For Broader Consultation, NEC Advises Tinubu to Withdraw Tax Reform Bills
36 Govs Back Dangote Refinery, Edun Counts Gains of Crude-for-Naira Sale
States say no to importation of PMS, support local fuel production Edun reveals new policy to mop up dollars into financial system Dangote refinery: We've not received payments from IPMAN
Deji
Governors of the 36 states of the federation, yesterday, opposed further importation of Premium Motor Spirit (PMS) by any marketer, otherwise known as petrol, saying it would work against the newly established Dangote Refinery.
The governors, in a communiqué after their meeting, said Dangote Refinery had potential for several positive multiplier effects on the economy, including job creation. They also urged the federal government to intensify efforts to repair the Kaduna, Port Harcourt and Warri refineries, even as the Minister of Finance and Coordinating Minister of
Deji Elumoye and Olawale
in Abuja
Elumoye, Ndubuisi Francis, Emmanuel Addeh, Chuks Okocha and Sunday Aborisade in Abuja
Disorder 1 (2024) by Kaleab Abate. Courtesy of Afriart Gallery
GOLD
BRONZE
NLC Threatens Indefinite Strike over Court's Seizure Order on Rivers Allocations
Blessing Ibunge in Port Harcourt
Nigeria Labour Congress (NLC), Rivers State chapter, has threatened to go on strike if the judgement of Justice Joyce Abdulmalik stopping the federal government allocations to the state was not reversed.
The union threatened that if the judgement urging Central Bank of Nigeria (CBN) not to release the monthly allocations was not reversed, it would direct withdrawal of workers’ services in the state.
the Economy, Mr Wale Edun, disclosed that the government was gaining about N700 billion from crude-for-naira sale as well as the removal of subsidy.
Chairman of NLC in the state, Alex Agwanwo, who spoke with journalists shortly after an emergency meeting with labour leaders in the state, yesterday, stated that stopping the Rivers allocations will affect its members.
Agwanwo condemned the court decision, threatening that NLC will not allow its workers to face hardship following the judgement. He said if judgement subsisted, the state government will not be able to pay salaries of civil servants.
He berated the federal high court judge, who gave the order, saying the judge failed to take into consideration the negative effects such order would
have on workers in the state.
Agwanwo stated, "As a state council, we have looked at the issues. We condemn that judgement. The judgement lacks a human face. The judgement lacks empathy. The judge did not take the citizens and workers of Rivers State into consideration before giving the judgement.
"Everybody knows that taking allocation away from a state will
put the state into suffering. It will disrupt governance in a state because governance will not take place without funds."
While calling on President Bola Tinubu to intervene, Agwanwo said the Court of Appeal should reverse the ruling, insisting that failure to do so would result in the union withdrawing members’ services.
Also, Dangote Petroleum Refinery, yesterday, clarified that contrary to reports, it had not received any payments from Independent Petroleum Marketers Association of Nigeria (IPMAN) for purchase of refined petroleum products.
Making the recommendation in response to a presentation by the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, the council called for more extensive consultation with stakeholders to align on the far-reaching impacts of the proposed tax reforms.
Shedding light on the issue while speaking with newsmen after the Council meeting presided over by Vice President Kashim Shettima at the Council Chambers, Governor Seyi Makinde of Oyo state explained that the council members in their recommendation, agreed that it was necessary to allow for consensus building and understanding of the bill among Nigerians.
According to him, the decision was made for the benefit of the entire country irrespective of political affiliations and interests.
The governor further stressed that NEC noted the need for sufficient alignment on the proposed reforms and recommended the withdrawal of the tax reform bills.
He said: "NEC today took a presentation from the chairman of the presidential committee on fiscal policy and tax reforms. Their main focus is fair taxation, responsible borrowing and sustainable spending.
"The council acknowledged that the country is underperforming on all indices as regards yield from major revenue sources, also tax to GDP (Gross Domestic Products) ratio and so on.
"So, after extensive deliberation, NEC noted the need for sufficient alignment between and amongst the stakeholders for the proposed reforms.
"So, council therefore recommends the need to withdraw the bill currently before the National Assembly on tax reforms so that we can have wider consultations and also build consensus around these reforms for the benefit of the entire country, and also to give people, for them to know the vision and where we are moving the country in terms of a tax reform, because there's really a lot of miscommunication, misinformation.
"So, the bill will be withdrawn from the National Assembly and then there will be consultations afterwards."
Tinubu and the Federal Executive Council (FEC) had recently endorsed new policy initiatives to streamline Nigeria’s tax administration processes, saying that the new laws were meant to enhance efficiency and eliminate redundancies across the nation’s tax operations.
The reforms emerged after a review of existing tax laws since August 2023. The National
At the same time, the senate confirmed that its ad hoc committee set up to investigate alleged
Assembly is considering four executive bills containing these tax reform efforts.
NEC’s recommendation came days after the Northern Governors kicked against the reform bill. At a meeting on October 28, 2024, governors of the 19 Northern states, under the platform of the Northern Governors’ Forum (NGF), rejected the new derivationbased model for Value Added Tax (VAT) distribution in the new tax reform bills before the National Assembly.
A communiqué read by the Chairman of the forum, Governor Muhammed Yahaya of Gombe State, said the proposition negates the interest of the North and other sub-nationals.
Meanwhile, the federal government yesterday allayed the fear of the 19 Northern governors to the new derivation-based model for VAT distribution in the new tax reform bills before the National Assembly.
The governors under the platform of NGF, led by Yahaya of Gombe State, had met to express their opposition to the new tax bill.
The Sultan of Sokoto, Muhammadu Sa'ad Abubakar III, and other traditional rulers were in attendance at the meeting.
But in a statement yesterday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga said the new proposal before the National Assembly outlines a different form of derivation which considers the place of supply or consumption for relevant goods and services.
He said the bill seeks to amend the extant model for distributing VAT that is based on where the tax is remitted rather than where goods and services are supplied or consumed.
According to Onanuga, the ongoing tax reform sought to correct the inherent inequity in the current derivation model as a basis for distributing VAT revenue.
In line with the current model, distribution of VAT is based on where the tax is remitted rather than where goods and services are supplied or consumed.
"This means that states in the Northern region that produce the food we eat should not lose out just because their products are VAT-exempt or consumed in other states," Onanuga said. He described the reforms as critical to improving the lives of Nigerians and were not put forward by President Tinubu to undermine any part of the country.
He added that there was no better time than now for the National Assembly to give due consideration to these bills that will overhaul the tax systems and Continued on page 31
economic sabotage in the Nigerian petroleum industry would now carry out the assignment jointly with a similar panel constituted by the House of Representatives.
Reading the governors’ communiqué, Imo State Governor, Hope Uzodinma, said, "Yes, it is something that is being looked at. If you look at the news, you see that the Dangote refinery has also come up with capacity to supply products.
"I don't think that you or me would be happy that a Nigerian, an OPEC member, producing crude oil, as such there is no need relying on importation of PMS for our people. We need to use our petroleum products.
"So, we must encourage the home-grown solution that the president just introduced. Encouraging Dangote Refinery, we should repair our Port Harcourt Refinery, repair our Warri Refinery, repair our Kaduna Refinery, and then produce what we eat, and eat what we produce.
"We shouldn’t rely on importation of crude oil. For me, it is an aberration to rely on importation of petroleum products as an oil producing country.
"Which other member of OPEC, country of our status, is now refining crude oil in that country? So we shouldn't encourage that. I think I want to support buying petroleum products in Naira, buying crude oil in Naira, refining it here.
"If you refine petroleum products locally, you will create jobs, you will curb unemployment, you will keep people busy, you will reduce crime, and then you will also be proud to answer and be called an oil producing nation."
Uzodinma added, "Nigeria Governors Forum, we are also committed to supporting Mr. President and ensure that the interests of our people are properly protected.
"It is our belief that Nigeria is a great country. And anything that will bring or cause disunity among our people, our citizens, should be discouraged.
"We need to be united as a people. We need to support the government. We need to work for
notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank's focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.
The Bank's balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broadbased across corporate and retail segments, highlighting the Bank’s
the interests of our people. And our national interests also be protected. So we should have hope.
“Under the Renewed Hope Agenda of Mr. President, supported by both the national government and all of us as citizens, there will be no better security than us being united, working together as a people, and believing in our country."
When asked to comment on a briefing by Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, with regard to subsidy removal and fuel long queues, Uzodinma said the NNPCL boss had promised that the long queues would soon be over.
The Imo State governor stated, "We also received the Chief Executive Officer of NNPC, who briefed us on the total subsidy removal, and the challenges facing the corporation; his plans to alleviate the sufferings of our people, occasioned by the increase in pump prices.
"We discussed with him, and also interpreted some of the presentations he made. It is our hope that things are going to be better any moment from now.
"We sympathise with our people. We know that there is hardship in the country. We also appreciate the reforms being carried out by the president.
"Our prayer is that, as soon as possible, that the relief we are looking for should come. So, that we can begin to leverage on the benefits of the reforms.”
Uzodinma said, "We deliberated on issues affecting the country.
The forum received a presentation from the African Medical Centre of Excellence, funded by Afreximbank, a world-class hospital, and specialised techniques and latest and modern equipment to be managed by first-class medical experts in special areas of treatment on oncology, cardiovascular issues, haematological cares, and other comprehensive general medical research.
"So, the governors committed to supporting Afreximbank for this initiative. They are going to work with King's College Hospital, London, and it's going to be a
deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.
Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank's proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.
referral centre of excellence for all medical challenges.
"The new Director General of the Department of State Services also briefed us on new strategies to stop the rate of insecurity, all the security challenges in the country, and how to fight cases of kidnapping, banditry, and activities of unknown gunmen.
“We also committed to giving him support and to close rank. It will be very proper and a better synergy, working at the subnational to ensure that Nigeria is secure, the environment is safe.
"But not only the government, also the private sector to do their businesses. We will collaborate with him. The Office of the National Security Adviser appointed a director to liaise with the state governments for closer relationships.
"She also appeared before us. Spoke very eloquently. Presented her plans. And we committed to also working with her. I think things are getting better by the day and we pray that with all these arrangements in place, the cost of living will come down.
“The cost of doing business in Nigeria will also come down and become more affordable.''
