigerian Maritime Administration and Safety Agency, NIMASA, was created in 2007 following the merger of National Maritime Authority, NMA, and Joint Maritime Labour Industrial Council,  JOMALIC, deriving its powers from Merchant Shipping Act, 2007, NIMASA Act, 2007 and Coastal and Inland shipping, cabotage Act, 2003. The Agency, is a Maritime Safety Administration responsible for regulating shipping activities in Nigeria with a view to achieving safer shipping and cleaner oceans as mandated by the International Maritime Organisation, IMO, through its various Conventions and Protocols". 

*The enabling acts give NIMASA statutory powers as specified by International Conventions and protocols for the enthronement of global best practices in ensuring safety of Navigation and prevention / control of marine pollution in the shipping industry as regulated by the International Maritime Organisation, IMO, in which Nigeria is a contracting member state. The agency also has responsibility for development of indigenous shipping capacity ".

He said that the International Maritime Organisation, IMO, is an organ of the United Nations charged with the responsibility of regulating global shipping trade with special focus on safety of Navigation and prevention of Marine pollution as contained in the United Nations Convention on the Law of The Sea, UNCLOS,  Article 194, 211, 212, of UNCLOS specifically mandates states to adopt Laws and regulations for the prevention, reduction and control of pollution of the marine environment from vessels flying their flags or of their registry. 

"The IMO has 167 Maritime Nations as members including Nigeria due to our vast Maritime Coastline. It issues conventions and protocols which all members’ state assent to, regulating global shipping trade. Such Conventions as Marine Pollution Prevention, MARPOL, and its various annexures i.e. Discharging of oily waste, Noxious substances and dangerous goods, Discharging of sewage, Garbage including plastics, Air emission, etc. Other Conventions like London Protocol on Prohibition of Dumping of Waste in the Marine Environment, International Convention on Wreck Removal (Nairobi Convention), Training and Certification of Seafarer, STCW ’95, Safety of Life At Sea, SOLAS, Conventions as Marine Pollution Prevention, MARPOL, and its various annexures i.e. Discharging of oily waste, Noxious substances and dangerous goods, Discharging of sewage, Garbage including plastics, Air emission, etc. Other Conventions like London Protocol on Prohibition of Dumping of Waste in the Marine Environment, International Convention on Wreck Removal (Nairobi Convention), Training and Certification of Seafarer STCW ’95, Safety of Life At Sea, SOLAS, Convention on Ship Recycling to Ensure Environmental Sound Practices (Hong Kong) Convention, to mention just a few. All these convention have been domesticated in Nigeria and NIMASA is the Focal Agency for implementation of the conventions through the discharge of its technical mandate which cannot be performed by any other Agency in Nigeria".

 

"NIMASA being the Safety Administration of Nigeria has counterparts in 167 Maritime Nations responsible for ensuring safer shipping and cleaner oceans through the instrumentality of the technical mandate it performs viz Port states inspection, Flag states inspection, Search and Rescue, Maritime Capacity Building, Maritime Security by ensuring our waters are safe from Piracy and Sea robbers, Prevention/Control of Marine Pollution, Administers the Training and Certification of Seafarers, STCW ’95, shipping development, coastal and inland shipping, Cabotage, and maritime labour administration. All these functions by NIMASA require technical expertise and can only be performed by a Safety Administration. The same technical functions are performed by Maritime Safety Administration of UK, MCA, US Coast Guard, Safety Administration of Greece, Finland, Cyprus and all other member countries of IMO".

"It is therefore my humble position that emphasis of Government should be on how to strengthen NIMASA to deliver more on its technical mandates and not merging it with Agencies that are not compatible with its philosophy and objectives. However, I am happy Ms Hadiza Bala Usman the former MD of the Nigerian Ports Authority has been appointed by President Tinubu as the Special Adviser Policy Coordination. Hadizawhom I know is very abreast of the Nigerian Maritime sector would be able to advise the President accordingly due to her expertise and experience in the industry. 

He stated further that "I can say the proposal in my view is like suggesting a merger of Nigerian Navy with Nigeria  Civil Defence because the later has responsibility for protecting critical National assets. For instance, technically speaking,all ships that call on Nigeria waters carry minimum of five Certificates which include Certificate on safety equipment, Certificate on radio equipment, and certificate on crewing etc. These certificates are carried by all ship calling on Ports Globally. NIMASA Surveyors, under its Port states responsibility must board these ships to ensure compliance with global requirements". 

