First Commercial Flight Lands in Ogun Cargo Airport

Continued from page 32

Cargo Airport and Kajola Dry Port projects in the operationalization of the Special Agriculture Processing Zones, and Nigeria’s participation in the Africa Continental Free Trade Agreement (AfCFTA).

The VP said; “The future is even more exciting than today. The airport will serve the Special Agriculture Processing Zones established with the generous assistance of the African Development Bank. It is also an essential tool in our preparation for full participation as serious players in the Africa Continental Free Trade Agreement.

“In a few months, Kajola dry port will also be operational. I am confident that this airport will transform the entire Southwest region, and serve as a catalyst for economic growth and development in our nation and subregion.”

Commending the State Government and past administrations for the actualization of the project, the VP said “It is a tribute to the wisdom and understanding of our current governor, Prince Dr Dapo Abiodun that he took it from the idea, re-envisioned it in the light of the opportunities, needs and realities of today; and birthed the Gateway Agro Cargo International Airport, Ogun State.”

Stakeholders React to Mass Exit of Bank Executives Under New CBN Policy

Continued from page 32 policies. I do not think it is part of the CBN regulatory powers. CBN is to regulate; it is not the owner of the banks. As it stands, we may lose the good hands as many Nigerian professionals are leaving the country in droves for greener pastures abroad.” witness the occasion. The height of the day was the landing of Valuejet airline at 3:30 pm thus becoming the first commercial flight to land at the cargo airport.

The National Coordinator, Pragmatic Shareholders Association of Nigeria (PSAN), Ms Bisi Bakare, sees the policy as one of “robbing Peter to pay Paul”. In a note to THEWILL, Ms Bakare argued that those who founded the banks are investors who should be allowed to reap what they have sown and described the policy as wrong-headed. According to her, it will impact negatively on the confidence that people have in the banks because there are those who invested in the banks because of the leadership character and those at the helm of affairs.

The Agro Cargo Airport was the idea of the Gbenga Daniel’s administration conceived in 2005, abandoned by his successor Ibikunle Amosun but actualised by Dapo Abiodun.

Speaking at the event, Vice President Yemi Osinbajo, SAN said the construction and development of critical infrastructure that will transform the economy and create more job opportunities for citizens is one way to build a modern and prosperous future for all Nigerians.

“This is how we build a modern, prosperous future for all Nigerians. I have no doubt that the culture of innovation and progress that the Gateway Agro Cargo International Airport has already brought will continue to motivate the people of Ogun State even more,” the VP said at the momentous occasion.

According to the Vice President, in a statement by his media aide, Laolu Akande, the State “is now poised to provide facilities for a worldclass economic zone,” because beyond being a fulfilment of a vision, the airport project “is one of the infrastructures for building a dynamic economic area.”

He emphasised the significance of the Agro

Similarly, the VP commended the former Governor of the State, Otunba Gbenga Daniel, whom he said conceived the idea of the airport and eventually secured approval from the Federal Government.

He added that, “Ogun is definitely taking a huge step forward in fulfilling the dreams of our forebears; dreams of a vibrant, modern and industrious community living together in peace and prosperity.”

According to him, “this project is the fulfilment of a vision but the airport is only the infrastructure for building a dynamic economic area. We are now poised to provide facilities for a world-class economic zone.”

Earlier, Governor Dapo Abiodun of Ogun State paid glowing tributes to the VP and his predecessors including Chief Segun Osoba and Otunba Gbenga Daniel for their support in the construction of the airport, noting that the airport was among the best in the country. According to him, “this airport is a category 4E airport. It is one of the best-constructed airports in Nigeria. It can accommodate an Airbus A380, a Boeing 777 and a Boeing 747. It has a 4-kilometre runway, a 36-metre control tower, a fire station, a cargo apron and terminal buildings. It has 82, 000 squaremetres of cargo apron for types E and C aircrafts when completed.”

