- Promises Synergy With ANAN
Governor Hope Uzodimma of Imo State has promised that his government will continue to partner with the Association of National Accountants of Nigeria (ANAN) in the interest of society and for the benefit of mankind.
Governor Uzodimma made the promise in his remarks at the association’s 5th Session of 2022 Mandatory Continuing Professional Development/Induction programme which took place in Owerri, the Imo State capital on Wednesday.
The theme of the three-day event – August 30 – September 1, 2022, is: ‘Contemporary Development in Public Sector Accounting on Financial Management.’
Represented by the Deputy Governor, Prof. Placid Njoku, the Governor told the Association that “accountability is the fulcrum around which the 3-R mantra of Rehabilitation, Reconstruction and Recovery of our administration revolves.”
He equally informed the audience that the distinct strides his government has recorded within a short period in office in the areas of road infrastructure, health, security, agriculture, youth empowerment, and industry among others “are a result of conscious adoption of transparency and accountability.”
He then invited ANAN to “buy in as partners in the business of government with a mission encapsulated in a multi-disciplinary emphasis in the upbringing of well-rounded, well-blended and well-honed professionals, profound in knowledge, skilful in practice and ethical in conduct.”
Governor Uzodimma seized the opportunity to draw the attention of the leadership of ANAN and other accounting bodies to the need for serious work to sustain the image they have built over the years “to avoid the fact of a select criminal-minded few, no matter their status, from destroying their efforts.”
The Governor congratulated ANAN on her programme in Owerri and hoped that the 5th Session will “inculcate in her members and the newly inducted, the spirit of thorough professionalism, work ethics and values, conduct, and above all, the attitude of patriotism and selfless service to the society.”
He expressed gladness that ANAN chose Imo State to host the programme ignoring the false orchestrations of insecurity challenges against the State.
The Governor described the choice of Imo for the 2022 MCPD as a clear demonstration of ANAN’s appreciation of the conscious efforts of his government to continue to protect the lives and property of the citizens and in creating an enabling environment for businesses to thrive in Imo State.
In his address at the occasion, the President and Chairman of the Council of ANAN, Rev. Canon (Prof.) Benjamin Chuka Osisioma noted that “ANAN is a premium brand of choice with high National and International recognition,” and that “members are imbued with high-quality professional knowledge and skills.”
He equally explained that the Mandatory Continuing Professional Development (MCPD) Programme is a statutory training that the members are required to attend, at least once a year.
He reminded his members that “as digitally-inclined professional accounting organization,” their drive is “to consistently build future-ready accountants.”
“Dynamism in accounting, business operations and the global economy makes the applications of digital technologies in accounting inevitable. Your competence and relevance are core areas you should maximally develop for continuous viability in your careers,” he said.
Prof Osisioma congratulated the newly inducted ANAN members and urged them to always ensure quality service delivery in all their engagements.
In his welcome address, the Chairman Imo State Branch and South East geo-political Zone of ANAN, Sir Chukwuma Uchehara described the theme of the lecture as apt.
His words: “At the end of the deliberations, professionals will be more armed with the nitty gritty of the job to tackle the dynamism, inherent in financial matters, including but not limited to public sector financial management and standards, revenue generation and risk management in the public and private sectors.”
He expressed gratitude to God that normalcy has returned to Imo State and thanked Governor Uzodimma for his “dexterity and pro-activeness in dealing with the hydra-headed issues of insecurity challenges.”
He also extended his gratitude to the President and Chairman of the Council for considering Imo State as a safe home for the MCPD 2022 programme.
In his vote of thanks, the Chief Executive Officer of ANAN, Dr. Kayode Olusola Fasua also congratulated the newly inducted members, the organizers of the programme, the President and Chairman of Council and the Chairman of Imo State Branch for a successful hosting.
He specifically commended the efforts of Governor Uzodimma in making Imo State safe and secure.
He remarked: “We hardly expected a safe and secure environment to successfully host this 2022 MPCD in Imo State, going by the media hype on the security situation in Imo State.”