"NIMASA also carries out flag state inspection on all ships before they are registered to determine their fitness for purpose. In this regard, the ships are subjected to preregistration survey and condition survey. All these are in line with the Safety of Life At Sea, SOLAS, Convention and STCW ‘95 Convention". 

"Again the activities of over forty (40) Floating production storage offloading, FPSO, and Floating Storage Offloading, FSO, like, Agbami, Bonga, Egina, Akpo engaging in crude oil exploration and production offshore Nigerian waters are potential polluters. It is the responsibility of NIMASA to monitor and ensure that there is no pollution of the marine environment to protect aquatic life and our Ecosystem. To do this, NIMASA must invest heavily on the procument of offshore Reception Facilities to collect and process the wastes from these platforms. All these are in line with MARPOL Convention, and the mandate requires technical know-how which NIMASA over the years has developed capacity to handle". 

"Let me quickly point out that there is no doubt that in the course of discharging her technical mandate, NIMASA generates revenue and uses part of it to prosecute its technical regulatory functions. The surplus at the end of the year is paid into the federation account in line with the target set by Ministry of Finance. However, the critical and urgent nature of some of these technical activities and the fact that they require instant response is part of the reason NIMASA is allowed to retain its funds and sometime not allowed to go through the bureaucracy of tendering e.g a vessel that is sinking or an  unexpected oil spill and pollution of the waters, or wreck that needs to be removed to ensure safety of channels for Navigation, flag state inspection, survey, regular patrol of our coastal waters and enforcement of necessary regulations". He added. 

"It is my strong view therefore that the proposed merger will be counterproductive with huge negative implications for Nigeria in the global shipping community. Our waters may be considered no longer safe for international shipping and that can affect the volume of maritime trade and eventually lead to drop in revenue. Another implication is that our waters can become a destination for rickety ships and thereby becoming a dumping ground for ship wrecks and derelicts. As at today, Nigeria is the leading maritime Nation in West and Central Africa in terms of ship  traffic and cargo. This feat was not achieved in a day. It is the cumulative effect of the reforms successive administrations introduced to strengthen the capacity of NIMASA as a Maritime Safety Administration for the country".

"As former Director General/CEO of NIMASA, Executive Director, NIMASA, Assistant General Manager, NPA,  and representative of Nigeria on the Council of International Maritime Organisation (IMO), my advise is that the Federal government under the able leadership of His Excellency President Bola Ahmed Tinubu, GCFR should consult major maritime stakeholders on issues affecting the Maritime industry for proper guidance".

"The industry is the gate way to the economy of Nigeria and also very critical to the logistics aspect of the oil and gas industry since most of the crude oil production and exploration activities take place offshore Nigerian waters. Trial and error will not work. Rather, NIMASA being the regulator should be strengthened technically. The whole idea of merger should be set aside until wider consultation with the industry stakeholders is held". 

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President Tinubu Dissolves Board of NIMASA, NPA, SHIPPERS' COUNCIL. NCAA, NAMA Others

President Tinubu Dissolves Board of NIMASA, NPA, SHIPPERS' COUNCIL. NCAA, NAMA Others

Secretary To The Government Of The Federation, SGF

President Bola Ahmed Tinubu, GCFR, has approved the immediate dissolution of the Governing Boards of all Federal Government Parastatals, Agencies, Institutions, and Government-Owned companies in the exercise of its Constitutional Powers and in the Public interest.

According to a press statement by the director information, Willie Bassey, for the Secretary to the Government of the Federation, said the dissolution does not, however, affect Boards, Commissions and Councils listed in the Third Schedule, Part 1, Section 153 (i) of the 1999 Constitution of the Federal Republic of Nigeria as amended.

In view of this development and until such a time new boards are constituted, the Chief Executive Officers of the Parastatals, Agencies, Institutions, and Government-Owned Companies are directed to refer matters requiring the attention of their Boards to the President, through the Permanent Secretaries of their respective supervisory Ministries and Offices.

Permanent Secretaries are directed, also, to route such correspondences to Mr President through the Office of the Secretary to the Government of the Federation. Consequently, all Ministries, Departments and Agencies are to ensure compliance to the provision of this directive which took effect from Friday 16th June, 2023.

