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Elumelu Charges Youth to Imbibe Corporate Governance Principles

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The Chairman, Heirs Holdings, Mr Tony Elumelu, yesterday emphasised the need to inculcate strong corporate governance principles and practices into youths.

He said that this would help in entrenching viable, sustainable institutions.

Elumelu spoke at the 2021 Institute of Directors (IoD) Annual Directors’ Conference, with the theme: “Creating the Future: Deepening the Corporate Governance Practice through Multi-Sectoral and Multi-Generational Collaborations”.

He said that strong corporate governance systems enabled lasting businesses, while the absence destroyed institutions and led to corporate failures.

Elumelu charged young businesses and startups to adopt proper monitoring, mentoring, strong ethical standard, with focus on personal and corporate legacy to enable lasting structures.

“We must think of giving back in form of knowledge and experience if we want to see young ones rise and overtake what we have today.

“Young ones must understand that they should not cut corners and must consider long term development while the older generation must show the millennials the way to go by walking the talk and showing the example.

“Corporate governance is about structure, rules, regulations; the lack of which can destroy institutions. 

“When you hear that a large company has suddenly failed or is faced with crisis, there’s corporate governance lapses,” he said.

Elumelu said that all organisations must have strategic intent to succeed, and this would be achieved via strict adherence to corporate governance principles as the basic foundations.

“When you are a small institution, there is the tendency to overlook corporate governance, but when you do not build from there from day one, you may not be able to along the line.

“When your institution gets bigger, the principles and fundamentals are already in place to drive through to corporate success,” he said.

The business mogul tasked young companies to make the right, objective decisions, devoid of sentiments, to drive business sustainability.

He stressed that board composition, decision and diversity of start-ups and large corporates must be in alignment with company’s short, medium and long term goals to achieve success.

“You must not undermine the process but build the culture of meritocracy and accountability as we need the nomenclature of corporates to be strong and built on corporate governance principles.

“You must always consider the five constituencies of customers, shareholders, staff, regulators and person in making business decisions.

“To be continuously successful is to be driven by core values, ethics and standard practices,” he said.

Elumelu commended the IoD for continuous steps in nourishing the minds of Nigerians on sound corporate governance systems towards economic inclusiveness, growth and development. (NAN)

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Senate Gives NNPCL Three Weeks to Answer Queries Over Missing N210 trillion 

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By Eze Okechukwu, Abuja

The Senate through its Committee on Public Accounts, yesterday gave the Nigerian National Petroleum Company (NNPCL) three weeks to respond to queries raised against it in the Audit Reports of 2017 to 2023, alleging unaccountability of N210trillion.

This is as the Committee chaired by Senator Ahmed Wadada Aliyu (SDP, Nasarawa West) insisted that the amount in question was neither stolen or missing, but yet to be accounted for.

However, the three weeks window for explanations was given to the Group Chief Executive Officer of NNPCL, Engineer Bayo Ojulari after he finally honoured the senate invitation after four previous failures, with an unreserved apology which the senate accepted.

Ojulari had after his apology to the Committee, explained to its members that for satisfactory response from him on the 19 queries raised, he needed more time to dig into the technicalities and perspectives of the issues raised.

” I’m just over 100 days in office as the GCEO of NNPCL. Please I will need time to do further digging, given the perspectives I have heard now into the issues. This is coming in the midst of a huge national assignment. Your explanation has now changed my perspective about the subject matter.

” I need to understand the issues myself so I can respond appropriately. I will get a team to help me get the details properly reconciled, so we can work to provide answers to the queries. 

” In doing this, I will surely engage the external auditors and other relevant groups “, he said.

Though he requested for four weeks, the Committee granted him three weeks which according to him is enough for the response expected from NNPCL.

Explaining the nitty gritty of the queries to the NNPCL GCEO, Senator Wadada said the N210trillion unaccounted for were in two components of N103trillion liabilities and N107trillion assets which according to him must be accounted for.

“There are none out of the 18 or 19 questions we have on NNPCL from us as a Committee, neither did it come from the Executive or Judiciary. They are questions extracted from the audited financial statement of the NNPCL by the Auditor General for the period spanning 2017 to 2023.

” Also this Committee had not at any time said the N210trillion in question as far as the queries are concerned was stolen or missing. What the Committee is doing is investigation on queries raised in the report, in line with its constitutional mandate.

” Therefore , the Committee is giving NNPCL three weeks to forward written responses to it on all the 19 queries after which the GCEO will be invited along with other management staff for physical appearance and defence”, he said.

Earlier before the ruling of the Chairman, virtually all members of the Committee spoke on the seriousness of the issues at stake but expressed optimism that the GCEO will clear the air on them.

Specifically, Senator Victor Umeh ( LP, Anambra Central) said : ” We are happy to have you because we have been waiting for you. One thing that must be stated clearly is that we need transparency, and NNPCL is in possession of Nigeria’s economic prosperity”.

Senator Babangida Hussaini ( APC, Jigawa North West ) in his comments said there was need for NNPCL management team to look into the issues raised since governance is a continuum, stressing that the issues were germane and critical.

But another member of the Committee, Senator Tony Nwoye (LP, Anambra North)said ” It is very important and germane to give them ( NNPCL) fair hearing. Maybe the audited report is not correct”.

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Tor Tiv Lauds Tinubu’s Wife’s Condolence  Visit to Benue

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…..says our killers are in Nasarwa State 

From Attah Ede Makurdi 

The Paramount Ruler of the Tor Tiv nation Orcivirigh Prof James  Ayatse, has emphatically postulated that the terrorists attacking Benue innocent citizens come from Nasarwa State and after massively killing the people withdraw  back to Nasarawa State

The Begha u Tiv who disclosed this to the Nigerian First Lady at Government House Makurdi today during the condolence visit to the state described the condolence visit of the Nigerian First Lady and wife of the President Mrs Oluremi Tinubu as distinct.

He said that the first lady coming to the state after the visit of her husband following the aftermath of gruesome murder of over two hundred people at Yelewata is a demonstration of a great caring mother of the nation and a pillar of support to the President and all Nigerians.

The Tor Tiv maintained that her visit at the material time has provided additional comfort in consoling the bereaved people of Benue State stressing that the two visits by President Tinubu and his wife was a deep demonstration of their commitment towards the protection of lives and property of Nigerian citizens.

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Police Reunite 35 Rescued Kidnapped Victims with Families

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The Police Command in Niger, says it has reunited 35 rescued kidnapped victims and survivors with their families in Niger.

This is contained in a statement by its Public Relations officer, Wasiu Abiodun, on Tuesday in Minna.

According to the statement the rescued victims consist of 16 women and 19 children.

The Commissioner of Police (CP) in Niger, Adamu Elleman, represented by the DCP investigation, Ibrahim Adamu, said the victims were from Kagara, Tegina and Agwara.

According to the CP, the victims had been in custody for some period for counselling and deradicalisation processes before handed over to their Council Chairman of Rafi LGA and relatives.

He appealed to members of the public to continue to cooperate with the police by providing actionable information on criminal activities.

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