Dr Fasua also thanked the Deputy Governor for coming to flag off the ceremony on behalf of the Governor and by so doing, encouraging ANAN on the need for professionalism.
NNPCL Was Heading Towards Liquidation Before Subsidy Removal, Says Kyari
The Group Chief Executive Officer of Nigerian National Petroleum Company ( NNPCL), Mele Kyari, has confirmed that the oil firm would have gone into liquidation at the end of June and commended President Bola Ahmed Tinubu for removing the subsidy.
He also disclosed that there are about 4, 800 illegal connections on over 5,000 kilometres of oil pipelines across the country.
This is even as the company disclosed that as a fully commercial entity now, NNPCL between July and November this year, remitted N406 billion into the Federation Account as dividend.
Kyari, who spoke during an interface with the members of the committee on Appropriations on Friday in Abuja, also spoke on the workability of 1.78 million oil production per day and $77.96 oil price benchmark for the 2024 budget.
Kyari said that the oil component of the budgetary projections are realistic and realisable despite the fact that the country presently produces average of 1.5 million barrels of oil per day.
He said: “As it is today, about 4,800 illegal connections are made on the over 5,000 oil pipelines across the country .
“The illegal connections on oil pipelines in the Niger Delta is so rampant that within 100kilometres of the affected pipelines, 300 insertions are made on them, which eventually made the pipe to be weakend to the point of not being able to hold pressure of oil pumped, let alone, delivering it to targeted destination.
“Additionally , it is abnormal to engage non – state actors to protect critical assets like oil pipeline. We have however responded abnormally and getting results, because unlike as it was in July 2022 when less than 1.2million barrels of oil were produced by day, it has been 1.5million barrels per day within the last two to three months.”
He, however, disclosed when asked if the projected oil production per day, can be jerked up to 1.8million from 1.78million , that the projections and parameters set in the proposed budget, are okay for NNPCL and realisable .
He also informed the committee members that the 1.78million barrels per day oil production for the 2024 budget, include condensate, which are 200,000 to 300,000 barrels per day .
He added that as a fully commercial entity now, NNPCL between July and November this year , remitted N406billion into the Federation Account as dividend.
The Chairman of the Committee, Senator Solomon Adeola, said Kyari has strengthened their convictions on workability of the assumptions and projections of the 2024 budgetary proposals.
CIN Holds 7th Investiture Ceremony, Annual General Meeting 9th Dec 2023
The Compliance Institute of Nigeria (CIN), Nigeria’s flagship umbrella body for all compliance professionals and practitioners in the country, will expand its membership on Saturday, December 9, 2023, with new members joining the League of Professional Compliance Officers as it holds its seventh Annual Induction ceremony in Lagos.
The physical induction ceremony will take place at Ijewere Hall, Bankers House, 19, Adeola Hopewell, Victoria Island, Lagos. The event will also be virtual broadcast via Zoom.
The Institute’s Annual General Meeting will also take place immediately following the induction ceremony.
The induction ceremony, by the institute, shall admit a new batch of Fellow Compliance Institute, Nigeria (FCIN), Associate Compliance Institute, Nigeria (ACIN), and Designate Compliance Institute, Nigeria Professional (DCP) who have passed its prescribed examinations.
Six eminent personalities within the public and private sectors in West Africa, who have contributed to the growth and development of the compliance ecosystem, will also be honoured with fellowship membership by the Institute, whilst deserving top performers in the examinations will be awarded prizes.
The hybrid event with the Keynote theme ‘‘Compliance in the Digital Era- The Role of Artificial Intelligence in Enabling an Effective Compliance Culture”, will be delivered by the GM & E, Mobile Telecommunications Nigeria, Ibe Kalu Etea as Keynote Speaker, and broadcast digitally to both virtual and physical audiences.
It will be witnessed by compliance professionals across the world including policymakers, regulators, law enforcement officers, and standard setters.
According to the Registrar, Compliance Institute, Nigeria (CIN), Mr. Ini Esau, “433 student members, who have completed the professional certification examinations of the institute in 2023, will be inducted, whilst deserving top performers in the examinations will be awarded prizes. Also expected at the ceremony are corporate titans from different sectors.’’
