Nigeria’s rank slid down 7 points on this year’s instalment of the Global Competitiveness Ranking produced by the World Economic Forum. Nigeria ranks 127 out of 144 countries in global competitiveness, which is a composite index comprising of 12 pillars that determine the productivity of a country. These pillars include institutions, infrastructure, macroeconomic environment, health […]
A Federal High Court has temporarily frozen at least 20 accounts belonging to Sani Dangote, a brother to billionaire businessman Aliko Dangote, over his alleged failure to pay a N5.2 billion obtained from Union Bank. All cheques drawn on all of Mr. Dangote’s accounts in 20 banks are not to be honoured, the court in […]
The Nigerian Civil Aviation Authority (NCAA) has warned domestic airline operators in the country against non-payment of their staff salaries as they may lose their Air Operators Certificate (AOCs), if the practice persists. The warning may not be unconnected with speculations in some quarters that one of the startup airlines owed its workers six months […]
The Federal Government has blacklisted a contractor, Techno Electric and Engineering Company, and the firm’s directors for abandoning an electricity substation project in Ebonyi state. This decision was taken on Wednesday by the Federal Executive Council (FEC) which also approved the National Integrated Infrastructure Master Plan (NIIMP) aimed at improving Nigeria’s infrastructure outlay with $3.05 […]
The World Economic Forum on Wednesday released the 2015 Global Competitiveness Index report and Nigeria dropped to 127 of the 144 countries assessed. This thus indicated that the country fell by seven places from the 120 position it occupied last year. The development further shows that Nigeria has remained one of the poorest countries in the […]
LAGOS, SEPTEMBER 11, 2014. The Convention on Business Integrity will today hold the second instalment of the Annual Christopher Kolade Lecture on Business Integrity that commenced last year. This year, the lecture will examine the ethical foundations businesses in Nigeria need to put in place to ensure that their net effect on all their stakeholders, […]
You recent won an award from the Institute of Risk Management. Why is winning this award important to you? Thank you and I have to say it is something we are very proud of. The truth is that, any organization that wants to compete on the world’s stage must ensure that it has robust and […]
Sustenance of stakeholder value in the nation’s banking sector may remain a pipe dream unless the current rising cost of compliance breaches by banks with its attendant reputation damage is radically tackled. The Managing Director of Heritage Bank, Mr. Ifie Sekibo, said this during a goodwill message to members of the Committee of Chief Compliance […]
The Accountant-General of the Federation, Mr Jonah Niyi Otunla has called on every state government in Nigeria to ensure that they urgently comply with the provisions of the International Public Sector Accounting Standards (IPSAS) as this would soon be used as yardstick before they are granted further local or foreign loans. He gave this directive […]
Recently at the Convention of Business Integrity, we had reason to administer an electronic survey to staff and suppliers of some listed companies. The survey was a questionnaire designed to elicit the stakeholder’s assessment of the company’s integrity. Till date, we have recorded response rates of about 40 percent in case of staff and about 20% […]
INTERNATIONAL Monetary Fund (IMF) Managing Director, Christine Lagarde has been put under formal investigation by French magistrates for negligence in a political fraud affair dating from 2008 when she was finance minister. Lagarde, who this week was questioned by magistrates in Paris for a fourth time under her existing status as a witness in the […]
THE Federal Government, through the Nigerian Shippers Council (NSC), has unfolded plans to investigate the high tariff and multiple charges’ regime at the gateways, which has reduced the business-friendly profile of the ports. The Executive Secretary and Chief Executive Officer of NSC, Hassan Bello made this known yesterday, describing the high tariff saga as illegal, […]
Ministries, Departments and Agencies (MDAs) of government as well as other financial institutions have ignored the Stamp Duties Act enacted since 2004, Daily Trust learnt. The Act made it mandatory on all agencies of government, financial institutions, and other private companies to affix stamp on all receipts and documents issued at the end of any […]
Freight forwarders under the aegis of National Association of Government Approved Freight Forwarders NAGAFF, have petitioned the Federal Government over alleged excesses of the Standards Organisation SON, especially in the arrest and detention of containers genuinely examined and released from the seaports and border stations by statutorily approved government agencies to perform such functions. Continue […]
The Nigerian Stock Exchange (NSE) may pick 20 companies out of the 30 stocks that made up its NSE 30 Index to form its new premium board. The NSE 30 Index tracks the 30 most capitalised stocks at the stock market. The proposed premium board will be NSE’s exclusive board with its listing rules and […]
The Independent National Electoral Commission (INEC), charged with the responsibility of conducting elections, is pushing for code of conduct on media reportage of elections, it hopes will be ready before the 2015 general elections. The basis for the code of conduct, which it is developing in conjunction with some organisations and support from UNDP, is […]
The Nigerian Stock Exchange, NSE, has announced plans to revoke licences of Stockbroking/Dealing member firms that are inactive for six consecutive months in the capital market transactions. The exchange stated that the move was to maintain the integrity of the capital market and further protect investors in Nigeria. According to a statement from the NSE” The […]
The Lagos Chamber of Commerce and Industry (LCCI), has urged the Central Bank of Nigeria (CBN) to rethink its policy that barred certain businesses and their promoters from obtaining fresh loans from the banks. Its President, Alhaji Remi Bello, who spoke when he led executives of LCCI on a visit to Origin Group Limited in […]
The forensic audit commissioned by the federal government on the Nigerian National Petroleum Corporation (NNPC) will be concluded this month by the US-based firm, PriceWaterhouseCoopers (PwC), Daily Trust has gathered. The objective of the audit is to ascertain the true position of the accounts of the corporation and its subsidiaries after the allegation of a […]
The Central Bank of Nigeria, CBN has confirmed more than 90 per cent of the banks operating in the country have complied with its directive to install Anti-Scheming devices on their Automated Teller Machines, ATMs. The Anti-Scheming device is to help protect banks’ customer against fraud from fraudsters that uses various means. Continue Reading
