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Greed, ethics, and public service in Nigeria

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By Dakuku Peterside

Nigeria, a country with a rich cultural heritage and abundant natural resources, has grappled with the complex interplay of greed, ethics, and public service throughout its history. The nexus between these elements has had profound implications for the nation’s development, governance, and the well-being of its citizens. The interplay of greed, ethics, and public service in Nigeria is a complex and ongoing challenge that requires sustained efforts from the government and the citizens. Addressing these issues is essential for the nation’s progress and fostering a society where public servants are dedicated to serving the common good rather than their personal interests. Margaret Smith opines, “Public service must be more than doing a job efficiently and honestly. It must be a complete dedication to the people and to the nation.”

The greed of the political elite and civil servants has led to the deepening of low ethical and moral values in government and society. The arithmetic sum of this geometric rise of greed and the catastrophic decline of ethical values is an epidemic of corruption. I will demonstrate how far we have gone on this cancerous path and why the political leadership, bureaucracy and a docile cum compliant civil society are all responsible.

Greed and excessive desire for wealth, power, or material possessions have been pervasive in Nigerian society, not just in public service. This insatiable appetite for personal gain has prominently manifested in public service corruption. Fuelled by greed, corruption undermines the foundation of public institutions, erodes public trust, and hinders socio-economic progress. The multiple manifestations of greed and unethical conduct in Nigeria’s public service are so common that they no longer make the news or attract public opprobrium unless they are humongous in nature.

It is a cliché that a budding politician of average means will, in just a short time in office, buy the latest car , ‘choice-houses’ at home and abroad and live a life of luxury greater than his official emoluments can cover. This is so normalized that people expect that of him, and if he fails to live up to this expectation, he is told off by his peers and family members.

Civil servants are not exempted from this cankerworm that has destroyed the fabric of our society. Political appointees rely on civil servants to guide and advise them; however, evidence abounds that they are the first to compromise and bend the rules for personal gain. Almost all spectacular public sector scandals have the seal of civil servant’s compromise or are perpetuated by one. The establishment of EFCC, ICPC and many rules and regulations has yet to help matters. This unchecked greed by bureaucrats impedes developmental initiatives and perpetuates inequality and poverty. Joe Biden laments that “corruption is cancer: cancer that eats away at a citizen’s faith in democracy diminishes the instinct for innovation and creativity; already-tight national budgets, crowding out important national investments.”

A situation where a director in civil service or MDAs owns billions of Naira worth of choice assets in major cities in Nigeria and abroad when his earnings, both from the service, his businesses, if any, or inheritance cannot cover the value of these assets demonstrates the malady of greed and corruption. A cursory look within our major cities will show a panoply of these circumstances, and most citizens know this. There is no accountability and no consequences for perpetrating such crass greed and corruption against Nigeria.

To demonstrate the extent of the rot within our system, I will compare two examples of greed, corruption, and response to ethical issues in Nigeria and Australia. A certain Barry O’Farrell was New South Wales Premier in Australia. Under investigation, it was proven that he had received a gift of a bottle of wine from a businessman, which he did not disclose. The ethical standard of Australian society forced him to resign his exalted office. Compare this to Abdulrasheed Maina, who, at the time, oversaw pension funds, among other infractions, bought a property in Abuja and paid cash of $1.4m. Maina did not resign. It took a tedious court process to convict him of obvious malfeasance for which ethical standards should have made him take an honourable exit.

Without prejudice to the facts of the matter, in the past one or two weeks, we have been inundated with unpalatable stories of public officials who have completely jettisoned ethical and moral standards in public service. It is not just about the law and public service rules but the standard of decency acceptable in any sane society.

We have the infamous cases of the alleged $6 billion electricity contract fraud, Minister Betta Edu, and the alleged diversion of funds into a private account, and Hajia Halima Shehu and the alleged N37b fraud. These are not isolated cases and represent the preponderance of allegations of fraud and misuse of public funds by public servants. At the sub-national level, things seem worse as the institutions and framework to check unethical behaviour and corruption are weak and, in most cases, non-existent. Here, accountability and transparency belong to the museum. This deserves serious focus.

On the other hand, ethics are the moral principles that govern individuals’ behaviour, emphasising honesty, integrity, and accountability. In the context of public service, ethical conduct is crucial for maintaining public trust and ensuring that the interests of the citizens are prioritized over personal gains. Unfortunately, ethical lapses have been a challenge in Nigerian public service, contributing to a culture of corruption and maladministration. When driven by ethical considerations, public servants are more likely to act in the public’s best interest, but when ethics take a backseat to personal gain, the consequences are felt across society.