Compliance Officers and organizations today face an increasingly complex and evolving regulatory landscape, making compliance a critical aspect of business operations. In the digital era, artificial intelligence (AI) is emerging as a transformative force, enabling businesses to achieve a more effective and proactive approach to compliance.
The adoption of AI in compliance has the potential to revolutionize the way organisations manage compliance risks and foster a culture of ethical conduct. By leveraging AI, organisations can significantly enhance their compliance effectiveness, reduce costs, and protect their reputation. With the growth and widespread acceptance of Artificial intelligence, no doubt comes with it, its attendant risk.
This year’s thought-provoking topic, ‘‘Compliance in the Digital Era- The Role of Artificial Intelligence in Enabling an Effective Compliance Culture.’’, seeks to help Compliance professionals stay abreast of the interplay of Artificial intelligence, the associated risks and challenges to the workplace.
Reaffirming the institute’s commitment to this year’s topic, the President, of Compliance Institute, Nigeria, Pattison Boleigha, said: ‘‘The global compliance landscape is constantly evolving owing to several factors, including Artificial Intelligence, the dynamic nature of financial crimes, emerging money laundering, terrorist financing and proliferation financing (ML/TF/PF) threats, advancements in technology, and the ever-changing international standards”
Updating industry stakeholders on the progress made by the institute, the Vice President, of Compliance Institute, Nigeria, Isah Aminu Buhari, said, “The Compliance Institute, Nigeria (CIN) Charter Bill has passed its first reading on the floor of the Senate within a year.
“All necessary steps to ensure that the Bill is passed and signed into law, are being taken. The Bill, when passed will further enhance Nigeria’s efforts to address the deficiencies that led to the ‘Grey Listing’ of Nigeria by the Financial Action Task Force”
The Compliance Institute, Nigeria’s vision is to be acknowledged nationally and globally as the standard-setter for compliance practice within the financial industry in Nigeria, whilst its mission is to maintain and promote regulatory standards for the Industry by facilitating and encouraging professional development and accreditation for its members (individual and Corporate).
The Compliance Institute for Banks and Other Financial Institutions in Nigeria Ltd/GTE, also known as “Compliance Institute, Nigeria” (CIN) was registered on Thursday, 22nd January 2015 and commenced operations in 2017. The Institute was established to encourage, promote, and revive the consciousness of regulatory compliance within and outside the financial industry in the country.
The Institute seeks to create and build a body of professionals and corporate organizations from a range of industries established and recognised for integrity, professionalism, and strict adherence to regulatory and non-regulatory standards in and outside the business environment.
Obi Explains Why Multinationals Are Exiting Nigeria
Peter Obi, the Labour Party’s presidential candidate, has bemoaned the loss of another major international corporation after Procter & Gamble announced its withdrawal from Nigeria this week.
Obi lamented in a message posted on his X account that the exits of major global brands such as P&G and GlaxoSmithKline signal dwindling faith in the country’s economic prospects.
“The presence of these iconic companies signifies trust and belief in the medium to long-term socio-economic outlook of the countries where they operate,” Obi explained, adding that “their investments create jobs, spur innovation, and develop local talent.”
“In the face of the absence of the rule of law, and a conducive business environment, it will be difficult to retain such iconic companies and talk more about attracting new ones,” he said.
He noted that P&G, maker of Pampers diapers and Gillette razors, invested heavily in local operations over the past 15 years but is now selling its state-of-the-art Agbara supply chain facility.
According to him, without changes, more flagship companies will follow them out the door.
He also noted that French pharmaceutical titan Sanofi-Aventis, and Norwegian energy leader, Equinor have already divested from the Nigerian market.
The loss of such giants and their contributions to growth, jobs, and technology represents a major blow, he reiterated.
Obi urged swift government action at the federal, state, and local levels to reverse the deterioration of the business environment before even more household brands exit Africa’s largest economy.
“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors,” he emphasised.