We’ve Not Received Payment for Products from IPMAN, Dangote Refinery Clears Air
Dangote Refinery, yesterday, maintained that it had not received any payment for its products from members of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
IPMAN had said it had been on the queue for products from the $20 billion refinery, raising doubts over a comment made earlier by President of Dangote Group, Aliko Dangote, that the company had over 500 million litres of unsold petrol in its reserves.
But a statement by the company’s Group Chief Branding and Communications Officer, Anthony Chiejina, said, “The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from IPMAN to
Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.
Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.
purchase refined petroleum products.
“Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN members) are experiencing difficulties loading refined products from our petroleum refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.
“The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPC), and not us.
“In the same vein, NNPC has neither approved, nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.”
Dangote refinery emphasised that it could meet the country's demand for all petroleum products, including petrol, diesel, and aviation fuel.
At present, it stated that the company could load 2,900 trucks per day and had also been evacuating petroleum products by sea.
Dangote refinery stated, “We advise IPMAN to register with us and make direct payment, as we have more than enough petroleum products to satisfy the needs of their members.
“Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Tinubu.
“Conducting business through public speculation is counterproductive and unpatriotic. In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda.”
Senate, House to Jointly Probe Economic Sabotage in Petroleum Industry
The senate, yesterday, confirmed
The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan. In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets. With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.
NLC president, Joe Ajaero
ALAKE ENDORSES NIGERIA-UAE ECONOMIC SUMMIT...
Indigenous Operators: IOCs' Divestment to Unlock 500m Barrels of Oil, 3trn Cubic Feet of Gas Reserves in Nigeria
Peter Uzoho
Some indigenous Nigerian oil and gas operators have said the divestment by international oil companies (IOCs) from the onshore and shallow water terrains will help the country to unlock over 500 million barrels of oil reserve and over three trillion cubic feet (TCF) of gas reserve if the transition is well managed by the government.
They also lamented the deliberate under-investment in the industry for the past 15 years, saying that was largely responsible for the persistent decline in Nigeria's oil production from the high of 2.6 million barrels per day (bpd) to now 1.5 million bpd.
They equally demanded the introduction of a robust and up-to-date regulatory architecture as well as a review of the Petroleum Industry Act (PIA) to meet the demand of the industry that has grown from less than less than 15 operators to now 50, in addition to the challenges of energy transition and associated funding constraints.
The speakers including the Chief Executive Officer of Aradel Holdings, Mr. Adegbite Falade; Chief Operating
Officer of Seplat Energy, Mr. Sam Ezugworie; Chairman/Chief Executive Officer of Britannia-U, Mrs. Uju Ifelika; and Chief Executive Officer of Heirs Energies Limited, Mr. Osayande Igiehon, made the assertions in Lagos at the Pre-conference Workshop of the Nigerian Association of Petroleum Explorationists (NAPE).
The theme of the event was "Leveraging Divestment and Local Content Capacity to Enhance Nigeria's Oil and Gas Industry: Challenges and Opportunities."
In his presentation, Falade allayed fears over divestment by the IOCs, noting that divestment is an opportunity that should be embraced and exploited for Nigeria's benefit.
According to him, "Divestment has the potential to unlock over 500 million barrels of oil reserve and over three trillion cubic feet of gas reserve in Nigeria. So, divestment is not bad for the sector and we need to embrace it."
He said there has been a deliberate under-investment in the oil and gas industry in the last 15, which is responsible for the production decline being witnessed
The Aradel boss called for the review of the architectural guidelines of the Nigerian oil and gas industry.
He pointed out that the regulators have not scaled up in the past 20 years to meet the demands of the industry that has grown from about 15 operators to 50 operators that are currently existing.
In his intervention, Seplat COO, Ezugworie regretted that Nigeria's oil production has stagnated at just 1.5 million bpd despite the increase in the number of indigenous operators.
He said the IOCs were leaving the onshore and shallow blocks and moving to the offshore and deepwater operations.
Ezugworie stressed the need for Nigeria to maximize the divestment opportunity by building more local firms that have capacity like the 'Big 5' in order to grow the sector.
The Big 5 are Seplat, Aradel, First E& P, Waltersmith and Platform Petroleum.
While questioning whether the PIA has attracted any major investment in the industry since it came into effect in 2021, the Seplat COO submitted that there must be Key Performance
Indicators (KPIs) to measure the success of regulations in the industry.
Contributing, CEO of Britannia-U, Ifejika, advocated that the industry regulators must be proactive enough to address emerging challenges in the Nigerian upstream petroleum sector.
She argued that only seven companies have recorded success out of the 24 that there awarded marginal fields during the 2003/2004 bid round.
She added that even the last marginal field bid round conducted in 2020 has not produced any good result as none of the companies that were awarded fields has achieved first oil.
Ifejika, however, called on the government to arrest the investment and production decline in the oil and gas industry by putting in place favourable fiscal terms and adoption of pragmatic regulatory approach.
In his presentation, Chief Executive Officer of Heirs Energies Limited, Mr. Osayande Igiehon, said Nigeria's oil and gas industry was experiencing a remarkable transition from the IOCs to indigenous players, noting that the wave of divestment which started
House Urges NUPRC to Integrate Artisanal Refiners into Oil Value Chain
Juliet Akoje in Abuja.
The House of Representatives has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to study and articulate a regulatory legal framework to integrate artisanal refiners into the formal crude oil production value chain.
This was sequel to the adoption of a motion on the “Need to Reform and Regulate Nigerian Petroleum Production Activities to Integrate Artisanal Refiners in the Production Value Chain,” moved by Hon. George Ibezimako Ozodinobi on Thursday.
Ozodinobi noted that it is incumbent to abide by the constitutional dictate to harness the resources of the nation and
to promote national prosperity and an efficient, dynamic, and self-reliant economy.
He also noted that lives and revenues have been lost due to government’s inability to recognize, regulate, and control artisanal refining of petroleum products, which is prevalent in the Niger Delta region for decades.
The lawmaker recalled that in 2016, the federal government proposed the integration of artisanal refiners into mainstream operations in the Oil and Gas sector to promote the inclusion of more local content in the industry and advance the use of home-grown technology in the refining of petroleum products in the region.
He said: "After seven decades
of massive devastation and environmental degradation of the Niger Delta with its ecosystem, policymakers are still oblivious to the crucial need to encourage artisanal refining and lay a foundation for the local technology that will salvage us from energy poverty."
He further stressed that the demonization of the indigenous artisanal refiners as “oil thieves” and deployment of the Nigerian Navy and other security agencies to destroy artisanal refineries in an unprofessional manner further degrade the environment which provides the energy needs of communities in the Niger Delta.
His words: "The policy has left Nigeria with four moribund refineries for decades, a globally
rated exporter of crude oil and chronic importer of finished petroleum products with a litany of woes as confirmed by the ongoing fuel crisis and validated by the alleged conspiracy against the Dangote Refinery"
"Cognizant that the historic reference of industrialization and technological growth affirms the support and protection of indigenous technology as exemplified by Japan, China, and other Asian economies and even the United States."
The House however mandated its Committees on Petroleum Resources (Downstream, Upstream, and Midstream) and Local Content to ensure compliance and report within four (4) weeks for further legislative action.
20 years ago has grown both in size and complexity. Represented by the Chief Financial Officer of Heirs Energies, Mr. Sam Nwanze, Igiehon stated that with IOCs divesting, local firms have the chance to acquire assets, boosting Nigerian participation and control in the oil and gas value chain.
He said: "This creates opportunity for growth as indigenous players have the opportunity to better balance risk and growth. Local content policies provide more jobs for Nigerians and improve workforce capabilities, reducing reliance on foreign expertise.
"With divestment, there is room for indigenous companies to adopt and invest in new technologies, enhancing operational efficiencies and cost savings.
"The need for local suppliers, service providers, and subcontractors grows, strengthening the wider Nigerian oil and gas ecosystem."
However, Igiehon mentioned that the journey of leveraging divestment and local content capacity in the country's oil sector has been fraught with challenges.
He listed the challenges as funding and financial constraints, explaining that access to capital for local companies to acquire assets has been a challenging one.
He added that lack of financial discipline and management as well as technical and operational capacity gaps were also some of the challenges impeding the country's capacity to maximize the opportunities in divestment.
FG Targets Four-year Transition from SKD to CKD for Local Automobile Manufacturers
Dike Onwuamaeze
The federal government has declared its intention to increase the local components of vehicles that are assembled in Nigeria and transition the automotive industry from relying on Semi Knocked Down (SKD) components to Completely Knocked Down (CKD) parts within the next three to four years.
This declaration was made yesterday by the Director General of National Automotive Design and Development Council (NADDC), Mr. Oluwemimo J. Osanipin, during the Lagos Chamber of Commerce and Industry’s (LCCI) 2024 Auto Symposium themed “From Tokunbo to Manufacturing: The Role of Women Breaking Barriers and Driving Growth.”
Osanipin, represented by Higher Technical Officer of NADDC, Mr. Adebolu Obayemi, explained that moving to the CKD stage would increase the local contents of vehicles that are rolled out from Nigerian automotive plants.
He said: “I reaffirm the council’s commitment to move the automotive industry from importing used vehicles to improving local manufacturing of cars for Nigerian roads.
“We are already assembling our
own vehicles in Nigeria currently with Semi Knocked Down (SKD) products, which is simply importing the materials in parts and putting them together here in Nigeria.
“We aim to move to Completely Knocked Down (CKD) where we will manufacture the parts locally in Nigeria. But achieving this requires more collaboration with major stakeholders and people that will manufacture the local parts here in Nigeria.
“At the NADDC, our goal is to increase the local components of vehicles that are coming out of the assembly plants. Basically our intention is to move from SKD to CKD within the next three to four years.
“To achieve CKD in the industry, we need backward integration from component manufacturers in Nigeria because we need a complete ecosystem since no single manufacturer can manufacture all the materials to build a car.”
One of the panelists during the Auto Symposium, the Executive Director of R. T. Briscoe Nigeria Limited, Ms. Adeola Adenike-Adeojo, called on the federal government to push for the passing of the Nigerian Auto Industry Development Plan (NAIDP) into law to boost investors’ confidence in the Nigerian automotive industry.
