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Auditor-General inaugurates forensic lab, pledges improved auditing

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Auditor-General inaugurates forensic lab, pledges improved auditing

The Auditor-General of the Federation (AuGF), Mr Adolphus Aghughu,  has assured that public accounting will experience improved auditing with the effective deployment of forensic auditing techniques.

Aghughu gave the assurance in Abuja on Monday while inaugurating a newly-equipped forensic laboratory and presentation of certificates to 21 newly-trained forensic auditors.

He said that forensic auditing, when effectively deployed, could be used to gather evidence that could help in diligent prosecution of corruption cases in the courts.

The auditor-general gave an assurance that the trained and certified forensic auditors would be immediately deployed to the field to carry out forensic audits in Ministries, Departments and Agencies (MDAs).

He said that his office would ensure that the newly-trained forensic auditors were effectively deployed to improve the public accounting system.

“We are not just having a forensic laboratory, we have trained 21 forensic auditors that will be on the field in the next one week to carry out a minimum five forensic audits.

“For public accounting, forensic auditing is unique because, when you want an answer with evidence that could be used for prosecution in court, forensic auditing is integral, ” he said.

Aghughu urged the forensic auditors to work with zeal and determination to create a difference, saying that the country needed auditors to wake up and be more effective in their mandate.

Earlier, Dr Jimson Olufuye, Information and Communication Technology (ICT) Consultant in the Office of the Auditor-General (OAuGF), commended Aghughu for delivering the laboratory and providing support for the training of the initial 21 forensic auditors.

Olufuye also commended the Centre for Democracy and Development (CDD) for partnering with the Auditor-General’s office for the training.

Prof. Peter Olayiwola, Facilitator of the training, gave an assurance that the new forensic auditors from the auditor-general’s office had been trained to carry out auditing systems that would ensure probity and accountability.

“All the 21 participants that were trained can expertly examine, question documents and carry out handwriting analysis, ” he said.

NAN

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Economy

NEXIM Bank urges FG to boost regional trade

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By Gistflash

June 16, 2021T

he Nigerian Export-Import Bank (NEXIM Bank) has advised the Federal Government to make effort to boost Nigeria’s trade in the ECOWAS and African continent.

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Mr Abba Bello, Managing Director, NEXIM Bank, gave the advice  in Abuja on Wednesday, at the ongoing Nigeria @ 60 Exhibition of Made in Nigeria Products and  Cultural Display.

The News Agency of Nigeria (NAN) reports that the exhibition was organised by the Inter-Ministerial Committee on Nigeria @ 60, in collaboration with Business Visa and Trainings Co. Ltd.

According to Bello, Nigeria’s regional trade is low at less than 12 per cent and 15 per cent for ECOWAS and the African continent, respectively.

This is in spite of Nigeria’s ranking as the biggest economy in Africa with a GDP of about $477 billion and contributing over 60 per cent of ECOWAS GDP.

Bello, while speaking on “the Fundamentals of Branding and Financing Made in Nigeria Products for Export’’ highlighted key issues that must be addressed for the country to increase export and boost regional trade.

He said  that Nigeria had the best chance to promote rapid industrialisation and boost manufactured exports in the regional market, where it had comparative advantage.

On developing Services Export, he noted that services contributed over 50 per cent of Nigeria’s GDP, yet the country did not have significant footprint in services export.

He said that this needed to be addressed.

“Currently, Nigeria’s Nollywood industry is ranked among the most prolific in the world.

“Empirical evidence also indicates that Nigeria can compete favourably in such areas as ICT and other professional services,’’ he said.

Bello said that Branding for Export was important to export, as it could affect product perception, which may create customer loyalty or lead to product rejection, as the case may be.

“It has been said that poor branding is one of the reasons why Nigerian products, particularly value-added products, have not performed optimally in the international market.

“An exporter should therefore see himself/herself as an ambassador, as his activities/products will not only impact his brand, but could impact the bigger brand, that is, the image of our country Nigeria.

“Product Packaging and Labeling as well as availability of well-equipped testing labs are quite critical to ensuing product quality, which impact on the exporter and Nigeria’s brand.

“Equally important is the activities of regulatory agencies like the Standards Organisation of Nigeria (SON), National Agency for Food and Drug Administration and Control (NAFDAC), and the Nigerian Agricultural Quarantine Services,’’ he said.

According to Bello, the dearth of quality labs/ quality packaging provides investment opportunities for entrepreneurs, while helping to promote export.

He said that Nigeria’s export, currently dominated by raw/semi-processed, mainly agricultural commodities, usually attracts low export prices.

“There is a need to increasingly add value to our products to boost export revenues and create more jobs,’’ Bello said.

