News
CAC Blocks Suspected New Companies Registration Applications
Corporate Affairs Commission (CAC) said it has blocked many suspected fraudulent applications aimed at registering new companies similar to existing ones by some Nigerians trying to take over lands that belong to others.
Alhaji Garba Abubakar, registrar general of CAC, who stated this at a Customers’/Stakeholders Forum held in Lagos Island, said the measure was to further boost the present administration’s fight against corruption.
Abubakar who stated that recently the Commission had been recording a high incidence of applications with names that were closely similar to existing names, stressed that the Commission would continue to remain vigilant to ensure that fraudsters don’t take over other person’s land (s).
He further stated that the Commission had upon the commencement of the implementation of CAMA, 2020 invoked the provision of the Data Privacy and Protection Act to eliminate incidences of presenting cloned signatures to the CAC for registration purposes.
The Registrar General who explained further that in view of the provision and other relevant provisions, the Commission discontinued the issuance of certified true copies of some documents, adding that certified extracts had replaced CTCs in accordance with provisions of the law.
He lamented that in spite of the provisions of the Data Privacy and Protection Act, some Customers were yet to accept the new arrangement which was invoked to amongst others, check fraud and fraud-related activities in line with provisions of the law.
While speaking further on the ongoing reform initiatives, the Registrar General said the Commission was reviewing its checklist for some services and assured that next year, the CAC would deploy a Customer Relationship Management (CRM) system with a view to resolving customer challenges in real-time.
He used the forum to caution accredited agents against sharing with others access to their CAC Portals to guard against fraud and revealed that the Commission had completed work on the Insolvency framework and will soon expose the regulation to the public via its website.
Abubakar noted with delight the support and cooperation of stakeholders particularly the Nigerian Bar Association Section on Business Law (NBA-SBL) and enjoined Customers to continue to cooperate with the Commission as it continues to improve on its operations to deliver better services in accordance with global best practices.
In a goodwill message, , Dr Adeoye Adefulu, vice chairman of the NBA-SBL, applauded the commission’s resolve to organize the forum and urged it to sustain the tempo.
Adefulu emphasised the need for the Commission to ensure regular and continuous engagement with stakeholders as well as enhance its communication strategy for the benefit of both parties.
Speakers at the interactive session include Amb. Ayoola Olukanni, director general Nigerian Association of Chambers of Commerce, Mines and Agriculture (NACCIMA); and Monturayo Elegberum from Manufacturers Association of Nigeria (MAN).
Others are Ilori Saburi Daniel from Association of National Accountants (ANAN) and Seun Olaseni of Institute of Chartered Accountants of Nigeria (ANAN) Lagos and District.
News
Corruption: ICPC Threatens Sanctions as 330 MDAs Fail Financial, Governance Tests
Independent Corrupt Practices and Other Related Offenses Commission (ICPC), has revealed that none of the Ministries, Departments, and Agencies (MDAs), in the country complied fully with ethical standards, policies, and anti-corruption measures in the passing year.
This was following the findings from the Commission’s Ethics and Integrity Compliance Scorecard (EICS) for the MDAs.
The Commission warned that henceforth, non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives.
According to the EICS scorecard released on Thursday in Abuja by Demola Bakare, ICPC spokesperson, no MDA out of 330 MDAs that were assessed through physical deployment by ICPC teams achieved full compliance.
The EICS serves as a preventive tool used to assess and enhance the compliance of MDAs with ethical standards, policies, and anti-corruption measures.
Findings from the report indicated that no MDA achieved full compliance, while 29.55 per cent of MDAs captured attained substantial compliance, and 51.62 per cent had partial compliance.
The report also observed that 15.91 per cent showed poor compliance, while 292 per cent were non-compliant.
According to the report, common gaps included a lack of whistle-blower policies, strategic plans, and effective stock verification units, adding that many MDAs failed to conduct any forms of system studies or render financial and audit reports.
Commenting on the report, Bakare noted: “This year, 2024, the tool covered 323 responsive MDAs, with 15 MDAs non-responsive and categorised as high corruption risk.
“It is imperative to inform you that this initiative has yielded some positive and value-driven impacts, and these are, but not limited to, increased awareness and compliance with anti-corruption measures, enhanced competition among MDAs to meet criteria, and improved procurement processes and data reliability.
“The Commission recognises the MDAs with substantial compliance and will continue deploying these tools to promote integrity and accountability.
“Non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives. We are certain that these efforts will continue to underline ICPC’s dedication to enhancing good governance and preventing corruption.”
News
Dangote Refinery Denies Liquidity Challenges, Dismisses NNPCL’s $1Bn Loan Claim
Dangote Petroleum Refinery and Petrochemicals (DPRP) has dismissed claims that the Nigerian National Petroleum Company Limited (NNPCL) used a $1 billion loan secured through a crude forward sale agreement to support the refinery during a liquidity crisis.
In a statement on Wednesday, Anthony Chiejina, company’s chief branding and communications officer, said the NNPCL’s stance was a distortion of the facts.
“We would like to clarify that this is a misrepresentation of the situation as $1bn is just about 5% of the investment that went into building the Dangote Refinery,” Chiejina said.
Chiejina stated that the refinery’s decision to enter into a partnership with the NNPCL was based on the recognition of “their strategic position in the industry as the largest offtaker of Nigerian crude” and at the time, the sole supplier of petrol into Nigeria.
“We agreed on the sale of a 20% stake at a value of $2.76 billion. Of this, we agreed that they will only pay $1 billion while the balance will be recovered over a period of 5 years through deductions on crude oil that they supply to us and from dividends due to them,” Chiejina said.
“If we were struggling with liquidity challenges we wouldn’t have given them such generous payment terms. As at 2021 when the agreement was signed, the refinery was at the pre-commission stage.”
According to the statement, the agreement would have been cash-based rather than credit-driven if the refinery struggled with liquidity issues.
The refinery’s spokesman said the NNPCL was subsequently unable to supply the agreed 300,000 barrels a day of crude (bpd).
He stated that the shortfall was because the NNPPC “had committed a greater part of their crude cargoes to financiers with the expectation of higher production which they were unable to achieve”.
“We subsequently gave them a 12-month period for them to pay cash for the balance of their equity given their inability to supply the agreed crude oil volume,” he said.
“NNPCL failed to meet this deadline which expired on June 30th 2024. As a result, their equity share was revised down to 7.24%. These events have been widely reported by both parties,” he said.
News
9mobile Addresses Recent Service Outages, Apologizes for Inconvenience
9mobile has apologized for the recent service outages experienced by its valued customers which has affected their ability to provide voice, data, internet services. “We understand the frustration these disruptions have caused and deeply regret the inconvenience.
“Our technical team has identified the root causes of the outages including a fire incident at our Main Data Centre in Lagos last night which severely impacted services especially in the Lagos and South-West. We are grateful for the swift intervention of the Lagos State Fire Service, which helped prevent further damage.
“Prior to the fire incident, our network experienced major fibre interruptions leading to varying degrees of outages. We had a fibre cut on the backbone links in Lagos which led to a total data outage across the country.
“This was followed closely by two vandalism incidents in Lagos and Abuja, leading to total service outage in South-West and data service outage in the North. Services have now been fully restored in the North & South-South States while restorations work is ongoing in others. We expect to fully restore services as soon as possible”
At 9mobile, customer satisfaction is remains top priority. “We value the trust you place in us and appreciate your patience and understanding during this challenging time. Customers who continue to experience issues can reach out to our customer service team via our social media touchpoints or our experience centres”.
Once again, we sincerely apologize for the disruption and thank you for your continued support.
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