The Director General of the Internal Audit Agency, Dr. Eric Oduro Osae is calling for a public and private sector partnership to enable businesses integrate sustainability principles in their operations.
According to him, government needs to step up its efforts to collaborate with professional and accounting bodies.
He spoke to Joy Business at a forum organized by The Association of International Certified Professional Accountants and The Chartered Institute of Management Accountants.
The Association of International Certified Professional Accountants and The Chartered Institute of Management Accountants organized a forum on the impacts and implications of ESG principles on organizations.
According to Dr. Osae, government needs to partner the private sector and improve the adoption of Environmental, Social and Governance (ESG) principles.
“I think there’s a lot more that the public sector needs to do because issues of environmental and social governance bothers on national policies and laws, like one of the organizations explained, if a state institution is slow in meeting their requests, it does not help them to report on sustainable business processes so I think there should be a partnership between the public and private sector”, he said.
Regional African Vice President of the association of International Certified Professional Accountants Tariro Mutizwa also noted that the ESG principles will play a critical role in the sustainability of the planet.
Organisations were urged to take prudent steps in understanding the Environmental, Social and Governance principles and integrate them in their operations.
<p><img width="696" height="438" src="https://www.naijanews.com/wp-content/uploads/2020/08/Amnesty-International.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Amnesty International Slams Buhari Government Over Killings In South-East" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2020/08/Amnesty-International.jpg 696w, https://www.naijanews.com/wp-content/uploads/2020/08/Amnesty-International-300x189.jpg 300w" sizes="(max-width: 696px) 100vw, 696px" /></p>
<h2>Rights group, Amnesty International has called on the President Bola Tinubu-led government to ensure that the planned sale of Shell's Onshore Subsidiary does not violate human rights.</h2>
<p>Making this call in an extensive report released in a post released on its official X handle, the group tasked Tinubu to ensure that the sale does not lead to further deterioration in human rights in the South-South region that has over the years been blighted by decades of oil pollution.</p>
<p><em>"The Nigerian authorities must ensure that Shell’s planned sale of its operations in the Niger Delta, does not lead to a further deterioration in human rights in a region blighted by decades of oil pollution," </em>the post by Amnesty International read.</p>
<p>The right group lamented that <em>"For decades, spills have damaged the health and livelihoods of many of the Niger Delta’s inhabitants. Shell should not be allowed to wash its hands of the problems and leave."</em></p>
<p><strong>Naija News</strong> recalls that the group had, in the build-up to the presidential swearing-in ceremony, called on President Tinubu to ensure that the sale of shells does not result in human rights violations.</p>
<p>The group at the time tasked the president to ensure that Shell’s sale does not end or limit the company’s liabilities.</p>
<p>The group further advised that Shell be required to provide a full assessment of all existing pollution in the delta, ensure it has provided satisfactory remediation for any damage, and that local inhabitants’ concerns about the sale process are fully appraised and addressed before the planned sale is approved.</p>
<p><strong>Naija News</strong> recalls that <a href="https://www.naijanews.com/2024/01/16/shell-exits-oil-exploration-in-nigeria-sells-off-onshore-subsidiary/">Shell had earlier in January announced that it reached</a> an agreement to sell its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance as it exits its oil exploration in Nigeria.</p>
<p>The post <a href="https://www.naijanews.com/2024/01/22/amnesty-international-tells-tinubu-to-ensure-that-sale-of-shells-onshore-subsidiary-does-not-violate-human-right/">Amnesty International Tells Tinubu To Ensure That Sale Of Shell’s Onshore Subsidiary Does Not Violate Human Rights</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
