Economy

Published

12 months ago

December 23, 2023

Finance Minister Inaugurates MOFI Board, Charges Members to Deliver on Mandate

By Tony Obiechina, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Friday inaugurated the Board of Directors of the Ministry of Finance Incorporated (MOFI) with a charge to members to deliver on their mandate.

It could be recalled that President Bola Ahmed Tinubu approved membership of the Board last month.

In a speech at the ceremony, the Minister said a high performance culture, reputation, integrity as well as productivity were expected from the board members to enable them deliver on their mandate.

According to him, MOFI was set up to become a national and world class organisation amongst other holders of sovereign assets that should uphold transparency, accountability in the management of government funds, adding that the board members were carefully selected to develop MOFI in line with world class standards.

Edun said, “Their mandate as holders and husbandry of Nigerian assets is to optimize those assets and do the best they can firstly to enumerate those assets, so that we are sure of what Nigeria owns, physical and other assets that have been built up over time and also to maximize returns on those assets.

“These are what the country owns apart from what it earns from export revenue, oil revenue and other government revenues. These assets can also earn returns on investments to add to the budget and foreign exchange reserve under the care of the Ministry of Finance Incorporated (MOFI).”

While responding to a question on how to meet up with the 100 Trillion Naira target in the nation’s economy, Edun explained that the figure should be interrogated with rigorous and robust analysis to ascertain the evaluation of the assets owned by Nigeria, adding that the figures were even bigger than the current estimate.

The Minister highlighted the priority areas of MOFI to include: diversifying MOFI’s investments across different industries, sectors and assets classes as well as making the company more resilient, leveraging technology, artificial intelligence, improve portfolio monitoring, risk management, transparency, diligent oversight to maximize returns on investments.

He congratulated the new Board members and stressed the need to collaborate with other National and World funds bodies so as to function more effectively

Dr. Shamsudeen Usman, who spoke on behalf of other members appreciated President Bola Ahmed Tinubu and the Minister for the opportunity given to them to serve, noting that they were aware of the huge expectations about MOFI. “We will do our work with the greatest level of transparency, firstly the enumeration and maximization of value because we are expected to actually extract as much values from those assets as possible for Nigerians, issues of diversification and leveraging technology, diligent oversight as well as productivity. We will set up the highest level of corporate governance, so that we become an example to other companies we are managing.”

Usman, pledged their commitment to make significant contributions to the board.

in a statement by the Director of Press and Public Relations of the ministry, Stephen Kilebi, the MOFI Board of Directors include: The Chairman, Dr. Shamsudeen Usman, MD/CEO, Dr. Armstrong Takang and eight other members including Tajudeen Datti Ahmed, Femi Ogunseinde, Mrs.Oluwakemi Owonubi, Hajia Fatima Nana Mede, Ike Chioke, Ms Chantelle Abdul, Alheri Nyako and Bolaji Rafiu-Elelu.

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Economy

Investors Gain N183bn on NGX

Published

11 hours ago

December 12, 2024

Editor_01

The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.

97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

Economy

Yuan Weakens to 7.1870 Against Dollar

Published

3 days ago

December 9, 2024

Editor_01

The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

(Xinhua/NAN)

Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

Published

5 days ago

December 7, 2024

Editor_01

Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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Economy