General News
Reps Seek Sanction for PwC over Missing $20Bn
House of Representatives Committee on Public Accounts has urged the incoming government of President-elect Muhammadu Buhari and regulators of the accounting profession to probe and sanction PricewaterhouseCoopers (PwC) over “unprofessional auditing” of the alleged missing $20 billion oil funds.
Solomon Adeola, is chairman, added that any amount paid to the company for the audit of the accounts of the Nigeria National Petroleum Corporation (NNPC) should be recovered by the Federal Government “because no auditing was done”.
Adeola, who spoke in Abuja with reporters on the purported release of the forensic audit report by the firm, said it was meant to mislead, deceive and to send wrong signal to the citizens.
He hailed Gen. Buhari for signaling his resolve to probe the alleged missing oil money after taking over from President Goodluck Jonathan’s government at the end of the month.
He said: “There is need for us to revisit and know the truth behind this particular issue. Where is this $20 billion? Is it really missing? This is not N20 billion; it is billions of dollars, which represent more than two years’ budget of this country in terms of funding.
“If you could remember, there was a press statement by this committee, where we requested that this all important forensic report be laid before the National Assembly, and a copy sent to this committee within a specified period of time.
“This was because we noticed there was some foul-play in that particular report as submitted by this reputable firm, the PricewaterhouseCoopers, where in that report it was adjudged that the amount of money that the NNPC ought or need to pay back was just $1.485 billion.
“Now, the PwC has said there was no report and that what they did was not a forensic audit, but just gathering of information; that a lot of documents were not released to them to carry out this exercise.
“But prior to now, all these were not brought to the notice of this country and the country has been deceived all along.
“And if a reputable firm like PricewaterhouseCoopers can go to that level, I think it’s only fair and proper for such body to be reported to the International Federation of Accounting, Association of Conference, and also to the Institute of Chartered Accountants of Nigeria; and to face disciplinary action of all these bodies by explaining their role in this $20 billion saga.”
He called on the incoming government “to henceforth suspend PricewaterhouseCoopers from carrying out any financial audit or investigation on behalf of the Federal Government or into any of its agencies with immediate effect.
“And not only that, it has collected audit fees from the Federal Government. If there was no audit carried out and if there was no report submitted, I think they should go ahead and refund back into the Federal Government coffers the amount collected in carrying out this exercise; failure which should be met with very stiff disciplinary action from the Federal Government and relevant professional bodies.”
He said for a highly rated firm like PwC to be allegedly involved in such financial saga showed that “there is more to it”.
Adeola said all audit exercises and investigations that have been carried out by PwC in the past few years should be revisited by the incoming government.
According to him, this should include the oil subsidy report tendered by PwC.
“Don’t forget during the oil subsidy issue, PricewaterhouseCoopers was engaged to carry out audit exercise. I also implore the incoming administration to carry out verification of the report submitted on the issue of the oil subsidy,” he said.
The lawmaker said his committee and the National Assembly have been vindicated in their insistence that the report was fraudulent.
“We must get to the root of this matter, and we must address this issue once and for all,” he said.
Dr. Obiageli Amadiobi, director general and chief executive officer, National Office for Technology Acquisition and Promotion (NOTAP), has advocated Franchising as a sustainable business model for the South East entrepreneurs.
Dr. Obiageli Amadiobi, DG/CEO, NOTAP
She made this call during a one-day sensitization and unveiling of the NOTAP Franchising Guidelines for south east stakeholders and entrepreneurs for a successful franchising business.
The DG who was represented at the event by Mr. Emeka Orji, head of Department Corporate Planning (CP) Department, NOTAP, said that franchising business model had globally been proven to be successfully sustainable due to low business risks associated with it.
She defines franchising as a contractual business relationship between a licensor (the franchisor) and a licensee (the franchisee) that allows the business owner to use the licensor’s brand and methods of doing business to distribute products or provide services to consumers.
She added that in essence, the franchisee pays the franchisor for the opportunity to use his established business model and brand name in running his business.
Dr. Amadiobi said the essence of the workshop was not just organised to explore the possibility of adopting franchising as a strategic platform to transform local dreams into national and global business realities.