<p><img width="700" height="400" src="https://www.naijanews.com/wp-content/uploads/2023/09/Fuel-subsidy-1.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Marketers Reduce Fuel Price In Enugu After NNPC Promise" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2023/09/Fuel-subsidy-1.webp 700w, https://www.naijanews.com/wp-content/uploads/2023/09/Fuel-subsidy-1-300x171.webp 300w" sizes="(max-width: 700px) 100vw, 700px" /></p>
<h2>Amidst widespread inflation, some countries continue to benefit from relatively low <a href="https://www.naijanews.com/topic/price-of-petrol/">fuel prices</a>, with global averages and national policies playing a significant role in these variances.</h2>
<p>According to data from globalpetrolprices.com, the average price of fuel worldwide stands at $1.33 per liter.</p>
<p>However, this figure masks the substantial differences in fuel costs from one country to another, largely due to varying tax regimes and subsidy policies.</p>
<p>The discrepancy in fuel prices across nations can be attributed to the specific economic strategies employed, including the level of taxes imposed on gasoline and the subsidies provided.</p>
<p>Consequently, retail prices of fuel vary significantly, reflecting individual countries' economic and policy landscapes.</p>
<p>A notable trend highlighted in the report is the correlation between a country's economic status, fuel pricing, and role in the global oil market.</p>
<p>Wealthier nations tend to have higher fuel prices, reflecting steeper taxation on energy products.</p>
<p>In contrast, less affluent countries, particularly those with substantial oil production and exportation capacities, often enjoy lower fuel prices, thanks to government subsidies and lesser tax burdens.</p>
<p>According to the report, below are the countries with significant cheapest fuel prices:</p>
<p>1. Iran</p>
<p>Iran tops the list of countries with the lowest price, with fuel sold at $0.029 ( N 26. 52) per litre.</p>
<p>Iran is one of the largest oil producers globally and often subsidizes fuel for its citizens, keeping prices low domestically.</p>
<p>2. Libya</p>
<p>Following Iran’s lead, Libya is the second cheapest gas station with the lowest fuel price of $0.031 (N43.145) per liter.</p>
<p>This is due to their huge oil reserves and government subsidies.</p>
<p>3. Venezuela</p>
<p>With a fuel price of $0.035(N48.826) per liter, Venezuela is third among the top ten countries with the lowest fuel price.</p>
<p>This country has long subsidized fuel prices for its citizens due to vast oil reserves and government policies aimed at maintaining social stability.</p>
<p>4. Egypt</p>
<p>Egypt has subsidized fuel prices to some extent, using government funds to keep prices low for its citizens.</p>
<p>With a fuel price of $0.282 per liter, Egypt joins the league of countries with cheapest fuel price.</p>
<p>5. Kuwait</p>
<p>Kuwait, a major oil exporter with significant reserves, can afford to keep fuel prices low for its population at $0.341( N476.109) per liter.</p>
<p>6. Algeria</p>
<p>Algeria is a major player in the global oil and gas market, allowing it to maintain relatively low fuel prices.</p>
<p>Algeria secures the sixth position with a fuel price of $0.342( N476.431) per liter.</p>
<p>7. Angola</p>
<p>Angola stands as the seventh country globally with the cheapest fuel prices coming in at around $0.358 (N499.411).</p>
<p>This is largely due to its significant role as an oil exporter, and its low prices are a result of its oil production capacity.</p>
<p>8. Turkmenistan</p>
<p>With fuel prices at $0.428( N597.252) per liter, Turkmenistan is often cited as one of the countries with the cheapest fuel prices globally.</p>
<p>This Central Asian nation benefits from its abundant natural gas reserves, allowing it to subsidize fuel costs for its citizens as a major gas producer and exporter.</p>
<p>9. Malaysia</p>
<p>Malaysia is also one of the countries with the cheapest fuel prices at $0.434(N605.695) per liter.</p>
<p>This is attributed to government subsidies and policies aimed at keeping fuel affordable for its citizens.</p>
<p>10. Nigeria</p>
<p>Nigeria, the leading oil producer in Africa, stands at the 22nd position worldwide, offering fuel at $ 0.487(N679.360).</p>
<p>The post <a href="https://www.naijanews.com/2024/04/02/top-10-countries-with-cheapest-petrol-price/">Top 10 Countries With Cheapest Petrol Price</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