Permanent Secretaries are particularly directed to inform the Chief Executive Officers of the affected Agencies under the supervision of their respective Ministries/Offices for immediate compliance

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PRESIDENT TINUBU RETIRES ALL SERVICE CHIEFS, ADVISERS, COMPTROLLER GENERAL OF CUSTOMS, APPOINTS NEW ONES

PRESIDENT TINUBU RETIRES ALL SERVICE CHIEFS, ADVISERS, COMPTROLLER GENERAL OF CUSTOMS, APPOINTS NEW ONES

... As Comptroller Wale Adeniyi becomes the Acting CG of Customs

Comptroller Adewale Adeniyi, Acting C.G

By: Bisi Akingbade

President Bola Ahmed Tinubu, GCFR,  has approved the immediate retirement of all Service Chiefs and the Inspector-General of  Police, Advisers, Comptroller-General of Customs from Service as well as their replacements with immediate effect. 

The newly appointed Officer are as follows. Mallam Nuhu Ribadu as the National Security Adviser, Maj. Gen. C.G Musa, as Chief of Defence Staff, Maj. T. A Lagbaja as Chief of Army Staff, Rear Admirral E. A Ogalla as the Chief of Naval Staff, AVM H.B Abubakar as the Chief of Air Staff.

Others are: DIG Kayode Egbetokun as the Acting Inspector-General of Police and Maj. Gen. EPA Undiandeye Chief of Defense Intelligence.

President Bola Tinubu has also approved the following appointments: Col. Adebisi Onasanya as the Brigade of Guards Commander,  Lt. Col. Moshood Abiodun Yusuf, 7 Guards Battalion, Asokoro, Abuja, Lt. Col. Auwalu Baba Inuwa, 177 Guards Battalion, Keffi, Nasarawa State, Lt. Col. Mohammed J. Abdulkarim 102 Guards Battalion, Suleja, Niger and Lt. Col. Olumide A. Akingbesote 176 Guards Battalion, Gwagwalada, Abuja

He also approved the appointments of other Military Officers in the Presidential Villa as follows: Maj.  Isa Farouk Audu 

(N/14695) Commanding Officer State House Artillery, Capt. Kazeem Olalekan Sunmonu, N/16183, Second-in-Command, State House Artillery, Maj. Kamaru Koyejo Hamzat, N/14656, Commanding Officer, State House Military Intelligence, Maj. TS Adeola, N/12860, Commanding Officer, State House Armament and Lt. A. Aminu, N/18578, Second-in- Command, State House Armament

The President has also approved the appointments of two (2) additional Special Advisers, and two (2) Senior Assistants, namely: Hadiza Bala Usman Special Adviser, Policy Coordination, Hannatu  Musa Musawa Special Adviser, Culture and Entertainment Economy, Sen. Abdullahi Abubakar Gumel Senior Special Assistant , National Assembly Matters Senate, and Hon. (Barr) Olarewaju Kunle Ibrahim  Senior Special Assistant, National Assembly Matters  (House of Representatives)

Finally, the President has approved the appointment of Adeniyi Bashir Adewale as the Ag. Comptroller General of Customs.

It is to be noted that the appointed Service Chiefs, the Inspector-General of Police and the Comptroller General of Customs are to act in their positions, pending their confirmation in accordance with the Constitution of the Federal Republic of Nigeria. 

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WORLD BANK LOAN: ICAN WANTS IT GRANTED TO FGN AND STATES  BASED ON PERFORMANCE IN ICAN ACCOUNTABILITY INDEX RANKING

    Dr. Innocent Okwuosa, President, ICAN

By: Bisi Akingbade

The World Bank has been enjoined to approve loans for the Federal and State Governments in Nigeria based on their ranking on the ICAN Accountability Index.

The President, Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Okwuosa, made this known in Abuja when he paid a courtesy call on the Country Director of the World Bank, Mr. Chubham Chaudhuri. Okwuosa who was received by the Bank’s senior financial analyst, Mr. Akin Akinyele, described the ICAN Accountability index as a public Financial Management tool initiated by ICAN to ensure that the three tiers of government embrace best practices in Public Finance Management, PFM.

According to Okwuosa, “Corruption, unaccountability and poor public financial management are systemic within the Nigerian economic system. The UN sustainable development goals cannot be achieved under this socio-economic environment”. 

The ICAN President stated that ICAN in its public interest mandate is positioned to play a vital role in the improvement of public sector financial management and accountability in Nigeria.