The real issues are questions of integrity, ethical standards, and greed. Overcoming the challenges of greed and a lack of ethics in Nigerian public service requires a multi-faceted approach. Legislative reforms, institutional strengthening, reorientation and a commitment to fostering a culture of integrity are essential to this process. At the core of achieving this is proactive leadership, demonstrating a political will to tackle corruption and enthrone an ethical environment strengthened by enforcement of the rule of law, where all forms of maleficence are condemned, and the guilty are held accountable .

Let us examine a few factors that are imperative to consider the issue of greed, corruption, and ethics in public service in Nigeria. First, self-interest among political appointees and politicians is more of a global convention. Politicians access power, allocate patronage to themselves and often corner the benefits in cash. Apportionment of pork is a feature of politics everywhere. It may be cash, favours, influence, and project siting. However, politicians’ self-interest should be enlightened and not primitive, and money for politics comes by following the bureaucratic due process of contract procedures and procurement laws, and they must sensibly do this. But the self-interest of these politicians feeds on the “compromise of the bureaucracy.” If politicians and political appointees try to access resources while bypassing the bureaucracy, it becomes corrupt because it violates due process and extant rules.

Second, the processes of the bureaucracy on matters of resource appropriation constitute the ethics of the public sector. The rules and procedures exist to protect the state, the officials, and resources. If they are violated, it becomes a free-for-all; people help themselves to whatever resources they can lay their hands on. In Nigeria, there is first a collapse of public service ethics and a lack of capacity to enforce the rules. There is also the self-interest of politicians and political appointees in a manner that needs to be more refined and enlightened. This is the foundation of greed, which feeds corruption.

Third is the issue of consequence management, which must be taken seriously. Where unethical behaviour has no consequences, it becomes an incentive for others to follow suit. Charles Colton argues, “Corruption is like a ball of snow; once it sets rolling, it must increase.” This is the weakest link in our fight against corruption.

Thus far, we have explored the dynamics of greed, ethical considerations, and their impact on public service in Nigeria. This government must fight greed and corruption at all levels to achieve our shared aspirations of a developed Nigeria, a true giant of Africa. As Alice M Rivlin propounds, “If citizens lose faith in the integrity of public officials, democracy is at risk.”

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NGX-ASI grows by 0 35%, as GTCO stocks trade high

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The NGX All-Share Index (ASI) advanced by 0.35% on Tuesday to close at 98,225.63 basis points.

This is compared to the previous day’s loss of 0.28% to close at 97,879.94 basis points.

Generally, the Nigerian stock market closed positively, gaining 345.69 basis points, reflecting a positive market breadth.

The total volume traded advanced by 99.18% to close at N552.21m, valued at N14.92bn and traded in 9,350 deals. GTCO was the most traded stock by volume and value, with N245.46m and N7.95bn units traded, respectively.

At the close of trading, the market recorded 28 gainers, 18 losers, and 81 unchanged. CAP topped the gainers’ list, while DANGSUGAR topped the losers’ list.

Meanwhile, GTCO had the highest volume, contributing 44.45%, while FBNH and  ACCESSCORP followed closely.

The value chart also revealed that GTCO  contributed the most, with a 53.26% share.

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Dangote Sugar revenue rise by 20.1% in Q1, 2024

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…Targets 700,000MT of refined sugar in 4 years

Dangote Sugar Refinery Plc (DSR) has declared an increase of 20.1 per cent in its revenue in its first-quarter result for 2024.

The company posted a revenue of N122.7 billion according to results shared with the Nigerian Exchange.

This is as the Company also unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP).

Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) held yesterday in Lagos.

Dangote, at the AGM, said in alignment with the Federal Government of Nigeria’s policy guidelines, DSR continues to focus on and enhance its Backward Integration Project (BIP) by deploying and reviewing project strategies to ensure efficient delivery.

He noted that the 700,000 metric tonnes would meet 50 percent of the current market demand for refined sugar. According to him, the 10-year sugar development plan to produce 1.5 million MT of sugar per annum from locally grown sugarcane remains a germane roadmap to the attainment of the Company’s objectives.

“Our focus is on achieving the revised targets set for DSR Numan Operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited, while we are hopeful that the Taraba State Government will resolve the community payment issues that have led to the stoppage of activities at the Dangote Taraba Sugar Limited, Lau/Tau project.”

He added that “During the year under review, despite the challenges we were faced with, the company significantly scaled up investment in the Backward Integration Projects with the ongoing expansion of the DSR Numan factory refining capacity from 3,000TCD to 9,800TCD year-end.