L-R: UAE Ambassador to Nigeria, HE Salem Shaeed Al-Shamsi and Minister of Solid Minerals Development, Dr. Dele Alake, during a recent visit by the ambassador to the minister in his office…yesterday
AT THE NEC MEETING...
Shettima: Decentralisation of Electricity Will End National Grid Collapse
NEC orders audit of Nigeria’s waterways, dams
Vice President Kashim Shettima disclosed that the National Economic Council (NEC) will adopt measures to speed up the decentralisation of the national grid, with a view to putting an end to incessant collapse that had plunged some states in the north into total darkness.
Shettima listed some of the measures for the decentralisation of the national grid to include the establishment of mini-grids, solar and renewable energy sources, like solar photovoltaic and wind turbines.
Speaking at the 145th NEC meeting on Thursday, at State House, Abuja, Shettima, who is Chairman of NEC, said the burden of accountability had compelled the government to never look away from the issues. He stressed the urgent need for the implementation of the Nigeria Energy Sector Implementation Plan
(NESIP), emphasising that the energy sector must embrace the potential of renewable energy, as well as leverage solar and mini-grid solutions designed to meet regional electricity demands.
According to him, “A robust economy is the backbone of every nation. The recent blackouts caused by the actions of vandals remind us of our urgent need to expand our energy infrastructure. I believe the governors here would agree that the decentralisation of electricity is our path forward.
“We will continue to promote the constitutional framework that empowers constituent states within the Nigerian federation to generate, transmit, and distribute electricity in areas covered by the national grid. Together, we can make instability a relic of the past.
“Furthermore, our energy sector must embrace the potential of renewable energy. We must leverage
House Launches Probe into Service Wide Vote Corruption Allegations
Juliet Akoje in Abuja
The House of Representatives has set up an ad-hoc committee to comprehensively investigate the alleged abuse of the Service Wide Vote to identify cases of misallocation, mismanagement and corruption.
The committee will also review guidelines and procedures governing the allocation and utilization of the Service Wide Vote, to ensure that it is used strictly for its intended purposes and all expenditures are subject to proper oversight.
The committee has four weeks to report back to the House for further legislative action.
This resolution followed the adoption of a motion: “Need to Investigate the Abuse of Service Wide Vote in Nigeria,” moved by Hon. O. K. Chinda at plenary on Thursday.
Chinda noted that the Service Wide Vote (“SWV") also known as the Contingency Vote is a special allocation in the federal government's budget intended to meet unforeseen and emergency expenditures that may arise during the process.
He also noted that "the SWV is designed to address critical and urgent national needs, including natural disasters, national security emergencies and other exigencies that cannot be anticipated during the budget planning, acknowledges the importance of transparency, accountability, and open management of public funds to foster trust in government institutions and ensure that resources are used for the benefit of all Nigerians."
He added that there have been allegations and reports of the misuse and abuse of the SWV, where funds allocated for emergency situations are diverted for other purposes, often without proper accountability or transparency.
According to him, during the COVID-19 pandemic, substantial amounts were reported withdrawn from the SWV to support the then government's response to the crisis, however, some of these funds were allegedly diverted to other projects unrelated to the pandemic, raising concerns about the lack of proper oversight and the potential for corruption in the use of the SWV.
solar and mini-grid solutions tailored to regional needs. I urge the Council to support the implementation of the Nigeria Energy Sector Implementation Plan (NESIP).
“If we capitalise on our diverse regional energy resources—from northern Nigeria’s solar potential to the south’s gas reserves—we can build a resilient, decentralised energy system that drives growth and empowers our communities.”
The vice president also said the tax reforms initiated by President
Bola Tinubu's Renewed Hope Administration will broaden the country's revenue base, foster economic stability, and diminish dependency on specific sectors.
He said, “I must admit that the tax reforms initiated at the onset of this administration by His Excellency, President Bola Tinubu, have opened avenues to address stakeholders’ concerns, particularly regarding VAT reform and its implications for sub-national revenues.
“As representatives of diverse interests, I have no doubt that you share a common aspiration: to broaden our revenue base, foster economic stability, and diminish our dependency on specific sectors,” he noted.
On Human Capital Index, Shettima cautioned that it is a tragedy that must be confronted following Nigeria’s low ranking.
“We grapple with alarming statistics related to life expectancy, maternal and child mortality, and
educational attainment. We gather here today to redeem this dark reality through a series of deliberations and recommendations across various sectors, to be presented by participating specialists in government and by development partners.”
Shettima shed light on the progress made so far in the bid to mitigate flood disasters. He stated that the past few months had tested the strength of the solutions implemented to advance flood resilience.
Cybersecurity: British High Commission Calls for Collaboration between Nigeria, UK
Oghenevwede Ohwovoriole in Abuja
The British High Commission, has called for collaboration between the United Kingdom (UK) and Nigeria, in curbing cybercrimes.
The Commission's West Africa Cyber Lead, James Carroll made the call, Wednesday in Abuja at the monthly Devs in Government discourse, organised by the Ministry of Communications, Innovations and Digital Economy, and supported by Galaxy Backbone and the World Bank.
The event with the theme, "Secure a World: Building a Safer Digital Future for Nigeria's Public Sector" fosters collaboration and learning among government bodies and sectors.
Carroll said, "In tackling borderless and faceless threats to the cyberspace. by working together and building a strong foundation, Nigeria and the
UK can effectively address cyber crime challenges."
He noted that organised networks operate like businesses, complete with recruitment, training, finance, and luxury, adding that to combat this, international collaboration and mastering basics like good passwords, system updates and firewall maintenance were crucial.
"The UK's strategy focuses on engaging its young, tech-savvy population to teaching digital skills, promoting cyber security careers and creating a digital pipeline.
"Nigeria, with its youthful demographic, can adopt similar approaches like ducating kids on cyber security, encouraging tech enthusiasm and developing digital literacy," he stressed.
In his opening remarks, the Director of Information and Communication
Technology (ICT) of the ministry, Samuel Okoye, said as Nigeria's digital landscape evolves, cyber security remains crucial.
He noted that government agencies and public sector organisations hold sensitive data and deliver essential services that impact lives of Nigerians.
Okoye stated that by protecting these digital assets from growing cyber threats was a collective responsibility.
"It is our collective responsibility to ensure that these digital assets and systems are protected against the growing array of cyber threats.
"The cyber security awareness month provides us with an ideal opportunity to reinforce our commitment to this mission.
"As we gather here today, we are reminded of the critical importance of cyber security in our rapidly evolving digital landscape.
"Every day, government agencies and public sector organisations hold vast amounts of sensitive data, connect countless systems, and deliver essential services that impact the lives of Nigerians," he said. Nigeria, he explained, can fortify its digital infrastructure and ensure a secured and resilient public sector, adding that the cybersecirity awareness month is an opportunity for all to learn from each other
The Manager, Cybersecurity Department, National Information Technology Development Agency (NITDA), Dr. Zareefa Mustapha, in a panel session said so many government organisations do not believe, when NITDA tries to identify some vulnerabilities in their systems. Mustaphe called for collaboration between government agencies and be opened to more information sharing.
Chinedu Eze
One week after the crash of ditched
Ocean near Bonny Finima on October 24, 2024 with the loss of all souls onboard. A statement by the Director, Public Affairs and Family Assistance, Mrs Bimbo Olawumi Oladeji, said the wreckage was identified during Wednesday night’s recovery dives at approximately 0.775 nautical
Deji Elumoye in Abuja
L-R: Governor Dauda Lawal of Zamfara State; Governor Bala Mohammed of Bauchi State; Governor Ahmadu Umaru Fintiri of Adamawa State; and Governor Charles Soludo of Anambra State, at the National Economic Council meeting held at the Council Chambers of the Presidential Villa, Abuja...yesterday
GODWIN OMOIGUI
The UBA Foundation National Essay Competition 2024
The National Essay Competition is UBA Foundation's annual education initiative which aims to promote the reading culture and encourage healthy and intellectual competition amongst secondary school students in Nigeria and across Africa.
Requirements:
Be a Nigerian Senior Secondary School Student
Complete contact information
Upload a handwritten essay of 750 words max (not typed)
Upload a copy of recent passport
Upload a scanned copy of Birth Certificate/ National ID/International Passport
For more details, visit: https://www.ubagroup.com/uba-foundation/national-essay-competition/
Deadline: Friday, November 8th 2024 ... plus cash and consolation prizes
NB: Non-inclusion of any of the above may lead to disqualification.
TINUBU
Diri Presents N689.44bn 2025 Budget in Bayelsa, Buni Proposes N320.8bn for Yobe
Michael Olugbode in Damaturu and Olusegun Samuel in Yenagoa
Bayelsa State Governor, Senator Douye Diri, yesterday, presented the 2025 fiscal year budget proposal of N689.440 billion to the State House of Assembly for consideration and passage.
In Yobe State, Governor Mai Mala Buni also presented a proposed budget of N320.8 billion to the State House of Assembly for the 2025 fiscal year.
Presenting the appropriation bill christened, "Budget of ASSURED Prosperity," Diri stressed that implementing the 2025 budget would require some level of efficiency and synergy in government activities across
Ministries, Departments and Agencies (MDAs). He said the overall outcome of the budget wouldsignificantly depend on the level of fiscal and monetary policy coordination.
He charged the Ministry of Budget and Economic Planning to accordingly ensure fiscal discipline, transparency, accountability and proper coordination in the implementation processes.
The state's helmsman, who gave the projected revenue breakdown, announced statutory allocation of N17 billion, value added tax N57 billion, 13% derivation including refund N138.8 billion, and refund on excess crude N29.062 billion.
Diri also put exchange gains at N103.073 billion, internally generated revenue N39 billion,
grants N39.4 billion while other capital receipts such as electronic money transfer, signature bonus, cash calls, loans among other items were projected at N141.4billion, bringing the total receipts to N689,440,348,916.30
According to the governor, the breakdown of total expenditure for 2025 comprised personnel cost of N91.961 billion, pensions and gratuity including contributory pension of N19.324 billion, CRFC transfers N3,346,460,935 bringing the total personnel cost to N108.338 billion representing 13.3%.
Diri said the government had a projected overhead costof N79.650 billion representing 11.55% with total recurrent expenditure at N263,375 billion representing 38.2% and total capital expenditure
of N426,065 billion representing 61.8%.