He added that the ICAN Accountability index has been acknowledged as having wider scope and better suited for Nigeria than similar initiatives like the Public Expenditure and Financial Accountability,  PEFA, and the States Fiscal Transparency, Accountability and Sustainability, SFTAS, Frameworks due to its scope captured in its 5 pillars, 25 indicators and 70 dimensions which is scaled across the Federal, States and Local Governments. 

According to Okwuosa, for the tiers of government to improve their performances in the ICAN-AI, it is important that financial data are made publicly available to facilitate easy computation of the Index by the Institute. 

He admonished stakeholders at the Federal, States and Local Governments to cooperate with ICAN-AI Assessors that visit Ministries, Departments and Agencies to collate relevant data, in addition to those sourced online. 

The Institute commended the entities for the positive progress in the amount of financial information provided. On average, 50% of the information required was provided across the various levels of government in the 2020 assessment, compared to only 35% and 28% average availability rates in 2019 and 2018 respectively.

 In 2021, 53% of the information required was provided across the various levels of government. This demonstrates some increased level of awareness and improved compliance with the plethora of laws and regulations in Nigeria mandating the availability of such information to stakeholders. 

The ICAN-AI has been endorsed by local and international organizations such as the Department for International Development, DFID, the World Bank, International Federation of Accountants,  IFAC, the Chartered Accountants Worldwide, CAW, the Public Expenditure and Financial Accountability, PEFA, the Pan African Federation of Accountants, BudgIT among others. 

Okwuosa, therefore solicited the World Bank’s collaboration for the Accountability Index to ensure compliance with best practice in Public Finance Management in Nigeria.

”This collaboration will ensure that the assessments remain independent of Government interference, retain its objectivity and could replace States Fiscal Transparency, Accountability and Sustainability, SFTAS, Framework through World Bank endorsement,” he concluded.

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Breaking: President Bola Tinubu Suspends EFCC Chairman Indefinitely

President Bola Tinubu Suspends EFCC Chairman Indefinitely

AbdulRasheed Bawa, EFCC CHAIRMAN

By: Bisi Akingbade

The Chairman, Economic and Financial Crimes Commission, EFCC,  AbdulRasheed Bawa has been suspended indefinitely by President Bola Ahmed Tinubu.

According to a statement by the Director, Information, SGF Office, Willie Basse, said the suspension is to allow for proper investigation into his conduct while in office.    

“This follows weighty allegations of abuse of office levelled against him.

“Mr Bawa has been directed to immediately hand over the affairs of his office to the Director, Operations in the Commission, who will oversee the affairs of the Office of the Chairman of the Commission pending the conclusion of the investigation.”

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ICAN CHARGES NEW ACCOUNTANT GENERAL ON TRANSPARENCY, ACCOUNTABILITY

ICAN CHARGES NEW ACCOUNTANT GENERAL ON TRANSPARENCY, ACCOUNTABILITY

By: Bisi Akingbade

The new Accountant-General of the Federation, Dr. Oluwatoyin Madein, FCA has been called upon to ensure Financial Stability, Transparency and Accountability in Nigeria’s financial sector.

The call was made by the Institute of Chartered Accountants of Nigeria (ICAN) when its President, Dr. Innocent Okwuosa, FCA paid the Accountant-General a courtesy call in Abuja on Tuesday.

Okwuosa noted that the position of the Accountant-General of Nigeria carries immense responsibilities, especially now that Nigeria stands at a pivotal juncture, facing a rapidly evolving economic landscape, changing regulatory frameworks coupled with endemic corruption.

 His words: “As the Accountant-General, you have the responsibility for maintaining the financial stability, transparency and accountability of the nation as a whole.” 

He however, assured her of ICAN’s continued support to her office to ensure effective management of government finances, implementing, monitoring, and evaluating the country’s budget and other fiscal management obligations. 

‘’We understand the enormity of your responsibilities and we will continue to encourage you and all our members in the public service and private sectors to adhere to the profession's ethics to succeed” he emphasised.

Okwuosa also used the opportunity to apprise the AGF of the ICAN Accountability Index (ICAN-AI), one of the Institute’s innovations to contribute to the promotion of accountability and transparency in the Federation. It is a novel and first-of-its-kind Index developed to assist the adoption of best practices in Public Financial Management (PFM) in all tiers of government.  He added that the ICAN-AI has been ratified by several national and international organizations (such as, the World Bank, the Public Expenditure and Financial Accountability (PEFA), the International Federation of Accountants (IFAC), among others) as an equitable and professional way of monitoring Public Financial Management practices. 