On his part, Minister of Aviation, Mr Hadi Sirika while commending the visioners of the airport said it is “a product of people that sat down to think what can add value to the economy, to the social well-being of the people, and it has happened.”

He added that the construction of the airport was part of the achievements of the Buhari administration in the aviation sector, noting that “during the Buhari government, aviation became the fastest growing sector of the economy before COVID-19. This is according to the National Bureau of Statistics and the Ministry of Finance. We have doubled the number of airports and have doubled the number of airlines.”

Other dignitaries at the event included the Wife of the Vice President, Mrs. Dolapo Osinbajo; Wife of Ogun State Governor, Mrs. Bamidele Abiodun; Deputy Governor of Ogun State, Engr. Noimot Salako-Oyedele, former Governors of Ogun State, Chief Segun Osoba and Otunba Gbenga Daniel; former Speaker of the House of Representatives, Rt. Hon. Dimeji Bankole, traditional rulers and top State government officials.

“I do not understand the motive of CBN in creating this policy. They should help in building not to destroy what has been built. The banks are people’s investment. Those who invested in them should be allowed to reap the fruit of their investment. Remember, investors’ confidence is important; those taking over the leadership of the affected banks may not command the confidence enjoyed by their predecessors,” Ms Bakare said in a phone chat.

Doyen of the Stockbrokers and Director at UIDC Securities Limited, Sam Ndata, agreed with the policy on the ground that many of the bank executives have overstayed their relevance and need to leave the system. “It is a good development because many of them have overstayed their relevance and are causing confusion in the system,”.

Dr. Paul Uzum, a Stockbroker and Head of Securities Trading at Planet Capital also believes that the policy is positive. In a note to this newspaper, Uzum said, “It is a good policy that will help to improve corporate governance in these companies, and reduce the influence of owner-manager control on several banks.”

Professor of Economics and Lead Consultant on Private Sector Development to the ECOWAS Commission, Ken Ife, said the CBN directive “is an excellent move”. He argued that the industry has abundance of talents and high level expertise both at home and in the Diaspora working for leading global financial institutions to move the industry to greater heights.

“The new CBN Directive is an excellent move. We have an abundance of talents and high level expertise in Nigeria and Diaspora working with leading global financial institutions. These can move the banking industry to great heights and rapidly embrace the kind of strategic directions CBN has been advocating by investing in digital payment infrastructure and frontiers of best banking practice,” Prof Ike said.

THEWILL had identified some prominent bankers in the executive management and non-executive positions to be swept off by the new CBN’s new tenure guideline which it said was part of measures aimed at strengthening governance practices in the banking industry.

Among them are MD/CEO, Fidelity Bank, Ms Nneka Onyeali-Ikpe, Chairman, United Bank for Africa (UBA), Tony Elumelu; DMD, Zenith Bank, Ms Adaora Remy Umeoji, and MD/CEO, Sterling Bank, Abubakar Suleiman.

Others are GMD/CEO, FCMB, Ladi Balogun, and Chairman, Nova Merchant Bank Phillips Oduoza, “Non-Executive Directors (NEDs), with the exception of Independent Non-Executive Directors (INED), shall serve for a maximum period of twelve (12) years in a bank, broken into three terms of four years each.

“EDs, DMDs and MDs who exit from the Board of a bank either upon or prior to the expiration of his/her maximum tenure, shall serve out a cooling-off period of 1 year before being eligible for appointment as a NED to the Board of Directors.

“NEDs who exit from the Board of a bank either upon or prior to the expiration of his/her maximum tenure of 12 years (3 terms of 4 years each), shall serve out a cooling-off period of 1 year before being eligible for appointment to the Board of Directors of any other DMB.

“The cumulative tenure limit of EDs/DMDs, MDs and NEDs across the banking industry is 20 years,” the new CBN tenure guideline conveyed in a circular signed by Chibuzo Efobi, Director, Financial Policy and Regulation Department, stated.