The Ministry of Works and Infrastructure got the highest allocation of N178.761 billion, followed by education with N47.111billion while sports was allotted N37.850 billion, which included the construction of a new stadium.
The health sector got N19.994 billion, security was allocated N19 billion, agriculture N16 billion, and energy and power got N14.450 billion. Urban and housing development was allotted N13.680 billion while N10 billion was earmarked for the Ministry of Community Development.
Buni, while presenting the Appropriation Bill tagged: “Budget of Economic Consolidation and
IG Egbetokun Discloses How to Effectively Police Nigeria, Africa to Minimise Crimes
Linus Aleke in Abuja
Inspector-General of Police, Kayode Egbetokun, yesterday,unveiled an action plan and strategic policies and concepts in Nigeria and West Africa that could boost effective policing and minimise crime rate at all levels.
Egbetokun also laid the template for the discussion on the strategies for executing coordinated investigations and operations across
regions to effectively tackle various patterns of crimes and criminality, and the significance of training officers in all areas of policing in a complex society to meet up with global best practices.
A statement by the Force’s Spokesperson, Olumuyiwa Adejobi, stated that Egbetokun reeled out the strategies for effective policing in West Africa at the ongoing AFRIPOL Steering Committee Meeting in Algeria.
Adejobi said the IG also paid an official visit to the headquarters of AFRIPOL as part of his activities towards creating a concrete relationship with other African policing services.
"He was received by the President, Douglas Kanja, IG National Police Service, Kenya, where both IGPs shared experiences on how to best manage violent protests in Africa.
“In attendance, also was Head
of Legal at AU, Ambassador Mohammed, from the legal consulate African Union," he said.
The IG urged leaders and representatives of the regions to ensure policies decided upon at the meeting were leveraged to the fullest at all policing levels within their jurisdiction to ensure expertise and proficiency were exemplified in the fight against the increase in crime waves within the African region.
Ernest & Young Reaffirms Commitment to Grooming Tax Leaders
Winners emerge in 2024 YTPY competition
James Emejo in Abuja
Global tax consulting firm, Ernest & Young (EY), has reaffirmed its commitment to grooming and mentoring students of higher institutions of learning in taxation. In line with its vision, the firm introduced the ‘Young Tax Professional of the Year' (YTPY) competition 13 years ago across all its offices globally.
EY Nigeria also introduced the programme three years ago, primarily to identify key talents, as well as groom the next generation of leaders in the tax profession from pen-ultimate and final year students in tertiary institutions across the 36 states of the federation, and the Federal Capital Territory (FCT).
The 2024 edition of the competition had 425 applications, drawn from 53 tertiary institutions across the country after a rigorous selection process at different stages of the programme. A total of 274 applications were shortlisted after undergoing logical and quantitative reasoning skills assessment, research, article writing, and case studies, out of which 57 competitors emerged during the quarter-final stage, and 30 at the semi-final.
Ultimately, Miss Uyodhu Agadaga, a final year student at Nile University, Abuja, was crowned the overall winner, out of the 10 gladiators who made it to the final stage.
The first and second runnersup positions went to Kolawole
Olaniyan and Nahomi Okikiri, both of whom are coincidentally students of the University of Lagos.
Following the presentation of findings to an independent panel of assessors, these finalists were invited to the EY Nigeria office in Lagos for the grand finale to receive awards and presentation of certificates and gifts.
Moreover, Uyodhu will represent EY Nigeria at the global level, where she will meet and compete with other winners drawn from EY offices across geographies.
All the 10 finalists will also have the opportunity to undergo internship and mentorship programmes with EY Nigeria
Speaking during the presentation of award certificates and gifts to the top finalists in Lagos, Associate
Partner in Tax Services/Director of the Programme, Akeem Ogunseni, said the primary focus of the competition was to “catch the students who have a keen interest in taxation”.
He added that eight pillars of selection were deployed in testing the contestants, benchmarked against international standards.
Congratulating the 10 finalists, Partner/EY Tax Leader for West Africa, Akinbiyi Abudu, said it was an exciting moment for the students who had put their hearts and souls into the competition, adding that the competition was all about grooming the next generation of leaders in the tax profession, who will take over from the present crop of tax leaders in the future.
Poverty Reduction,” said the sum of N144.04 billion representing 44.9% was proposed as recurrent expenditure, while the sum of N176.8 billion representing 55.1% was allocated for capital expenditure.
Highlighting the breakdown, he said government would concentrate on four sectors, namely Economic, Social, Administration, Law, Peace and Justice.
He said: “The economic sector would continue to play its pivotal role in our speedy growth and socio-economic development agenda for the state.
“A total sum of One Hundred and Fifty-six Billion, Nine Hundred and Thirty-one Million, Eight Hundred and Eighteen Thousand Naira (N156,931,818,000) is allocated to cover capital and recurrent expenditure, while the social sector has been earmarked with a total sum of One Hundred and Eight Billion, Four Hundred and Sixty-nine Million, Three Hundred and Sixty-six Thousand Naira (N108,469,366,000) for the funding of both its capital and recurrent expenditure.
“Likewise, the administrative sector which consists of the Government House, House of Assembly, Office of the Secretary to the State Government, Office of the Head of Service, Ministry of Home Affairs Information and Culture, Ministry of Humanitarian Affairs, Ministry of Religious Affairs and Ethical Re-orientation, State Independent Electoral Commission, Civil Service Commission, Local Government Service Commission, State and Local Government AuditorsGeneral’s Offices, among others are to receive a proposed Fifty Billion, Six Hundred and Fortyfour Million, Nine Hundred and Seventy-one Thousand Naira (N50,644,971,000), while Law, Peace and Justice will have a total sum of Four Billion, Seven Hundred and Sixty-four million, Eight Hundred and Forty-five Thousand Naira (N4,764,845,000) respectively.”
The Governor noted that the unfavourable exchange rate of Naira to the Dollar, and the unabated inflation rate has continued to negatively impact execution levels of projects and programmes.
FG Marks World Habitat Day, Says Housing Projects Ongoing in 14 States
The federal government yesterday marked the 2024 edition of the World Habitat and World Cities Day, disclosing that it remains committed to affordable shelter for Nigerians with ongoing building construction in 14 states.
Speaking at the event in Abuja, the Minister of Housing and Urban Development, Mr Ahmed Dangiwa, recalled that back in 2013, the UN General Assembly established October as a month to focus on the challenges and opportunities of urban development. Since 2014, he stated that countries worldwide have joined this movement, using October to engage in critical conversations and activities aimed at sustainable urban planning and resilient cities.
This year’s themes are: “Engaging Youth to Create a Better Urban Future” for World Habitat Day, and “Youth Leading Climate Action for Cities” for World Cities Day.
Dangiwa stated that Nigeria takes pride in joining the international community to tackle the multifaceted
challenges of urbanisation, with the goal being to raise awareness of these issues within Nigeria and promote collaborative action across all levels.
“We’re here today with a shared ambition: to build cities that work for everyone, cities where housing is accessible, infrastructure is efficient, and communities are safe and thriving.
“Today’s programme is an opportunity for each of us to think about our role in shaping the future of urban areas. Sustainable urban development is about more than bricks and mortar. It’s about creating communities that support individuals and families, enabling them to achieve their goals and live fulfilling lives.
“Whether we are policymakers, community leaders, urban planners, or citizens, we each have a part to play in ensuring our cities are places of opportunity and inclusivity,” he stated.
This year’s Urban October themes—"engaging youth and recognising their leadership in climate action”, he said, are both timely and crucial.
Emmanuel Addeh in Abuja
President Bola Ahmed Tinubu receiving Letter of Credence from the new Ambassador- Designate of the France Republic to Nigeria, Mr. Marc Fonbaustier, at the Presidential Villa in Abuja .... yesterday GODWIN OMOIGUI
President Bola Ahmed Tinubu receiving Letter of Credence from the new Ambassador-Designate of the Kingdom of Denmark to Nigeria, Jens Bach Hansen,at the Presidential Villa in Abuja...yesterday
GODWIN OMOIGUI
UMAR ARDO argues how collective determination of individuals can lead to democratic transformations and lasting progress
THE POWER OF COLLECTIVE RESOLVE IN TIMES OF CRISIS
As a trained historian, my thoughts, views and actions would naturally be conditioned by my academic discipline. I am therefore convinced that what Northerners need to solve the current failure of our society is toing solutions to the problem. Once we do so, we won't fail to see that the solution actually lies in our elites of good standing coming together to act in unison!
History indeed is replete with many instances where in times of serious social, economic and political crises, as the current one Nigeria is experiencing, certain individual elites of good standing come together into groups, united by a vision for change, to democratically take up leadership and initiate successful transformative changes for their societies; illustrating how collective determination for positive change can emerge and succeed in challenging times. The following examples stand out glaring in modern history.
The founding of the United States in the 1770s-1780s is an important example to illustrate the power of collective action of individuals. When the American colonies faced with restrictive trade policies, high taxes, oppressive governance, etc. certain elite individuals in the colonies, like George Washington, with a few others, demanded independence from Britain as a permanent solution to their the principles of freedom and democracy. The resulting American Constitution was a success, establishing a democratic nation and sparking a global movement toward self-governance.gered by severe economic inequality, wide-
elite thinkers and reformers determined to reform the system. Although it was a tumuloppressive structures, inspired democratic ideals and laid the groundwork for the mod-
palling conditions, poverty, low wages and poor political representation, organized by few individuals who came together, also laid the foundation of modern British society. A coalition of laborers, trade unions and reform-minded intellectuals like Keir Hardie issues. Despite resistance, they pushed for rights. Their successes gradually transformed Britain into a more equitable and democratic and highlighting the power of collective action for social reform.
Under British colonial rule, India endured
er a cross-section of society, united in the cause
coalition-building, India eventually achieved
shaped the nation and stands as a testament to the power of collective resolve in times of national distress.