The Accountant- General in her response expressed her appreciation to the ICAN team for the honor.

 She said: “I acknowledge the enormity of the task and I am aware that the expectation is very high especially in relation to accountability and transparency which I believe the Institute has a lot of resources in stock to give all its members and non members to follow, the ethics of the profession is there, beckoning on us on how to handle our activities, so as not to be caught in the web, thank you for bringing this to the fore, we  cherish them and it will continue to be our watchword in the office of the Accountant- General”.

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NDIC SEEKS STAKEHOLDERS’ INPUTS TOWARDS ROBUST DIFFERENTIAL PREMIUM ASSESSMENT SYSTEM FRAMEWORK

NDIC SEEKS STAKEHOLDERS’ INPUTS TOWARDS ROBUST DIFFERENTIAL PREMIUM ASSESSMENT SYSTEM FRAMEWORK

By: Bisi Akingbade

Following the recent review of its Differential Premium Assessment System, DPAS, Framework, the Nigeria Deposit Insurance Corporation, NDIC, has sought input from critical stakeholders towards making the document more robust and all embracing.

In a release by the Director, Communication and Public Affairs Department, Bashir Alhassan Nuhu, the NDIC said the Differential Premium Assessment System Framework was reviewed to make it more risk sensitive and account for significant developments that had taken place in the Nigeria banking system since its adoption in 2008.

 NDIC stated further that the review was informed by the need to ensure that the framework conforms to the recommendations of the International Association of Deposit Insurers, IADI, and other global best practices.

The release also said now that the review is at consultation stage, it is imperative for the Corporation to solicit input from its critical stakeholders, adding that the exposure draft has been placed on the Corporation’s Website, www.ndic.gov.ng for review. 

The release urged stakeholders to forward their input, comments and recommendations to NDIC Director, Insurance and Surveillance Department on aliyuam@ndic.gov.ng  latest by 30th June 2023

The NDIC adopted the Differential Premium Assessment System, DPAS, in 2008 following the issuance of its framework in 2007 to differentiate premiums payable by Insured Financial Institutions based on their respective risk profile.  

The DPAS was aimed at introducing fairness into the premium assessment process, encouraging effective risk management practices in insured institutions and applying a risk differential approach in the deposit insurance premium assessment of insured financial institutions. 

The DPAS was also introduced to enable banks in the lower risk categories to pay relatively lower premium rates, charge banks in the higher risk categories additional premium for their extra risks, incentivise regulatory compliance and mitigate moral hazard.

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NUJ LAGOS COUNCIL, MARITIME MEDIA MOURNS RAYMOND UGOCHUKWU

NUJ LAGOS COUNCIL, MARITIME MEDIA MOURNS RAYMOND UGOCHUKWU

 LATE RAYMOND UGOCHUKWU

By: Bisi Akingbade

Nigeria Union of Journalists Lagos Council and maritime media colleagues has mourned the death of a versatile maritime journalist, Raymond Ugochukwu, whose sudden death took place today, June 1st, 2023 at his hometown in Ikeduru Local Government, Imo State. 

This was made known through a

 press release signed by the NUJ Lagos Council Chairman Mr.Adeleye Ajayi and the Secretary, Mr. Tunde Olalere.

"With heavy hearts, we mourn the death of a media giant, a versatile Unionist and a brilliant journalist, Mr Ray Ugochukwu who passed  on on Thursday".

"The death of Ray came as a big shock to the union".

"We are going to miss his courageous attributes and mentorship".

"He was also one of the pillars of the Lagos Council of NUJ and served the union meritoriously in his capacities as the Chairman, Seminar Committee; and as a Member, Committee on Milestone Recognition of Media Icons In Nigeria".

"He spent most of his lifetime in ensuring the advancement of Maritime Reporting as well as welfare of Journalists".

"He worked in several media houses".

Among his giant strides, he was a former President of the Maritime Reporters’ Association of Nigeria, MARAN,  President, Maritime Journalists Association of Nigeria, MAJAN; and a former Chairman of the Daily Times Chapel of NUJ".

"The legacies of Ray are indelible and will exist forever". the union added.

"May God grant his soul eternal rest”.

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