She described the programme as an opportunity for business owners and intending entrepreneurs from the Zone to latch into the huge and untapped potentials provided by franchising business models in becoming business and brand ambassadors.
With over 800,000 franchise establishments across the globe, generating trillions in revenue, she described Franchising as a pathway to economic empowerment.
General News
FG Launches Online Citizenship, Business Management Portal to Enhance Transparency, Service Delivery
The Federal Government has launched a new Online Citizenship and Business Management Platform, in a bid to boost transparency, operational efficiency, and service delivery. The initiative, unveiled by the Ministry of Interior, is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
The platform is designed to simplify and accelerate the processing of citizenship and business-related services, allowing individuals and corporate entities to carry out transactions seamlessly from anywhere in the world.
According to a statement issued by Magdalene Ajani, Permanent Secretary of the Ministry, the digital platform represents a significant milestone in the Ministry’s ongoing reform agenda.
It noted that the new system would drastically reduce bureaucratic bottlenecks, enhance user experience, and improve turnaround time for applications. “The Ministry is committed to promoting a more efficient, transparent, and secure framework for citizenship administration.
“This digital transformation is a testament to our resolve to improve public service delivery through the use of technology”, the statement reads.
Members of the public, private organisations, and other stakeholders can now access the platform through the Ministry’s official website: https://interior.gov.ng, or directly via the portal: https://candb.interior.gov.ng. For technical support or inquiries, users can contact: candb-support@interior.gov.ng.
The Ministry emphasised that the launch of this platform is just one of several digital initiatives aimed at transforming the nation’s administrative processes and aligning them with global best practices.
Observers believe the platform could become a game-changer in reducing red tape and promoting a more investor-friendly environment in Nigeria, particularly in areas involving citizenship acquisition and business operations.
Kashifu Inuwa Abdullahi, director general of National Information Technology Development Agency (NITDA) has said that the 18 community IT centre the agency has built in the past two years are meant to be a beacon of calls and catalyst of change in those communities where they are cited.
He sated this at the commissioning/handing over of IT centre at Akesan area in Lagos. He noted that the IT centres, Innovation hubs among others are part of digital literacy programme of the agency.
“This center is designed and build to help Akesan community to be part of the digital economy, because the President is big and loud when it comes to national prosperity and inclusivity.
“Our target is to build more than 1600 across the country. We want every community every Nigerian to be part of this national prosperity and inclusivity when it comes to digital economy.
“Today, we are here to commission it, to ensure and encourage you to put it in a good use, because we call it a community center means that we want everybody to be part of it. We don’t want it to be suited in a school where the school will lock it for only students and the staff.
“That’s why we located it in the community. Schools can be part of it. Our senior citizens can be part of it. Our religious centers also can be part of it to learn.
“We want it to be a beacon of call as well as a catalyst of change in this community. We want to see more information technology gurus coming from Akesan community. So, I want to encourage you to also come with a sustainability model so that the center will be on. It is on because when you invest in this kind of infrastructure, we don’t want to be called when there are small things that we should come and fix it. That’s why we are handing it over to the community so that the community can put it in a good use. The community can find a way to make it self-sustaining,” he said.
Dr. ‘Bosun Tijani, Honourable Minister of Communications, Innovation & Digital Economy, the NITDA Community Centre in Lagos, a space that is more than just a building. It is a strategic extension of our national mission – a bridge between the Federal Government’s digital economy policies and the unmatched energy, ingenuity, and innovation that Lagos represents.
The minister who was represented by Mr. Johnson Bareyei, director, e-governmance in the ministry, added that his ministry is committed to promoting inclusivity through capacity building initiatives like the 3MTT programme.
“We are also developing the National Digital Economy & e-Governance Bill, which is a robust legislative framework that will help guide our everyday engagement online.
“Our work at the Ministry also includes Project BRIDGE, our ambitious effort to improve interconnectivity by deploying 90,000km of fibre-optic cable across Nigeria. This is a critical imperative as we work towards making Nigeria a $1trillion economy powered by innovation, infrastructure, and inclusive growth,” he said.
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