Again going back to the United States in theequality and disenfranchisement, the country experienced a powerful social upheaval led by
tests, legal battles and grassroots organizing. This movement successfully led to landmark institutionalized racial barriers and profoundly changing the American society.
tion, restricted economic opportunities and po-
dela, Oliver Tambo and Desmond Tutu came together and rallied people across racial and social lines to resist apartheid. The movement succeeded in establishing a democratic South -
overturn oppressive regimes and create a fairer society.
was the coming of few individuals to resist widespread economic and social repression under Communist rule which ultimately led to the
Walesa. Solidarity united workers, intellectuals and citizens demanding political freedom and economic reforms. Despite a harsh government crackdown, the movement persevered and eventually helped to topple Communist rule
across Eastern Europe, ultimately contributing to the fall of the Iron Curtain.
the point home in Africa. Economic hardship, high unemployment, political corruption anddle East, beginning in Tunisia and spreading
Spring brought together a broad coalition of citizens, activists, and reformers united by a vision for freedom and democracy. Although the outcomes varied, the Arab Spring demonstrated the power of collective action and the quest for democratic governance under crisis conditions.
Dr. Ardo writes from Abuja
Most Nigerians who are successful made it in Nigeria, writes
JOSHUA J. OMOJUWA
MY DAY WITH NOELLA AND THE NIGERIAN DREAM
Some Nigerians have been curious about the Nigerian variation of the American Dream. What is the Nigerian Dream? If you put this question to social media, most of the answers will be along the lines of “japa to Canada”, “leave the country and love it from abroad”, and other such answers bordering on the thinking that the Nigerian Dream, if it does exist, does not dwell in the promise of Nigeria itself. It lives within the Nigerian but must wait for it to be birth anywhere but Nigeria itself.
That of course is not true and cannot be true; most Nigerians who have found success have found it in Nigeria, most Nigerians who are finding success are finding it in Nigeria and those Nigerians who will succeed tomorrow will find their success in Nigeria. It’s easy to see why, most Nigerians will always be in and live in Nigeria. Take Dare Aliu.
Dare was born amidst poverty, grew up in the trenches of Abule Egba, today, he is the Group CEO of the TDA Group with their HQ in Ikoyi and branches in other parts of Nigeria and abroad. His story, as written in “Everything Will Be Alright: The TDA Story”, is in my opinion, a story that encapsulates the Nigerian Dream, if we must have our variation of that term. The author outlined his long and tortuous path from poverty to a promising enterprise employing hundreds of people, from designers, to tailors, riders and other such skilled and semi-skilled people.
One of the challenges with advancing enterprise in Nigeria is the dearth of stories as written by those who took the walk, walked the talk and are gracious enough to codify their ideas, dreams and models in books. Vantage: My life, starting out and startups by Olumide Soyombo is one of such books. I was not surprised to see in Dare Aliu’s book that Vantage inspired him because Soyombo gave him a perspective he could relate to. This was his peer sharing what it meant to be and thrive in Nigeria. As a speaker at the launch of Everything Will Be Alright, I emphasized the need for more Nigerian stories, using the veteran comedian, Tee-A — Babatunde Adewale — as my anchor.
I have been watching Tee-A do his business since 1999. I saw him for the first time at an event organised by Milo at the Niteshift Coliseum in Ikeja. I was then a student at King’s College, Lagos and the school had selected some of us to attend.
I laughed so hard on that day; he was that good. I even remember some of the jokes from the day, especially the one where he used the songs of the likes of Barry White and Brandy to tell a joke and a love story — every step of that joke was funny!
That’s 25 years ago. Note that he must have started and proven himself before then to even get on that stage. Four decades on - 90s, 2000s, 2010s and 2020s – Tee—A continues to be a major presence at top-notch events. It’s by design. We’ve got inspiring stories in Nigeria. We just need to share more of them. And we need to codify their experiences for the next generation.
My engagement after the book launch was one with an eye on that next generation. It was Noella Foundation’s Life After School Summit. Noella Foundation has cracked the essence of public intervention: empowering people through access to education, business development programmes, masterclasses and policy interventions. There are immediate needs interventions like food and shelter with vast parts of Nigeria benefiting, but I am of the belief that helping people be able to
help themselves for the foreseeable future is the sort of philanthropy we must look to scale in Nigeria.
As keynote speaker at the summit, the culmination of weeks of skilling up some 500 final year students from universities across Lagos, I let it be known that the students must commit to building themselves up with the ability to pivot across industries. I spoke to the need for building their Capability for them to be better positioned for opportunities and to channel their motivation appropriately. It’s the COM effect for making change happen. Layal and Seyi Tinubu, the co-founders of Noella, also had as speakers Arc. Elizabeth Gbemudu, Dotun Ajibola, Christabel Chidiebere, Kari Tukur,
Adaora Mbelu, Shehu Tjjani Abdullahi and Bukunmi Adeaga Ilori. All these accomplished Nigerians shared different perspectives based on their individual experiences. Ren San & Co, led by the exceptional Florence San, put up an excellent summit worthy of any of its kind the world over.
These are trying times in Nigeria. It is also a time of transition and opportunities. There will be those who will wait and pray and then hope that things change. They are waiting for things to happen for them. And there must be those who must pick themselves up, work out a way for themselves and ultimately create opportunities for others to make change happen. They know they must make things happen.
There is the Nigerian Dream. As long as it remains possible to be born poor, apply oneself and still make it in this country, then there is the Nigerian Dream. That is not to deny those Nigerians who choose to find their dream away from Nigeria their right to claim the fulfilment of such dreams is their own Nigerian Dream. In the end, the most essential factor in that phrase is the Nigerian, where they help their dreams become their reality will not change the fact it is their Nigerian Dream.
The students who attended the Life After School Summit #LAS2024 left armed with requisite skills, ideas and belief they’d find useful for their future. Whilst they hope for a better Nigeria, they will be looking to navigate Nigeria as it is, believing that they have it within them to first re-write their own stories, and may be, even help change the course of our nation for good. Vantage or not, Everything Will Be Alright.
Omojuwa is chief strategist, Alpha Reach/BGX
Editor, Editorial Page PETER ISHAKA
Email peter.ishaka@thisdaylive.com
DWINDLING ACCESS TO CLEAN WATER
Government must invest more in the provision of water
Potable water and improved sanita-
The security votes for governors in many of the states surpass budgetary allocations for the provision of clean water for the people T H I S D AY
EDITOR SHAKA MOMODU
DEPUTY EDITOR WALE OLALEYE
MANAGING DIRECTOR ENIOLA BELLO
DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU
CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI
EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE
EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA
GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU
DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE
DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI
SNR. ASSOCIATE DIRECTOR ERIC OJEH
ASSOCIATE DIRECTOR PATRICK EIMIUHI
CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI
DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO
TO SEND EMAIL: first name.surname@thisdaylive.com
Letters to the Editor
Letters in response to specific publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.
POLITICS
Acting Group Politics Edito r DEJI ELUMOYE
Email: deji.elumoye @thisdaylive.com
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‘Infrastructure Has Totally Collapsed Under Soludo’s Watch in Anambra’
A Chieftain of the Labour Party and erstwhile Managing Director of National Inland Waterways Authority, Chief George Moghalu, in this interview reveals his intention to run for the 2025 gubernatorial race in Anambra state. He also scores Governor Charles Soludo low in the area of infrastructural development of the state. David-Chyddy Eleke brings excerpts:
You recently left the All Progressives Congress(APC), a party you were among key founding members, what happened?
My answer is very simple and straight. In every political contestation two issues are always critical; one is the person and the second is the platform. I have not decided to quit politics, and in the light of that basic fact it’s me that will decide how to live my life, what I intend to do with my life. It is me that will talk about my ambition. The best I will do in that circumstances is to involve my immediate family -my wife and my children. But the second one which is very critical is the platform. And for you to consider the platform a lot of things need to be considered. A lot of consultation have to be made. If you remember, by the time I resigned from the APC I said that I was open for consultation across the country talking with my colleagues, my people, my friends, and my political associates. Thereafter I returned to Anambra State to continue the consultation with a lot of people, my supporters and followers. I also called my Campaign Council to a meeting, saying, now that I have resigned from the APC what do we do?
After all these consultation it became clear that for me to realise the ambition that I have, for me to have the platform to serve the people in line with my aspirations in this area, that the viable platform is the Labour Party(LP). So now, on Oct 1, 2024 I then declared for LP. It’s my decision and the decision of my collective team.
You have always been a one party man, but we heard you switched over to LP because someone from your zone promised to deliver the LP ticket to you?
Facts must be sacrosanct. If there’s anything I have strived to do, it’s to maintain my credibility to be honest and sincere, even in the face of daunting challenges. I tried to live that life that at the end of the day, even after politics that my children will look at me and say they are happy. That has always informed my decisions.
Yes I agree with you that am a one-party man. It’s not even from 2003. I participated in the forming of APP in 1998. As far back as 1991 when NRC was decreed into existence by the military government of that period, we congregated in NRC. Those my friends will tell you that we remained together and moved together to APP. Consistency has always been my mantra and I have followed it up. So, as to whether somebody made me promise of the party’s ticket, I will be very happy if anyone made me such promise. But as we speak, no one made me that promise. Because I know that as at today a few others have also indicated interest in using LP as a platform.
But when we further the campaign and consultations, the party themselves and the party members, that is, the owners of the party from my own understanding of party politics would be able to say who or who they would use to contest and win election.
This is because it takes too many things to win an election. Acceptability is there, credibility is there, ability is there, capacity is there. So there’s quite a lot of considerations and the party members would take these issues into consideration. Is he a known face, is he acceptable to the people, can he win the confidence of Anambra electorate, and things like that.
So all these issues will come into discourse before a final decision is taken. But as for whether somebody made me a promise of the ticket, no. But from the reactions and responses we have been receiving go to say that quite a lot of people within the party think that my coming into the platform would greatly help the party.
There’s this argument as to whether you are running for governorship or the vacant Anambra South senatorial seat?
The truth about it is that am qualified to be a councillor, council chairman, state assembly member, House of Representatives member, a senator, a governor and president by every stretch of imagination. So people are free to speculate. It goes to show that I am an issue for discussion whether I’m going to the Senate or governorship. Am even very happy to hear
that people are arguing about that, what that means is that I am issue in contention. But, am running for governor of Anambra State.
Why do you have a burning urge and desire that is pushing you to come and lead Ndi Anambra?
