Business
FG CHARGES AUDITORS ON ROBUST MECHANISMS TO ELIMINATE WASTE IN PUBLIC FINANCES
Joel Ajayi
The Federal Government has charged Internal Auditors working in its Ministries, Departments and Agencies (MDAS)
to intensify efforts in devising better means, more effective and robust administrative mechanisms capable of eliminating waste and corrupt tendencies in public finances
The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, gave the charge in his remarks at the opening ceremony of the 4th Internal Auditors Retreat held in Abeokuta, the Ogun State Capital
The Minister, who was represented at the event by the Permanent Secretary, Special Duties, Federal Ministry of Finance, Mr Okokon Ekanem Udo, observed that
Judging from the retreat, it is indeed very evident that the treasury is demonstrating full knowledge of the dire needs of the nation. It captures its mood, given the dwindling revenue profiles of the country and the attendant challenges on the cash flow.
These challenges call for prudent management of what is available through the Public Financial Management Reforms as being developed and coordinated by the Office of the Accountant-General of the Federation
Therefore, we must all devise better, more effective, and robust administrative mechanisms that will reduce, if not eliminate waste and corrupt tendencies by using effective reforms
He commended the Accountant-General of the Federation, Oluwatoyin Madein’s efforts in implementing reforms and strategies that will ensure efficient management of the nation’s financial resources.
Declaring the retreat open, the Ogun State Governor, Dapo Abiodun, said his administration will continue to ensure probity and judicious spending of public funds and other resources by avoiding reckless spending.
The Governor, who was represented by his Deputy, Engr. Noimot Salako-Oyedele noted that
accountability, transparency, and probity are pivotal elements that enhance good governance and promote sustainable development.
He emphasized the aptness of the theme of the retreat assuring internal auditors of his administration’s continued support enabling them to discharge their duties efficiently as partners in prudent financial management practices.
The Governor encouraged participants to put into good use the knowledge garnered at the retreat as representatives of various MDAs of governments at the federal, state, and local levels
The Accountant General of the Federation, Oluwatoyin Madein, in her remarks at the occasion, said the overall objective of the retreat was to promote accountability and transparency in all facets of the nation’s public finance and management architecture.
She charged participants at the retreat to appreciate that accountability and transparency remain major watchwords for prudent financial management practices, stressing that they are the major prerequisites for economic growth and development.
Also speaking, the Chairman, Economic and Financial Crimes Commission, Mr Olaonipekun Olukoyede, represented by the Director, Internal Audit of the Agency, Mrs Idowu Apejoye, said that the retreat would help curb corruption and achieve stability in public finance.
The four-day retreat with the theme: Enhancing Efficiency and Effectiveness in the Administration of Public Resources: The Role of Internal.Auditors was organized by the Office of the Accountant General of the Federation.
Business
TAJBank Sets Industry Record, Pays 2nd Dividend In 4 Yrs
…As Shareholders’ Fund Grows By 960%
TAJBank Limited, Nigeria’s fastest growing non-interest bank, has set a new record in Nigeria’s banking sector history with the payment of dividends to its shareholders at the end of its half year ended June 2024, the second in its 4th year of operations.
The multiple award-winning non-interest lender in the half year under review paid 10% cash as interim dividend to its shareholders, following the approval of the financial statements by the Central Bank of Nigeria.
Another major highlight of the bank’s financial report showed that the bank blazed a major trail in financial management with the shareholders’ fund surging from N5 billion in 2019 to over N53 billion in June this year, representing 960% growth in the investors’ fund.
In the half year under review, the bank’s gross earnings rose to N32,846 billion from N17,022 billion recorded in 2023 financial year, representing a 93% increase over the preceding year’s earnings, amongst other impressive financial indices.
Speaking with journalists during a virtual chat at the weekend on the bank’s half year 2024 financial results, particularly on the payment of dividends to the shareholders despite the inclement operating environment, TAJBank’s Founder/CEO, Mr. Hamid Joda, said: “The payment of this second tranche of dividends to our shareholders barely four years of TAJBank’s operations is historic as this is the first time such a feat is recorded in the over 100 years of banking services in Nigeria.
“With this milestone, the bank’s board and management are telling investors in Nigeria and outside the country that TAJBank will consistently add value to their investments and continue to reward them for their confidence in our bank not only financially but also in creating opportunities for them to grow their businesses and improve their wellbeing.
“As the public can see from the latest financial statements of the bank, the sterling performances of TAJBank clearly attest to the management’s proactive strategies and innovativeness in product development and service delivery. All these are aimed at surpassing our customers’ expectations and demonstrating to the investment publics in Nigeria and globally that the primary purpose of being in business is to best serve their interests”, the banker added.
Similarly, the bank’s Co-Founder/Executive Director, Mr. Sherif Idi, enthused: “TAJBank’s impressive financial performance in the current half year 2024 further demonstrated its resilience and the management’s uncommon zeal for excellence in all areas of its operations.
“Let me emphasize here that we are very grateful to all the shareholders and urge them to always support the board and management in their sustained efforts to transform TAJBank to the foremost non-interest bank in Africa, having attained the number one ranking in Nigeria by all assessment standards in this few years of its operations”, the banker added.
It would be recalled that TAJBank had last year impressed its shareholders by raising their earnings per share from N31.06 kobo in FY2022 to N65.40k per share, indicating 114.56% improved returns on their investments.
-
Featured5 years agoLampard Names New Chelsea Manager
-
Featured5 years agoFG To Extends Lockdown In FCT, Lagos Ogun states For 7days
-
Featured5 years agoNYSC Dismisses Report Of DG’s Plan To Islamize Benue Orientation Camp
-
Featured5 years agoChildren Custody: Court Adjourns Mike Ezuruonye, Wife’s Case To April 7
-
Featured3 years agoTransfer Saga: How Mikel Obi Refused to compensate me After I Linked Him Worth $4m Deal In Kuwait SC – Okafor
-
Sports2 years ago
TINUBU LAMBAST DELE MOMODU
-
Featured5 years ago
Board urges FG to establish one-stop rehabilitation centres in 6 geopolitical zones
-
News1 year agoJubilation In Kaduna As Tribunal Upholds Ekene Adam Winner Of Reps Election