Experts Speak on Inequality, Gender-Based Violence at Ford Foundation Platform

Gender and disability advocates have highlighted how social norms in West African communities tacitly promote exclusion of people with disabilities and allow gender-based violence (GBV) to thrive.

The experts participated in an intersectional panel discussion which Ford Foundation hosted on the final day of the AFRICANXT 2023 event on Friday, 10th February, at the Landmark Event Centre, Victoria Island, Lagos, Nigeria.

L-R: Founder/Executive Director, Centre for Citizens with Disabilities (CCD), David Anyaele; Director of Programs-Women Advocates Research and Documentation Center (WARDC), Emmanuella Azu; Program Office–Gender, Racial & Ethnic Justice/Moderator, Ford Foundation, West Africa, Olufunke Baruwa and Director General, Domestic and Sexual Violence Response Team, Lagos State,Lola Vivour-Adeniyi during Ford Foundation’s Panel on “Social Norms As A Driver Of Inequality And Gender-based Violence (GBV) – An Intersectional Discussion,” at the Africa NXT 2023 in Lagos on February 10, 2023.

FG Set to Share N145bn Cabotage Fund

indigenous shipping capacity in Nigeria to maintain existing vessels or purchase new ones.

The available funds for disbursement stand at a little over N16 billion and $350 million.

The Fund is expected to make an equity contribution of 15 pdercent, while the Nigerian Maritime Administration and Safety Agency (NIMASA) will make an equity contribution of 35 percent. The banks will provide the remaining 50 percent.

The Minister of Transport, Mu'azu Sambo, recently met with the managing directors of the approved PLIs in Abuja to discuss disbursement procedures.

Sambo also disclosed that President Muhammadu Buhari had approved the immediate disbursement of the CVFF.

Sambo noted that it has taken 17 years to get presidential approval for the disbursement and charged the key stakeholders to expedite action on the necessary details to facilitate the quick distribution of the funds. Reports revealed that President Buhari also approved that the 2 percent charge that makes up the Cabotage Fund should continue to accrue to the Central Bank of Nigeria's Treasury Single Account (TSA).

On the modality to distribute the fund, the statement explained that each time the account hits $50 million, the minister of Transportation, on the recommendation of NIMASA, will direct the CBN to release the amount to any of the five banks for disbursement

The interventions cut across different economic sectors have gulped over N4 trillion and beneficiaries of the interventions are expected to repay the money as it is a loan, not a grant.

The CBN had in another platform provided a detailed analysis of how much it had spent over the years on various interventions.

Equity Market Gains N2trn Year-to-Date

Nigeria’s equity market gained N2.02trn, year-to-date, at the close of trading on February 24, 2023, the eighth week of trading in the year.

Market capitalisation which opened with 29.93 trillion on January 4, closed N27.91 trillion on February 24, representing an increase of N2.02 representing 7.3 percent rise.

A total turnover of 799.848 million shares worth N29.354 billion in 14,194 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 751.990 million shares valued at N20.575 billion that exchanged hands last week in 15,822 deals.

The Financial Services Industry (measured by volume) led the activity chart with 480.122 million shares valued at N6.129 billion traded in 6,319 deals; thus contributing 60.03% and 20.88% to the total equity turnover volume and value respectively.

The Utilities Industry followed with 126.882 million shares worth N12.940 billion in 289 deals. The third place was the ICT Industry, with a turnover of 54.012 million shares worth N5.930 billion in 1,575 deals.

Trading in the top three equities namely Geregu Power Plc, Guaranty Trust Holding Company Plc and Zenith Bank Plc. (measured by volume) accounted for 307.755 million shares worth N17.489 billion in 2,325 deals, contributing 38.48% and 59.58% to the total equity turnover volume and value respectively.

The NGX All-Share Index and Market Capitalization appreciated by 2.13% to close the week at 54,949.21 and N29.934 trillion respectively.