A lot of things are wrong, quite a lot. We all know that a lot of things are wrong in Anambra state. However, I’m one person who does not criticize without providing an alternative. Am going to issue a formal statement at my formal declaration where I will take all the issues of governance, and what I expect and promise to
do. Am going to address all issues. I expect you journalists who relate more with many people to do further consultations. Really our people are not happy. There’s total infrastructural collapse. There’s insecurity at the highest level. So there’s quite a lot that needs to be re-engineered. Because the biggest loss for any administration is when you lose the confidence of the people. If you remember when I was coming for governorship in 2003, I made it very clear that my major agenda was to restore the confidence of the people. Im all out to restore the confidence of Ndi Anambra in their government. Because the moment you win the confidence of your people governance becomes a lot easier. That’s when you can relate with them, talk to them, they can even disagree with you as they can tell you where they want you to go. After all you are talking about them. If it’s not about the people, some of us will not be in this business. But its only that you need a platform to be able to execute your intentions and bring them to practical reality. That’s why we are here. How do you react to those who say Soludo should be allowed to complete his eight years, in order not to disrupt the zoning principle?
The sentiment is right because they have not heard from some of us. I have said time and time again that what you cannot do in four years you can’t do it in eight years. That is very true! I stated it plainly, and let me re-emphasize it here. I am going for the governorship of Anambra State realizing in all honesty, God be my witness that there is a sustaining zoning formula that must be adopted for sustainability, for credibility, for balance, for equity, for justice and fairness. And I will go for one term. Let it be placed on record.
NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
Mrs Tinubu: My Commitment to Welfare of Women, Children, Vulnerable
Unshaken
Yinka Oyebode writes that the Renewed Hope Initiative Food Outreach of the wife of the President, Senator Oluremi Tinubu, has been launched in Ado Ekiti, the Ekiti State capital.
Wife of the President, Senator Oluremi Tinubu has launched the Renewed Hope Initiative (RHI) Food Outreach in Ekiti State, with distribution of food items to People with Disabilities, widows, special schools and other vulnerable groups in the state.
She also reaffirmed her commitment to uplifting women and vulnerable communities across the country.
Speaking Thursday while performing the symbolic presentation of food items to the beneficiaries at a brief event held at the Osuntokun Pavilion, Government House Ground, Ado Ekiti, Mrs Tinubu, who was represented by the Wife of the Vice President and National Vice Chairman of RHI, Hajiya Nana Shetima, said the event was a testament to her determination to improve living standard for women and vulnerable groups, adding that empowerment and food security are critical pillars in her agenda.
She said the initiative was part of a larger strategy spearheaded by her Office to tackle hunger and poverty among underserved population, which according to her aligns with the objectives of the President Bola Tinubu led-administration’s focus on improving the lives of all Nigerians.
Emphasizing the RHI food outreach commitment to alleviating the hardship faced by many Nigerians, particularly those impacted by the economic challenges, the First Lady said the outreach is not just about providing food items but about reinforcing her commitment to the well-being of women, children, and elderly who are disproportionately affected by poverty.
She explained that the Initiative will distribute food staples including rice, beans, spaghetti, garri among others to thousand of families in Ekiti State with plans to expand to other region in the coming months.
The RHI National Chairman maintained that the initiative remains an avenue to transform lives across the country through various programs in health, education, agriculture, social investment and economic empowerment.
She said: “Today, as we launch the program in Ekiti State, we aim to reach all the geo-political zones and support citizens in need. Our hope is that this initiative will have a tangible impact on the lives of those we are here to support as we distribute these associated food items, we encourage the beneficiaries to utilize them for the well-being of their families. A healthy family forms the foundation of a striving society, which is ultimately our goal. The Renewed Hope
Initiative remains committed to transforming lives through various programs in health, education, agriculture, social investment and economic empowerment.
“We are dedicated to supporting our citizens, particularly persons with disabilities, youth, women and children, so to help them build a better family life.”
Earlier in her welcome address, Wife of Ekiti State Governor and RHI State Coordinator, Dr. Olayemi Oyebanji, expressed her gratitude to the First Lady for the impactful gesture under the Renewed Hope Initiative food outreach programme.
Oyebanji who described the gesture as a symbol of hope and assurance that the President remains committed to addressing the needs of Nigerians, said the initiative would bring relief to countless vulnerable people across the state.
She commended Mrs Tinubu for her determination through The Renewed Hope Initiative platform to make positive and tangible impacts in the lives of all Nigerians.
Speaking on behalf of the beneficiaries, Mr Biodun Agboola who expressed his heartfelt appreciation to the Wife of the President, said the initiative would alleviate the burden faced by the vulnerable.
While hailing the First Lady’s compassion and advocacy for the disadvantaged, Agboola maintained that the Governor Oyebanji-led administration has improved the fortunes of the people living with disabilities in the state with various programs aimed at improving their living standard.
-Oyebode writes from Ado Ekiti.
To Avert Future Air Crash, Experts Warn NCAA against Laxity on Safety Regulations
Chinedu Eze
Following the recent tragic air accident, which occurred near Port Harcourt, involving a Sikorsky SK76c helicopter with registration mark 5N-BQG, operated by Eastwind Aviation, which led to the death of eight passengers on board, concerned aviation experts have sent a note of warning to the Nigeria Civil Aviation Authority (NCAA), advising it to take air safety regulations seriously, in order to avert future air crash.
The experts explained that the industry had gained huge goodwill since 2013, when the last accident involving
commercial airline happened.
On October 3, 2013, Associated Aviation Flight 361 on charter service, crashed on takeoff at the domestic wing of the Murtala Muhammed International Airport, Lagos, killing 16 of the 20 persons on board.
Since then Nigeria has maintained a record of zero tragic accidents involving schedule commercial flights but it has recorded many helicopter accidents, including the Bristow Helicopters Sikorsky S-76C+ helicopter, which crashed into Lagos Lagoon on August 12, 2015, which recorded six fatalities including two crew members out of 12 persons on
board. The other six sustained very serious injuries.
There were other major incidents and accident within this period, including a single engine aircraft that crashed at Oba Akran street, Ikeja Lagos; some private jets that overshot the runway at the Ibadan airport and some commercial flights that overshot the runway in Lagos, like Dana Air and also ValueJet in Lagos as well as United Nigeria Airlines that overshot the runway in Lagos.
Also, on September 1, 2020, a Bell 206 helicopter with registration mark 5N-BQW, belonging to Quorum Aviation, crashed into a building in densely populated
Allen Avenue area near the Murtala Muhammed International Airport, Lagos. The accident recorded three fatalities.
Many of the experts who commented on the latest accident that took the lives of eight passengers on board, stated that although the Nigerian Safety Investigation Board (NSIB) will later state the remote cause of the accident, but the things that don’t seem to be right even from what NSIB has made public like the aircraft being unable to transmit Emergency Locator Transmitter (ELT) signal, suggestive that it may not have been installed with one.
An operator who is specialised in
general aviation services, especially oil and gas shuttle operations, told THISDAY that the aircraft involved in the crash, the Sikorsky SK76c helicopter and the Sikorsky SK92 series are no more allowed globally for deep water oil and gas operations, except in Nigeria.
THISDAY contacted Bristow Helicopters, which still have the Sikorsky SK76c and Sikorsky SK92 series in its fleet to know whether it has taken other precautionary measures to ensure that the choppers operate more efficiently and with fortified extra safety measures, but the company did not respond to the request.
However, THISDAY learnt from
oil and gas helicopter operators that the aircraft types “have been scrapped for deep water oil and gas services, because they have too many design faults; so, they have been withdrawn for deep water operations around the world.”
The source said that such helicopters that operate in the deep water oil and gas operations are installed with safety support services, including floatation landing gear, which would enable the chopper not to fall into the depth of the ocean in case it crashes.
COMMISSIONING OF SCIENCE LABORATORIES……
L-R: Executive Director, MTN Foundation, Odunayo Sanya; Special Adviser, Broadband, Innovation and Technology, Lagos State, Gan iyu Oseni; MTN Director, Mrs. Mosun BeloOlusoga; Education Director of Catholic Mission Schools, Monsignor Jerome Oduntan; MTN Director, Mr. Dennis Okoro; and School Administrator, Our Lady of Apostles Secondary School (OLASS), Reverend Sister Martina Mmagu, at the commissioning of the newly refurbished science laboratories at the OLASS in Yaba, Lagos… recently
has the potential to thrive.
The Lagos Chamber of Commerce and Industry (LCCI), has advised the federal government to use the manufacturing to reduce inflationary pressure by creating the environment where industries could thrive.
The advice was given last week by the President of LCCI, Mr. Gabriel Idahosa, when he spoke on the theme: ‘Industries as Catalyst for Growth and Economic Development’.
Idahosa said: “Despite the current economic headwinds, which include high inflation, fluctuating oil prices, currency devaluation, and an unemployment crisis, Nigeria
“However, this can only happen if we recognise and harness the transformative power of our industries. From agriculture to manufacturing, technology, and beyond, industries serve as the bedrock upon which the foundation of economic development can be built.”
He added: “In a time of economic hardship, the manufacturing sector stands as a pillar that can reduce inflationary pressures by increasing domestic production, reducing dependency on imports, and stabilising the Naira.”
The president of LCCI said that to support industrial growth, Nigeria must invest heavily in infrastructure
development.
He recommended that PublicPrivate Partnerships (PPPs) should be encouraged to finance large-scale projects like rail networks, roads, and power plants.
“Additionally, decentralising power generation and distribution can help improve industries’ access to energy,” he said.
Idahosa also emphasised that industrial growth could not be achieved without a skilled workforce.
“Investing in education and vocational training is crucial to ensuring that Nigeria’s labor force is equipped to meet the demands of a rapidly evolving industrial landscape.
“By partnering with industries,
educational institutions can tailor curricula to align with the skills needed in manufacturing, technology, and agribusiness,” he further said.
According to Idahosa, now is the time for all government, private sector, and civil society stakeholders to work together to create an environment where industries can thrive.
He said that if Nigeria would invest in the right infrastructure, policies, and human capital, Nigeria could harness the potential of its industries to drive sustained growth and development.
“The road ahead may be difficult, but with collective effort, we can overcome the obstacles and unlock the immense opportunities that lie
before our nation,” he added.
He also highlighted that agricultural production and agroprocessing were also very vital to Nigeria’s industrialisation but pointed out the sector has not realised its full potential.
According to him, most agricultural activity in Nigeria remained at the subsistence level, with limited mechanisation, poor infrastructure, and inadequate access to finance. These challenges hinder the growth of agribusinesses that can scale up to compete globally.
