Business
MDAs mismanage N105.66bn, says Auditor-General report
The office of the Auditor-General for the Federation (AuGF) has noted some irregularities in the accounts of ministries, departments and agencies (MDAs) of government through disbursement and utilisation of public funds.
The AuGF said transparency and accountability in government financial management systems were important, particularly given the country’s dwindling revenues as well as the impact on annual budget.
The auditor general, in the latest annual report on the financial conduct of public institutions, on its website, lamented that a total sum of N105.66 billion had been expended by the MDAs in breach of extant rules and regulations.
The development came amidst reforms undertaken by the Buhari administration to instill sanity in the public procurement and finance system.
The report stated that N18.36 billion had been awarded for contracts with disregard to the Public Procurement Act.
The AuGF also expressed concern over the persisted inherent weaknesses in the system despite his previous recommendations to the Minister of Finance, Budget and National Planning as well as the Accountant General of the Federation for prompt actions.
The latest audit assessment stressed the need for authorities to enforce strict compliance with legislations, rules and regulations across all MDAs.
It said the Public Accounts Committees of both chambers of the National Assembly should look deeply into the issues raised in the report and ensure the reports and resolutions of the legislature on these matters are forwarded to the executive for implementation.
It added that clear sanctions should also be imposed on erring officers going forward.
The audit revealed that revenue amounting to N54.69 billion was not remitted to government coffers by agencies.
It stated that while 18 revenue-generating agencies failed in their statutory obligations of remitting revenue generated to the Consolidated Revenue Fund (CRF), 17 other MDAs failed to either deduct or remit deductions by way of Value Added Tax (VAT), Withholding Tax (WHT), Pay As You Earn (PAYE) and Stamp Duties.
The audit, among other things, found that 72 payments, amounting to N23.48 billion, were made by 43 MDAs in violation of extant rules.
It stated that irregularities and failure to comply with regulations in the spending of public funds could result in the misapplication or misappropriation of funds.
Moreover, 25 MDAs awarded 52 contracts totaling N18.36 billion, in violation of the Public Procurement Act, 2007, the audit added.
The AuGF said, “The violation ranges from disregard to due process, irregularity in payment for contracts, excessive pricing of procurements, payment for services not rendered, payment in full for uncompleted projects and other similar infractions.”
It also warned that a breach of the Procurement Act and other weaknesses in procurement processes could be deliberate means to siphon public funds.
It said while the amounts involved in the infractions should be recovered into government coffers, sanctions in sections of the Procurement Act should apply against erring officers.
It added that erring MDAs should be denied budget appropriations as well as the affected accounting officers being surcharged.
Some of the agencies indicted by the audit report for breaching due process, financial mismanagement, and non-compliance with financial regulations, among others, are the National Agency for Food and Drugs Administration (NAFDAC), Federal Ministry of Finance, National Identity Management Commission (NIMC), the Bank of Industry (BoI), Financial Reporting Council of Nigeria (FRCN) and the Nigerian Social Insurance Trust Fund (NSITF).
Others are the Nigerian Maritime Administration and Safety Agency (NIMASA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Petroleum Products Pricing Regulatory Agency (PPPRA) and the Federal Ministry of Works and Housing.
Business
After Multichoice lost 243k subscribers, More customers threaten to leave
After Multichoice lost 243k subscribers, More customers threaten to leave
Multichoice Group, an African pay-TV operator, on Tuesday, announced that its Nigerian subsidiary lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services between April and September 2024.
The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024.
MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect.
In its financial report for March 2024, MultiChoice had earlier reported an 18% subscriber loss in Nigeria.
The company further reported a 566,000-subscriber loss in the Rest of Africa (RoA) operations over the past six months, with Zambia and Nigeria contributing the largest shares to this decline.
“The group’s linear subscriber base declined by 11% or 1.8m subscribers YoY to 14.9m active subscribers at 30 September 2024.
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“The loss in the Rest of Africa has been primarily due to the significant consumer pressure in Nigeria, where inflation has remained above 30% for the majority of the last 12 months and, more recently, due to extreme power disruptions in Zambia.
“Of this decline, 298k related to Zambia and 243k related to Nigeria, with remaining markets on the continent reflecting only a minor decline of 25k,” It said.
Meanwhile more customers in Nigeria have threatened to switch allegiance.
While reacting to the story on a WhatsApp platform, a subscriber said: “They will lose more because I’ll soon leave them too.”
On X, @AGUNviews wrote: “They will lose more subscribers”
@Jaheim007: “The numbers are about to triple.”
@skyedron commented: “All anyone needs to acquire is the internet and a few clicks. Multi choice my foot.”
@ribaduabubakar2: “I subscribed to another platform and simply ignored them. They kept increasing the price as if someone would die without them. I am willing to give out my decoder and dish for free.”
@AbelFidelis4: “This is just the beginning. I stopped using DStv in 2022.”
@NdubuisiNC: “The downfall of this company in Nigeria will be televised and will be sweet to me. A company this big can’t improvise on their content?. Nigerians have cried for years about how boring it is, only football channels are what’s keeping most of us.”
