Tinubu Challenges Perception of Economic Distress, Highlights Nigeria’s Growth Opportunities

GovernMend Nigeria March 5, 2024 0

President Bola Tinubu has challenged the perception of Nigeria’s economy being in distress, highlighting the country’s progress and the vast opportunities for growth and development. Speaking at the Leadership Conference and Awards 2023 in Abuja, where he was honoured as the Leadership Person of the Year 2023, Tinubu emphasized the need to seize the unprecedented opportunities for economic revitalization.

Represented by the Minister of Information and National Orientation, Mohammed Idris, President Tinubu outlined key initiatives and investments aimed at supporting Nigerian businesses, students, and vulnerable households, enhancing food security, and attracting foreign direct investment. He dismissed the notion of helplessness, stating that Nigeria is facing challenges but is not in distress, emphasizing the potential for building a new, sustainable economy.

The President disclosed several interventions, including a N200 billion fund to support businesses, a new Federal Students’ Loan program, and the Presidential Initiative on CNG. He highlighted the imminent rollout of CNG-powered buses, expected to reduce transportation costs by up to 50 percent.

President Tinubu also mentioned the substantial increase in revenues since the removal of the petrol subsidy, providing more funds for critical infrastructure and social security. He underscored efforts to negotiate a new minimum wage, scale up the social investment programme, and support vulnerable households with direct cash transfers.

Regarding foreign investment, Tinubu stated that his administration has attracted $30 billion in Foreign Direct Investment (FDI) commitments since assuming office, with investments already flowing into various sectors. He highlighted a recent visit to Qatar, where discussions on new investments were held, demonstrating Nigeria’s attractiveness to foreign investors.

President Tinubu called for support and patience from Nigerians, paying tribute to the late Sam Nda-Isaiah, founder of the Leadership Group Limited. He urged the media to focus on reporting successes and opportunities, not just challenges, to portray Nigeria’s positive trajectory accurately.

Daily Nigerian

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GovernMend Nigeria May 4, 2024 0
BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.<br><br>This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.<br><br>In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.<br><br>Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.<br><br>Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.<br><br>In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.<br><br>In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.

This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.

In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.

Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.

Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.

In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.

In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

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