Appointed

Professor of Law by UNIBEN, Baze Varsity, Others

Anumber of Nigerian universities have appointed the immediate past Minister of State Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, as a visiting Professor of Law. These include the University of Benin, Benin-City; Baze University, Abuja; Afe Babalola University, Ado-Ekiti, (ABUAD).

A statement yesterday explained that the prestigious appointments were in recognition of Kachikwu’s “exceptional contributions to the legal profession, particularly in the field of energy law and policy.”

It added: “Kachikwu is a renowned lawyer and energy expert, with over 30 years of experience in the industry. He has served in various high-profile positions, including as Nigeria’s Minister of State for Petroleum Resources, where he spearheaded several groundbreaking initiatives aimed at reforming and repositioning the country’s oil and gas sector.”

Kachikwu was the President of OPEC in 2016, serving Nigeria’s term as OPEC president. He was the unprecedented three-time President of APPO (The Ministerial Council of African Petroleum Ministers) and undertook major reforms of APPO to bring it alive.

In addition, Kachikwu oversaw the installation of Barkindo Sanusi (late) as Secretary General of OPEC in 2016 and H.E. Farouk Ibrahim as Secretary General of APPO in 2019.

Prior to his appointment as the Group Managing Director of the NNPC, he was the Executive Vice Chairman of Mobil Producing Nigeria Unlimited and General Counsel for ExxonMobil Nigeria affiliate Upstream and Downstream Companies in Nigeria.

“In addition to his appointments as visiting Professor in the Nigerian Universities, Dr. Kachikwu has also been granted visiting Professorship appointments by several Ivy League universities in the United States of America.

“As a visiting professor, Dr. Kachikwu will be sharing his expertise and experience with students and the faculty, engaging in research and academic activities, and contributing to the development of the legal profession in Nigeria and beyond.”

Moderated by Olufunke Baruwa, Program Officer for Gender, Racial and Ethnic Justice Program of the Ford Foundation’s West Africa office, the intersectional session was anchored on the theme: "Social Norms as a Driver of Inequality (GBV) – An Intersectional Discussion."

Members of the panel were: Lola VivourAdeniyi, Director General of the Domestic and Sexual Violence Agency (DSVRA), Lagos State; David Anyaele, Executive Director of the Centre for Citizens with Disabilities (CCD); and Dr Abiola Akiyode Afolabi, Executive Director, Women Advocates Research and Documentation Center (WARDC), who was represented by Ms Emanuella Azu, Program Director.

The Panel examined how social norms drive inequality and discrimination against women and girls and people with disabilities leading to gender-based violence.

Baruwa, a gender and development practitioner leading work on ending violence against women and girls on the West African front for Ford Foundation, said in her opening remarks that the session was to interrogate “the influence of negative gender social norms and cultural practices on how women and girls are viewed in the society. It would also help us create a space to discuss and develop an understanding of how culture itself, religion and even colonial norms help to place women in subordinate positions.”

One of the panellists, the Director of Programs for WARDC, Ms Emmanuela Azu, said most forms of violations particularly against women and girls were man-made cultural practices infused into religion as well, for validation.

Acknowledging that most of the triggers for gender-based violence (SGBV) are created from people's socialisation process, Ms Azu said everyone must be involved in tackling the malaise, and there is need for reorientation.

"We need a mind-set shift. We really need to move our minds from where we presently are, to be able to see things differently and act differently," Azu stated.

Azu explained that most gender based violence cases - even the minor ones - occur because people are generally ignorant of the fact that they are violations.

She said that one of the approaches by her organization WARDC is to approach traditional custodians who have influence in communities to make them understand the implications of certain acts so they can sensitise the people by themselves to reduce the incidents of GBV. According to her, the effort to end GBV is a collective one that must involve traditional rulers, political stakeholders, law enforcement agents, and many others.