“One bright spot in the agricultural landscape is the rise of agro-processing industries. These industries add value to raw agricultural products by converting
them into finished goods for local consumption and export.
“For example, the Dangote Rice Project aims to produce millions of tons of parboiled rice, while the Olam Integrated Rice Mill is one of the largest in Africa, producing rice for domestic markets.
“By scaling up agro-processing industries, Nigeria has the potential to feed itself and become a major player in global food markets.
“Moreover, agro-industry development can have a multiplier effect by creating jobs, reducing post-harvest losses, and boosting rural economies.
“Given Nigeria’s vast arable land, the possibilities for growth in this sector are limitless,” Idahosa said.
Dike Onwuamaeze
AIR WATCH
Air Peace, Fidelity Bank Reveal Funding Secret at Airline’s 10th Anniversary
Chinedu Eze
It has been revealed that the major obstacle Nigerian airlines face is funding and how to secure long-term credit facilities at low interest rate.
Aside the revelation, banks have been reluctant to fund airlines because of the perceived inability of airlines to effectively service their loans from indigenous banks in the past, coupled with the fear built around air crashes that were recorded in the past.
At high interest rate and short term, it was difficult for airlines to access the kind of funding for the capital intensive business as they needed. This explains why many Nigerian carriers operate small, despite the high passenger traffic in the domestic market.
What the banks started doing despite their skepticism is to evaluate the inherent risks in financing airlines in a customised system where they look at the ability of individual banks to see the promise they have; not only to service the loans given to them, but to also operate profitably in order to effectively utilise and benefit from the credit facility given to them and also to have future projections.
But contrary to all of these calculations by banks, Fidelity Bank has revealed the funding secret of Air Peace in the last 10 years of its operations.
At the celebration of 10 years of successful operations of Air Peace, West Africa largest carrier, in Lagos last Friday, the Managing Director of Fidelity Bank Plc, Dr. Nneka Onyeali -Ikpe, revealed why the bank trusted the Chairman of Air Peace, Dr. Allen Onyema and supported his airline business with the funding it needed.
“We did the heavy-lifting at the time when nobody believed in sponsoring the aviation industry because for no reason, statistics showed that it was a risky business, and like the minister had said, many had died before then. So when we made pitches to the board to finance airlines, they were like “don’t go near there” but we believed in Allen, and we believed in his strength of personality and I stand here today to tell you that it’s been a wonderful experience. We are here today to celebrate them and say congratulations and this is just the beginning of great things to come,” Onyeali-Ikpe said.
She described Onyema as a financially disciplined businessman whose integrity is worthy of emulation, disclosing that Fidelity Bank has been with Air Peace right from inception, adding that the company’s integrity is a reason for the sustained relationship.
“The biggest thing I can tell you today about the company is their financial discipline. Anytime I have reason to say it, I always say it. Air Peace led by its Chairman, has what you call financial discipline. You don’t remind them when their payments are due, and I don’t know which banker would not be delighted by such,” Onyeali -Ikpe further said.
While congratulating the Air Peace Chairman and all the staff for the airline’s achievements, the Fidelity boss assured, saying, “We started with the first aircraft and now we are over fifty-one. We know they have fought battles both internationally and locally and they’ve survived. Off the top of my head is the COVID period. It was a very difficult time but they survived. We are happy to be a strategic partner of Air Peace and we will continue to be.”
Reacting to Fidelity Bank Managing Director’s statement, Onyema in his speech at the event noted that Fidelity “has always been there from the beginning. Fidelity Bank has inadvertently created a kind of perception that has changed the world of aviation in Nigeria by making the banking industry to start looking the way of
IATA to Offer Digital Currencies in Financial Settlement Systems
Stories by Chinedu Eze
The International Air Transport Association (IATA) has announced that it would offer digital currencies in the financial settlement systems it operates for the aviation industry.
IATA’s Senior Vice President for Financial Settlement and Distribution Services, Muhammad Albakri, who announced it, said: “Digitalisation impacts many aspects of our daily lives, including the currency we use. With the increasing use of digital currencies, it is imperative that IATA’s industry financial settlement systems adapt to support the needs of those using our services.”
The first digital currency to be offered is the digital Renminbi, which will be available in the China Billing and Settlement Plan (BSP) by the end of 2024.
“China is one of the most advanced countries in the world in the adoption of digital currency. Recognizing the trend, IATA’s China Airline Committee requested for the digital Renminbi to be included in the BSP. This is an important development and IATA will accommodate the digital Renminbi by year-end,” said Albakri.
IATA is also examining the potential to offer other digital currencies in its settlement systems based on the needs and requirements of the industry. “The experience gained in introducing the digital Renminbi will help IATA in onboarding other digital currencies in the future,” Albakri said.
In July 2024, IATA added the Renminbi Offshore (CNH) currency to its IATA Currency Clearance Service (ICCS), bringing the total
number of currencies handled by the service to 74. The ICCS is IATA’s global cash management system. It enables airlines’ treasurers to repatriate their sales funds worldwide to their preferred nominated currencies. This results in an accelerated and improved working capital management and reduced foreign exchange risks.
“At the heart of the integration of the digital Renminbi and all other settlement system, work is a need to serve the customer and adapt to their behavioral changes in payment methods. Payment should be seamless. A customer shouldn’t be frustrated by not having their payment method of choice available. Nor should airlines lose out on deriving the proper value from their ticket sales,” Albakri further said.
Keyamo, Anosike, Others Attend AeroMetSci-2024 Conference
the aviation industry.”
Onyema said: “Thank you to Fidelity. But of course we must also thank Air Peace, because if Air Peace had faltered, it would have robbed off negatively on the industry. Fidelity has been very supportive, this is a bank that could give you up to any N100, 000 as long as you are a salary earner, you can borrow from Fidelity. I encourage the banking industry to help to energise the economy of this country. If the banking industry can step out today, to take these goals, maybe crime will reduce. So I thank you Fidelity for what you have done for Air Peace. You have created over 50,000 indirect jobs. So it has been a roller-coaster with you, we thank you very much.”
Air Peace officially commenced business on October 25, 2014. Since then, the company has grown to be a reputable airline in the country, even as it commenced international flights in 2022 with a flight to China. From seven aircraft and five destinations on its first day of operations, Air Peace has grown into a leader in West African aviation.
Founded in 2014 by visionary leader Dr. Allen Ifechukwu Onyema, the airline connects people across Africa and beyond with a fleet of Boeing and Embraer aircraft. The airline’s ‘No City Left Behind’ initiative has brought service to underserved regions, fostering social and economic development. Air Peace’s commitment to corporate social responsibility has led to transformative initiatives, from scholarships and health programmes to environmental conservation.
The airline’s 10-year journey exemplifies resilience, innovation, and a relentless focus on customer satisfaction.
As the celebration concluded, attendees were inspired by Air Peace’s journey and looked forward to the next decade of its impact. The 10th anniversary was not only a tribute to the airline’s success but a powerful reminder of its dedication to elevating African aviation and connecting communities across borders.
In a special awards ceremony, devoted Air Peace staff that have exemplified themselves to duty over the past decade, were honored. Categories included: Longest Serving Staff, Pilot, Cabin Crew, Engineer, Support Staff, Ground Operations, and Aviation Security Personnel
The airline also recognised top trade partners in the travel sector, awarding travel agencies that have consistently promoted Air Peace’s services. Corporate Client Awards were given to companies that partnered with Air Peace to meet their corporate travel needs.
Air Peace celebrated its most loyal passengers, presenting a special Frequent Flyer Award to those who have flown over 250 times with the airline. This category was especially inspiring, reflecting the airline’s strong connection with customers who continually choose Air Peace as their preferred airline.
The event was a blend of glamour and entertainment, featuring electrifying performances from top Nigerian artists. Soulful renditions by Efezino and Mirabel Chisom, set the mood, followed by gospel star Ada Ehi, who captivated the crowd with uplifting songs. Comedian Kenny Blaq brought humor to the evening, leaving the audience in stitches with his lively act.
The momentum continued with Timi Dakolo’s powerful performance of “Great Nation,” resonating deeply with the audience as a symbol of Nigeria’s unity and resilience. Kcee and Flavour followed with Afrobeat rhythms that had guests dancing, while Davido closed the night with an exhilarating set, delivering hit after hit to the crowd’s delight.
The Minister of Aviation and Aerospace Development, Festus Keyamo, the Director General, Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), and the Permanent Representative of Nigeria with the World Meteorological Organization (WMO), Professor Charles Anosike, were among Nigerian delegation participating in the on-going Aeronautical Meteorology Scientific Conference (AeroMetSci-2024) organised by the Commission for Weather, Climate, Hydrological, Marine and Related Environmental Services and Applications (SERCOM).
The conference, which gathered professionals and industry players within the WMO, International Civil Aviation Organization (ICAO), Academics, Research, and
Aviation communities, is holding at WMO Headquarters in Geneva, Switzerland.
The theme of the conference is: ‘Aviation, Weather and Climate: Scientific Research and Development for enhanced aeronautical meteorological services in a changing climate’. The objective of the conference is to showcase scientific and technological advances in meteorological observations, forecasts, advisories, and warnings, expand focus on the integration of meteorological information decision support services into the global air traffic management system, and examine further the impacts of climate change and variability on aviation.
Among the Nigerian delegation are the Permanent Representative of
Nigeria to the United Nations and other International Organisations in Geneva, Ambassador Abiodun Richards Adejola, and the Managing Director of Nigeria Airspace Management Agency (NAMA), Farouk Ahmed Umar.
The Nigerian delegation used the sideline of the conference to hold a strategic meeting with Professor Celeste Saulo, the Secretary-General of the World Meteorological Organization (WMO) to discuss bilateral relations between Nigeria and the WMO.
Keyamo during the meeting, recognised the role of meteorology in nation-building and aviation safety and the importance of Nigeria within the region, regarding technical assistance and capacity development initiatives for other member states.
Air Peace Recognises Finchglow Travels for Long-term Partnership
Nigeria’s leading travel consolidator, Finchglow Travels, has received recognition as a Top Trade Partner at a prestigious event celebrating the 10th anniversary of Air Peace.
This recognition reflects Finchglow’s decade-long partnership with Air Peace.
