Economy
Can Tinubu administration tame job racketeering in MDAs?
Nigeria has one of the highest unemployment rates in Africa. According to National Bureau of Statistics (NBS), Nigeria’s unemployment rate stood at 33.3 per cent in the last quarter of 2020 while the rate of unemployment among youths was even higher, 42.5 per cent.
The NBS further says that as at the time the figures were released, under-employment was 22.
8 per cent and youth unemployment was 21. 0 per cent.However, KPMG, a multi-national consulting firm, in a release predicted that Nigeria’s unemployment rate will hit 40.6 per cent in 2023.
“Although the National Bureau of Statistics recorded an increase in the national unemployment rate from 23.1per cent in 2018 to 33.
3per cent in 2020.“We estimate that this rate has increased to 37.7per cent in 2022 and will rise further to 40.6 per cent in 2023“, said KPMG in its Global Economy Outlook report for first half of 2023.
Nigeria’s unemployment figure is outrageous compared to that of Ghana which, according to a BBC report, was 13.7 per cent in the 3rd quarter of 2022.
The scarcity of job means that unemployed people can go to any length to secure a job and top officials in Ministries, Departments and Agencies (MDAs), take advantage of applicants, exploiting them both financially and morally.
In some instances, job seekers are allegedly offered phantom jobs, enrolled into and collect salaries from the centralised Federal Government salary payment platform, Integrated Payroll Personnel Information System (IPPIS).
Worried by this situation, the House of Representatives set up an Ad hoc Committee to investigate job racketeering in MDAs and so far reports from the committee’s sittings have been mind-boggling.
In one of the sessions of the committee witnesses Abdulmalik Ahmed and Ali Yaro shared their experiences of being swindled by individuals posing as intermediaries for an agency.
The two witnesses on Aug. 8 presented themselves before the committee which is also probing the mismanagement of IPPS by those in charge of its operations.
They testified how a former staff of the Federal Character Commission (FCC), Mr Haruna Kolo, who double as the IPPIS desk officer and ex-protocol person to the Commission’s chairman, Mrs Farida Dankaka, swindled unsuspecting job seekers,
He was alleged to have acted as a proxy to the chairman.
Kolo, now a staff of Asset Management Company of Nigeria (AMCON), in his submission before the committee said his movement to AMCON was facilitated by Dankaka along with three others, which he said included the FCC chairman’s 51 year old sister.
He alleged that the chairman’s sister was rejected at AMCON on account of her age, which according to him.
He claimed Dankaka blamed him for not doing enough to convince AMCON management to accept her.
On his part, Ahmed, an indigene of Adamawa, and the only graduate from the family of 21 said he was ready to part with any amount to secure a job in any Federal Government when presented with the opportunity.
He said the driver to the Federal Commissioner, representing Taraba took him to Kolo, the protocol officer to the chairman of the commission into whose account he paid N1 million for the purpose of giving him a job in the commission.
Yaro, also from Adamawa paid even higher, paying N2 million into Kolo’s account in a bid to secure the federal government job.
“I graduated 11 years ago without a job. I had the privilege of joining the dreaded Boko Haram but I wanted to be a good citizen. So, I thought it was better to pay the N2 million to secure a job than offering myself as a tool for Boko Haram“, he told the committee.
Rep. Yusuf Gagdi, the chairman of the committee said no stone would be left unturned to get justice for the victim.
A visibly angry Gagdi said it was unfortunate that one of the heads of an MDA, after obtaining waiver for recruitment, resorted to a secret recruitment.
Gagdi said MDA’s use waiver to bypass recruitment guidelines, sell jobs to the highest bidders, and engage in fraudulent activities, adding that they perpetrate job racketeering, which undermine the principles of fairness and transparency in recruitment processes.
He described the act as a deliberate effort to engage cronies and sell the slots to willing graduates, while some of highly placed official move their children from one MDAs to the other depending on how lucrative
the MDA is.
Some of the MDAs considered as lucrative includes: the Central Bank of Nigeria, Nigeria National Petroleum Company Ltd., Nigeria Communication Commission.
Meanwhile, at the investigative hearing, one of the FCC Commissioners representing Delta State , Mr Moses Anaughe’s accused the chairman of the commission of moving her children from NCC to Downstream Regulatory Commission, a subsiduary of NNPC where the pay is higher.
She did not deny the allegation.
Some FCC Commissioners such as those from Lagos, Delta, Osun, Rivers, Enugu even Dankaka’s state, Kwara, among others are up in arms against her, accusing her of selling job slots in dollars using Kolo and her sister as the receiving agents.
Account details where job seekers paid into were provided to the committee with names and beneficiaries, but Dankaka denied any wrong doing.
Swearing with the Holy Quran she said she had discharged her duties to the best of her abilities and never collected money from any applicant personally or through any proxy.
Pundits are of the opinion that if these allegations from the Ad hoc committee settings are true, the President Bola Tinubu administration has a lot to do to clean up the civil service.
They also urge that similar probes be extended to other MDAs in order to determine the extent of the rot and bring culprits to book.
Economy
Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
Economy
Investors Gain N183bn on NGX
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
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)