Economy
Diri Tasks Accountants on Proper Reporting
FROM TAYESE Mike, Yenagoa
Bayelsa State Governor, Douye Diri, has tasked accounting professionals on proper financial reporting to enhance governance and financial policies in the country.
Governor Diri gave the charge on Tuesday while declaring open the Second Session of the Mandatory Continuing Profession Development (MCPD) Programme, organized by the Association of National Accountants of Nigeria (ANAN), holding at the Ecumenical Centre, Yenagoa, in Bayelsa State.
The Governor, who spoke at the ceremony through his deputy, Lawrence Ewhrudjakpo, said there was no way government could make the right financial decisions without proper reporting and guidance by well-meaning professional accountants.
He noted that the burden was on the shoulders of the accountants, to discharge the responsibility to ensure that government and other institutions have correct and proper reporting in place.
Senator Diri pointed out that countries, states, organizations and even families had made destructive decisions as due to wrong reporting, in terms of available resources and how those resources could be utilized.
According to the Bayelsa Governor, apart from man, the other most important resource was finance, because even the Holy Bible alluded that money answers all things.
He added that for money not to be the root of all evil, then money had to be properly reported and utilized efficiently, stressing that the responsibility to do that squarely lies with the accountants.
Describing the theme and the various lecture topics of the MCPD Programme as exciting and apt, the Governor urged all the participants to make the best out of the programme, to enhance their professional skills and development in the accounting field.
He poured encomiums on the accountants in the Bayelsa Civil Service for saving the state government the burden of employing consultancy services to secure the World Bank loan in respect of Covid-19.
His words: “I want to state that the themes of your conferences have always been exciting. Your theme here and others your National President and Chairman of Council has referred to, are quite apt and contemporary.
“Proper accounting and reporting is the glory of the accountant. So once you are not able to discharge this responsibility or duty, it then means that your glory is no longer with you.
“I want to encourage you to use the opportunity of this Mandatory Continuing Professional Development programme to take the opportunities to build your capacity and competencies.
“Without positive and accurate reporting, governance would become a challenge. Countries, societies, and even families have made decisions that are very colossal as a result of wrong reporting in terms of the available resources and how those resources can be applied.
“There is no way government’s decisions will not be dislocated or disabled, if proper financial reporting is not done by you as accountants. Our reporting must not end one plus two in our balance sheets. But it must be analytical, futuristic and dynamic.
“Our financial reporting should be able to bring out all the dynamics and variables that will affect our micro and macro-economic decisions to make our economy viable.
“When we talk about resources, apart from man, the other most important resource is finance, because even the Bible acknowledges the powerfulness of money. It says money answereth all things. In any case, it also gave a proviso that the love of money is the root of all evil.”
The National President and Chairman of ANAN, Professor Benjamin Chuka Osisioma, lauded the Bayelsa State government for the steps taken so far to develop the state.
Professor Osisioma said Bayelsa reckons as a significant state in in the country because of its viable and manifest contributions to the nation’s economic, political and social development.
The President of ANAN noted that the theme of the programme, “Dynamics of Corporate Reporting and Governance” was designed to inform accountants of processes of bringing together material information about organizations’ strategies, performance, prospects and governance in a way that reflects the economic, social and environmental contexts within which they operate.
In his goodwill message, a Bayelsan who is the Registrar of ANAN University, Jos, Plateau State, Mr Faithful Paterson Kpun, commended the leadership of ANAN for being the first professional accounting body to establish a university.
According to Mr Kpun, the AAN University is primarily for interested scholars to pursue postgraduate degrees in various fields of accounting, including auditing and forensic Accounting as well as Environmental, Oil and Gas Accounting.
The Chairman of the ANAN, Bayelsa State, Mr. Tenbebelakumo Amgbare, said the MCPD Programme in the state was significant and in line with the mission of the accounting body.
He expressed the belief that at the end of the training, all the participants would return loaded with knowledge and skills needed for improved corporate governance that is essential for the development of society.
The Securities and Exchange Commission (SEC) says it is organising a compliance summit for Chief Executive Officers (CEOs) and Compliance Officers to address Financial Action Task Force (FATF) and related issues.
The Director-General of SEC, Dr Emomotimi Agama, said this in a statement made available on Saturday in Lagos.
He said that the summit, with the theme, “Navigating regulatory challenges: Aligning with changes in FATF in the era of VASPS,” would be in Lagos on Oct.
21 and Oct. 22.According to him, SEC aims to equip capital market operators with the necessary tools and knowledge to thrive in a complex regulatory environment.
Agama said that the Nigerian Capital Market Institute (NCMI), a subsidiary of SEC, would hold the summit.
He noted that the summit would ultimately foster a culture of compliance and integrity in the operations of the participants.
“The aim is to equip capital market operators with essential insights and strategies to effectively navigate the evolving regulatory landscape.
“Attendees are to gain knowledge of understanding regulatory changes, clarity on the latest updates to FATF standards and how these impact Virtual Asset Service Providers (VASPs).
“They will also learn best practices for aligning their compliance programmes with new regulations, ensuring they meet international standards that enhance compliance frameworks in their organisations,” he said.
According to him, key objectives of the summit are regulatory compliance, understanding and implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
Others, he added, would include risk management, which encompasses identify, assess and mitigate risks associated with virtual assets and operational efficiency which would lead to enhanced internal controls, governance and compliance frameworks.
The director-general mentioned that the benefits of the summit include regulatory clarity, risk reduction, enhanced governance, competitive advantage and networking opportunities.
The welcome address at the summit is expected to be presented by Ms Frana Chukwuogor, Executive Commissioner, Legal and Enforcement, SEC Nigeria.
The opening remarks and overview of the summit will be delivered by Dr Agama while Ms Hafsat Bakari, Director, Nigeria Fraud Intelligence Unit(NFIU) will present a goodwill message.
Among the speakers expected at the event are, Mr Obinna Iwuno, Chairman, Stakeholders in BlockChain Association of Nigeria (SiBAN) and Certified Cryptocurrency Compliance Specialist and Investigator, Mr Ade Bajomo.
Also, Mr Zacch Adedeji, Executive Chairman, Federal Inland Revenue Service (FIRS), President, Fintech Association in Nigeria, Mr Peter Shodipo, and the President, Committee of Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN) among others.(NAN)
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.
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