“The factory will be increased with an additional 5,200TCD to 15,000 TCD (tonnes of cane crushed per day) eventually to meet the need in view of the massive land development activities also going on at the site. The aim is to achieve 24,200 hectares in total by the year 2029.”

He also emphasised that despite the adverse impact on the business environment by the continuous increase in the inflationary trend, lack of liquidity and FX to fund the company’s equipment import among others for the backward integration projects, concerted efforts are ongoing to secure the needed funds for the development of the Nasarawa Sugar Company Limited project at Tunga in Awe Local Government Area of the state.

“This will enable the company to put in place the needed infrastructure for the eventual commencement of full-scale production and ensure that the Dangote Sugar Backward Integration ‘Sugar for Nigeria Project’ is achieved. In the end, over $700 million investment would be committed to the Backward Integration Programme,” he added.

Dangote said that the Dangote Sugar (Ghana) Limited, was established as a subsidiary of the Company during the year under review, in line with the plan to expand its presence in the sugar industry across Africa.

On outlook, he stated that “achievement of the goals of the Sugar Backward Integration Master Plan remains our focus. This will go a long way in delivering the anticipated benefits, especially in FX savings and cushioning its impact on our operations amongst other benefits to the company, all stakeholders, and the nation.”

Group Managing Director/CEO of Dangote Sugar, Ravindra Singhvi said, “Despite these challenges, we are resolute and focused on the delivery of our business targets in the medium to long term.”

He pointed out that “as we continue to navigate through the scarcity and high cost of foreign exchange, escalating costs of raw materials amongst others, our focus is to enhance the effectiveness of our supply chain processes, optimise cost, improve our operational efficiencies and delivery on our Sugar for Nigeria backward integration project.”

He said, “The target is to produce a minimum of 1.5MT refined sugar annually from locally produced sugarcane at our integrated sugar production estates, which is expected to alleviate some pressure on costs and our demand for foreign currency.

“Achievement of a sustainable business remains one of our key strategies and concerted efforts were made towards sustaining the achievements we have recorded in the past,” Singhvi added.

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Stockbrokers elect Dada as 13th President

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The Chartered Institute of Stockbrokers (CIS) has elected Mr. Oluropo Dada, as its 13th President and Chairman of the Governing Council.

This is in line with the Institute’s seamless succession policy, and brand positioning.

Dada’s election was announced in a statement, signed by the Institute’s Registrar and Chief Executive, Mr Josiah Akerewusi, after the Annual General Meeting (AGM) yesterday.

Dada, the Institute’s former 1st Vice President, succeeded the erstwhile President, Mr. Oluwole Adeosun, whose tenure was characterised by many laudable achievements.

Under the new change of baton, the Institute’s 2nd Vice President, Mrs Fiona Ahimie, has also emerged the 1st Vice President.

By the Institute’s tradition, Dada shall be formally decorated with the paraphernalia of office in a high profile event called investiture at a later date.

Earlier in his statement, during the AGM, Adeosun thanked all members of the Institute’s working committees and staff of the secretariat for their commitment and excellent job during the review period, saying, “ I re-affirm that the Governing Council and Office Holders shall continue to work hard towards getting the Securities and Investment profession registered family in the hearts of young Nigerian scholars as their career of choice, and CIS as the model for other professional bodies to follow.”

Stockbrokers showered encomiums on the outgoing President and his Team for many laudable achievements that have raised the bar, including advocacy.

A Past President, Mr Oladipo Aina said: “A lot has been done. I wish the outgoing President well. The new Team must deliver more. Every new President and his Team must move the scale up.”

Mr. Oluropo Dada, is an accomplished stockbroker, consummate banker, and a Dealing Clerk of The Nigerian Exchange Limited (NGX). He is a Fellow of the Chartered Institute of Stockbrokers (FCS) where he served as Second and First Vice President respectively. He is also a Fellow of the Chartered Institute of Bankers of Nigeria (FCIB).

Dada graduated from Leeds Business School of Leeds Beckett University, United Kingdom where he obtained a Master’s Degree in Corporate Governance. Before this, he was at the University of Lagos between 1985 and 1988 where he obtained a Bachelor of Science Degree in Business Administration and later earned a Master in Business Administration (MBA)

He is a co-founder and Chief Executive Officer of Network Capital Limited, a Dealing License Holder of the Nigerian Exchange Limited. His work experience covers Stock broking, Issuing House Activities, Credit Appraisal, Accounting, Investment Advisory Services, and General Administration.

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