@Ekoh4Ekoh: “They should be ready to lose more customers and it is good for them. They have to reduce their monthly subscription and make it pay as you go.”
@cashoggy: “They will still lose more subscribers. Internet and smart TV has rendered Dstv unattractive with their rate. Imagine paying 25,700 for a premium subscription when you can surf the Internet and watch all the programs for less.”
@rilwan_ola01: “They will suffer even greater losses.”
After Multichoice lost 243k subscribers, More customers threaten to leave
Business
XGT Smart Consults unveils renewable energy, others power solutions
XGT Smart Consults unveils renewable energy, others power solutions
XGT Smart Consults, a power solution firm, says it is ready to deliver renewable energy and other long-lasting energy solutions that will address the power challenges causing huge economic losses and discomfort.
The firm also says it has signed an agreement with an India-based company, ADM-Orient Solar Power, to achieve its goals.
This is contained in a statement by the XGT, revealing a holistic approach to energy provision.
It stated, “XGT Smart Consults is thrilled to announce a strategic partnership with ADM-Orient Solar Power (India) aimed at addressing one of Nigeria’s most critical issues – reliable power solutions.”
It stated that its target is to provide Nigeria with solutions to overcome the frequent power outages by empowering homes and businesses with reliable, renewable, and affordable power.
This, it said, would be achieved in conjunction with its partners through renewable energy systems, advanced electrical services, independent power production (IPP) solutions, portable natural gas generators, automation services, and the rental and leasing of CNG tube skids.
Managing Director of XGT Smart Consults Limited, Olu Harrison, said, “The objective is to provide reliable cost-effective and environmentally friendly energy to households and businesses throughout Nigeria.
“Understanding the intricacies of the energy crisis, XGT employs a holistic approach that integrates renewable energy solutions, independent power generation, and innovative technologies tailored to the specific requirements of Nigerian consumers.
“Our goal is to empower every Nigerian household and business by revolutionizing the production, distribution, and consumption of energy.”
According the statement, XGT specifically specializes in providing innovative renewable energy solutions designed to meet the unique climate and energy needs of Nigeria.
“Our wide ranges of solar and sustainable energy systems are suitable for individual homes, corporate settings, and community projects.
“By harnessing the power of renewable energy, XGT offers environmentally friendly alternatives that reduce reliance on the national grid and significantly cut energy costs,” it added.
The company’s Executive Director Toluwase Oni, gave more insights into the IPP for businesses, industries and communities/estates.
“XGT’s IPP solutions provide a solution to the urgent need for self-sufficient power generation, particularly in industrial and commercial sectors where power reliability significantly affects productivity and revenue.
“By establishing a network of captive/ localized, independent power systems, XGT Power-IPP empowers Industries, businesses and communities/estate to take control of their energy needs,” he stated.
Apart from the renewable energy sources, the firm said it offers a range of portable natural gas generators providing a flexible energy solution for areas with limited grid connectivity or for users in need of extra backup during power outages.
“These generators are designed with user-friendly features and portability in mind, enabling users to power essential operations without depending on traditional, often unreliable, grid infrastructure,” it added.
“In conjunction with these generators, XGT specializes in automation systems that optimize energy management to improve efficiency, reduce waste, and streamline operations.
“Automated controls enable businesses to remotely monitor and adjust energy usage, ensuring that energy is utilized intelligently and cost-effectively.”
As part of its services, it disclosed that the company offers rental and lease services for compressed natural gas (CNG) tube skids to interested industries in recognition of the increasing demand for CNG as a cleaner alternative to traditional fuels.
Business
Naira: Confidence in Nigeria’s economy drops, says CBN report
Naira: Confidence in Nigeria’s economy drops, says CBN report
Following continued depreciation in the value of naira, many businesses and their operators have lost confidence in the Nigeria’s economy.
Indeed, a survey by the Central Bank of Nigeria (CBN) showed the Overall Confidence Index falling by 3.2 index points to 14.5 from 17.7 index points.
This was the highlight of the Business Expectation Survey, BES of the Central Bank of Nigeria, CBN, for October which also showed decline in the Overall Confidence Index, OCI, for the current month, next month and the next six months.
According to the CBN the OCI for the current month, next month and the next six months fell to 1.4, 4.8, and 21.8 index points in the October BES from 3.2, 6.2 and 29 index points in the September BES.
The survey also indicates that the decline in confidence in the economy is being driven by firms’ expectation of further depreciation of the naira before the end of the year.
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The CBN said: “The overall confidence index (CI) on the macroeconomy indicates that businesses were optimistic in October 2024.
“Respondent firms expect the naira to depreciate in the current month, next month and next 3 months. However, they expect appreciation in the next 6 months.
“Top six business constraints high interest rate, insecurity, high/multiple taxes, inadequate power supply, unfavorable economic climate, financial problems.
“The optimism on business outlook in the current month is driven by the opinion of respondents from all the Sectors except the Industry Sector.
“Most Sectors expressed optimism on their own operation in the review month. The outlook of respondents on the Volume of Business Activities, the Volume of Total Order, Financial Conditions, and Access to Credit were all positive in the review month.
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