He said it was instructive to enhance credit flow to the non-oil export sector, especially with regard to supporting capital investments in productive assets.

This, according to him, is necessary toward realisation of the key objectives of economic diversification.

NAN

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Economy

MTNN lifts trading on NGX by 0.15%

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By Gistflash

June 16, 2021

Trading activities on the Nigerian Exchange rebounded on Wednesday with a gain of 0.15 per cent due to interest in MTN Nigeria Communications (MTNN).

Specifically, the All-Share Index increased by 57.41points or 0.15 per cent to close at 38,564.70 from 38,507.29 achieved on Tuesday.

Consequently, the month-to-date return increased to 0.3 per cent, while the year-to-date loss moderated to 4.2 per cent.

Similarly, the market capitalisation rose by N30 billion or 0.15 per cent to close at N20.099 trillion against N20.069 trillion posted on Tuesday.

The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are: Seplat, MTNN, Africa Prudential, Unilever and United Bank for Africa.

As measured by market breadth, market sentiment turned positive with 27 gainers against 21 losers.

Cornerstone Insurance dominated the gainers’ chart in percentage terms with 10 per cent to close at 55k per share.

Morison Industries followed with 9.68 per cent to close at N1.36 and Learn Africa rose by 6.52 per cent to close at 98k per share.

Africa Prudential appreciated by 5.79 per cent to close at N6.40, while Courteville Business Solutions garnered five per cent to close at 21k per share.

On the other hand, Abbey Mortgage Bank led the laggards’ chart in percentage terms with 9.52 per cent to close at 95k per share.

Consolidated Hallmark Insurance trailed with 9.46 per cent to close at 67k, while CWG shed 7.26 per cent to close at N1.15 per share.

Wapic Insurance dropped 7.02 per cent to close at 53k, while Regency Alliance Insurance depreciated by 6.25 per cent to close at 45k per share.

Also, the total volume of shares traded increased by 1.81 per cent to 302.72 million shares valued at N2.81 billion exchanged in 4,387 deals.

This was in contrast with 297.35 million shares worth N3.65 billion transacted in 4,402 deals on Tuesday.

Transactions in the shares of Sterling Bank topped the activity chart with 37.47 million shares valued at N57.83 million.

Ecobank Transnational Incorporated followed with 27.39 million shares worth N142.47 million, while Wema Bank traded 27.15 million shares valued at N15.002 million.

Guaranty Trust Bank sold 26.49 million shares worth N745.34 million, while Japaul Gold and Ventures transacted 22.14 million shares valued at N11.04 million.

NAN

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Economy

NGX market indices up 0.10% in bullish trading

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By Gistflash

June 10, 2021

The bullish run in the local bourse persisted on Thursday with the key market indicators increasing further by 0.10 per cent.

Consequently, the All-Share Index advanced by 39.15 points or 0.10 per cent to close at 39,210.10 from 39,170.95 recorded on Wednesday.

Accordingly, month-to-date gain increased to 2.0 per cent, while year-to-date loss moderated to 2.6 per cent.

The market capitalisation gained N21 billion to close at N20.437 trillion, in contrast with N20.416 trillion on Wednesday.

The market upturn was driven by price appreciation in large and medium capitalised stocks, amongst which are Unilever Nigeria, PZ Cussons, Vitafoam, Dangote Sugar Refinery and May and Baker.

The market breadth closed positive with 19 gainers against 15 laggards.

Linkage Assurance recorded the highest price to lead the gainers’ chart in percentage terms with 9.09 per cent to close at 60k per share.

PZ Cussons followed with 7.46 per cent to close at N6 per share.

May and Baker and Chams rose by five per cent each to close at N4.20 and 21k per share, respectively.

Unilever gained 4.96 per cent to close at N12.70 per share.

On the other hand, Computer Warehouse Group led the losers’ chart in percentage terms by 9.60 per cent to close at N1.13 per share.

Consolidated Hallmark Insurance followed with 8.97 per cent to close at 71k, while Associated Bus Company lost 7.50 per cent to close at 37k per share.

Wapic Insurance dipped 6.78 per cent to close at 55k, while Mutual Benefit Assurance shed 6.52 per cent each to close at 43k per share.

However, the total volume of trades decreased by 12.8 per cent to 158.37 million shares valued at N2.24 billion exchanged in 3,330 deals.

It was against a turnover of 181.53 million shares worth N3.96 billion achieved in 3,217 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with 27.32 million shares valued at N629.22 million.

Sterling Bank followed with 22.02 million shares worth N35.09 million, while United Bank for Africa traded 21.69 million shares valued at N154.24 million.

Transcorp sold 9.15 million shares worth N8.15 million, while Chams transacted 8.32 million shares worth N1.68 million.

NAN

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