The ceremony held in Lagos to mark a decade of Air Peace’s remarkable contributions to Nigerian aviation and beyond.
The company said Finchglow Travels and the Nigerian carrier, Air Peace, have worked together to promote domestic and international travel routes while enhancing customer satisfaction through accessible and reliable booking services.
In an interview after the event, the Managing Director of Finchglow Travels, Mr. Ezekiel Ikotun, expressed his pride saying, “This achievement is a reflection of our shared commitment to excellence and the hard work we put into building strong industry partnerships.”
Air Peace’s milestone celebration coincides with their ongoing operational and route network expansion across Nigeria and globally, including the recent addition of direct flights to the United Kingdom.
Finchglow said the growth signified the airline’s dedication to connecting Nigerians to the world, a feat made possible through the support of top trade partners like Finchglow Travels.
As a trusted travel partner, Finchglow said, it would continue to set the standard for excellence by providing value-dri ven travel experiences and expanding options for clients across Nigeria.
LOSS OF BILL LANDING DOCUMENTS
This notify that G.M Tosin Eseha Adeyele of Abayem Diva Interanational Ltd, No. 16/18 Ado Avenue Apapa, Lagos state.
This is to notify the general public that, on transit the Original Bill Landing documents in respect of 2x40ft with Container No. FFAU4874732 & TXGU7225373 on Bill of Landing No. TAJM40418400 issued by (PACIFIC INTERNATIONAL LINES “PRIVATE”LIMITED) PIL in favor of D.M Industries & Logistics Ltd. The above mentioned Original documents got lost in transit . All efforts made to trace it prove abortive.
Signed G.M Tosin Eseha Adeyele
Stakeholders Advocate Adoption of ‘Green’ Practices in Schools
Arthur Eriye
In a drive to promote sustainability, environmental awareness, and green practices, stakeholders haveunanimously called for the adoption of key green practices in schools across the country.
The call was made at the Stakeholders Review and Validation Meetings on the Draft National Framework of the National Green Schools Project held recently.
According to the communique issued at the end of the meetings, the meetings endorsed the inclusion of critical environmental initiatives such as establishment of orchards in school’s environment, waste management, renewable energy use, water conservation, and sustainable agricultural practices as part of the school activities through institutionalization of Green Clubs known as Green Schools Champions.
“It was resolved that teachers, school administrators, and relevant stakeholders will undergo capacitybuilding programmes to equip them with the necessary knowledge and skills to effectively implement the National Green Schools Project.
“The stakeholders acknowledged the importance of partnerships with the private sector, non-governmental organizations, and international development partners in mobilizing resources, sharing best practices, and scaling up the project for sustainability.
“A robust monitoring and evaluation framework will be established to track progress, assess the impact of the Green Schools Project, and ensure continuous improvement in environmental sustainability practices in schools.
“Stakeholders agreed that although they are existing environmental education in school’s curriculum in Nigeria, more needs to be done in the integration of environmental education into the existing school curriculum to foster a culture of sustainability among students. This will include the development of IECs materials on climate change, biodiversity, and eco-friendly practices.
“Schools will actively engage local communities in environmental sustainability activities to create broader awareness and participation in green initiatives at the grassroots level.
“The stakeholders expressed their commitment to the successful implementation of the National Green Schools Project and recognized the critical role it will play in fostering an environmentally conscious and responsible generation.
“With the validated framework of the Green Schools Project, the National Launch of the Project is therefore proposed for October 29, 2024, subject for approval by respective authorities.
The meetings commended all stakeholders especial the National Implementation Committee which has now been transformed to National
Steering Committee for the Project as recommended in the framework for their active engagement and contributions throughout the stakeholder’s review and validation process and look forward to the positive transformation of our schools into hubs of environmental sustainability.
“The stakeholders commend the Federal Ministry of Environment, Department of Climate Change for the coordination role, the NGO Partner, African Centre for Environment, Agriculture & Rural Development and the internation partners, Zenaga Foundation and Sports for Future for providing the resources and piloting the implementation of Green Schools Project in Nigeria.”
The communique was signed by the National Project Co-ordinator, National Green Schools Project, Unyime Robinson; Deputy Director, Federal Ministry Environment, Musa Yauri; and representatives from the Federal Ministry of Education, Federal Ministry of Environment, National Universities Commission, Universal Basic Education, Federal Ministry of Agriculture & Food Sufficiency, FCT Education Resource Centre, Nigeria Police Force Education Unit, Federal Department of Forestry, National Commission for Colleges of Education, school administrators, teachers, environmental experts, and civil society organizations.
Dr. Anthony Aduro: From Okitipupa to US Healthcare Leader -
Conquering Racism, Adversity in Pursuit of Excellence
Dr. Anthony Aduro embodies the American Dream, rising from humble beginnings in Okitipupa, Nigeria, to become a trailblazing healthcare leader in the United States. From the streets of Okitipupa to the corridors of American healthcare, Dr. Aduro’s remarkable journey defies racism, adversity, and odds. As a visionary health practitioner and CEO of Aduro Foundation, he drives innovation and improvement in Nigeria’s healthcare. With unwavering resilience and determination, Dr. Aduro shares his captivating story and vision for a transformed Nigerian healthcare system in this exclusive interview with MARY NNAH
Can you share your childhood background?
Iwas born and raised in Okitipupa, Ondo State, and proudly hail from Ilaje, affectionately known as Ese Odo. Growing up, my family faced significant financial challenges, and life was a daily struggle. Despite these hardships, my late parents instilled in me the value of education, encouraging me to pursue knowledge relentlessly.
As is typical in Yoruba culture, education was highly esteemed in our household, with many relatives holding bachelor’s degrees. This fueled my determination to succeed. My mother, a dedicated trader, and my father, a foreman at Okitipupa Oil Company, worked tirelessly to provide for our large family.
Their unwavering support and my own passion for learning propelled me forward, shaping me into the person I am today.
Can you share your educational qualifications?
I began my academic journey at St. John RCM School, a Roman Catholic institution, before relocating to Joala and subsequently attending St. Columbus RCM School. Upon completing my primary education around 1974/1975, I enrolled in the Modern School, Awomolo, and later transferred to the Local Authority Modern School in Okitipupa for three years.
Next, I attended Government Secondary School, Idanre, from 1977 to 1982. After secondary school, I pursued higher education despite financial challenges.
My family’s determination and my mother’s entrepreneurial spirit helped me overcome obstacles.
I took the JAMB exam, aspiring to study anthropology at the University of Maiduguri. However, my true passion lay in healthcare, and my childhood dream was to become a doctor, driven by a desire to make a positive impact on my community.
Although my academic path diverged from my initial goal, I attended a technical/engineering school for a year before seizing an opportunity to study abroad in India.
How have your childhood experiences and family influences shaped the person you are today and the values you uphold?
My upbringing was humble, and I was fortunate to be raised within a supportive community. This instilled in me a love for people and the importance of surrounding myself with others.
My parents taught me valuable lessons about kindness, respect, and empathy. They instilled in me the understanding that every individual, regardless of age, deserves respect.
Growing up in Okitipupa amidst a large, close-knit family - uncles, aunts, cousins- further reinforced these values. Even when my father was away, I remained surrounded by loving relatives, shaping my outlook on life.
I deeply cherish the communal life that shaped me. The community’s influence has been instrumental in my journey, and its values remain integral to everything I do. I’m committed to giving back to the community that nurtured me.
You left Nigeria for India; how was the journey?
It was incredibly challenging. I left with only $100, the maximum allowed at the time. As a determined individual, I was resolute in overcoming obstacles. However, upon arrival in India, I faced even greater difficulties. Unfortunately, the $100 was stolen from me in the hostel where I was accommodated.
Traveling to India was a pivotal step in my educational journey. Upon arrival in Belgaum, I settled into a hostel with 16 fellow students. However, before registering for classes, I fell victim to theft, losing my passport and $100.
Desperate, I sought help from a local church community, despite being in a predominantly Hindu region. Their kindness and generosity overwhelmed me as they pooled their resources and offerings to support me.
This selfless act has left an indelible mark on my life, demonstrating the power of community and kindness.
With their assistance, I visited the Nigerian Embassy, securing some financial aid. Although my initial dream of attending medical school was unattainable, I adapted and enrolled in a business school.
I eventually relocated to Mysore, central India, where I earned a Bachelor’s degree in Commerce and Accounting, followed by a Master’s degree in Business and Commerce.
Despite deviating from my initial goal of pursuing healthcare, the passion for health remains strong.
How did you ultimately pursue your passion for healthcare?
Following my master’s degree, I embarked on a new venture in Kenya, exploring coffee export opportunities. However, despite my efforts, success
eluded me. My passion for healthcare remained unwavering.
Determined to pursue this dream, I relocated to the United States. Once settled, I decided to transition into the healthcare industry. This necessitated further education, and I returned to school to acquire the necessary skills and knowledge
What drew you to Kenya, and how many years did you spend there?
After graduating, I faced a daunting reality: limited job opportunities. Driven by my entrepreneurial spirit, I sought alternative paths to survival and success. Leveraging my connections with Kenyan friends from my time in India, I explored Kenya’s thriving export industry, particularly in coffee, tea, and horticulture.
My Kenyan wife and I decided to take a chance on Kenya, seeking better opportunities beyond mainstream employment. I established a horticultural export business, supplying products to France, UK, and Italy. However, the market was highly competitive, with Indian exporters and importers dominating the space
So what prompted your journey to USA
The cutthroat competition in Kenya’s export market, dominated by Kenyans and Indians, made it challenging for me to succeed. As a non-Kenyan, I faced significant barriers. Despite my efforts to establish relationships with Londonbased buyers, I realized that belonging to the local horticultural group was essential for setting prices and securing exports.
Faced with insurmountable obstacles, I decided to pursue my long-held dream of exploring opportunities in the United States. My move was driven by a desire for better prospects, not education.
Upon arriving in the US, I started from scratch. This is a harsh reality many people underestimate – regardless of one’s background, credentials, or experience, America demands humility and a willingness to rebuild.
Did you envision the American Dream when you relocated to the US?
Absolutely! The American Dream is tangible, but it requires determination, commitment, and focus. With hard work and perseverance, anyone can achieve their goals and become who they aspire to be.
Upon arriving in the US, I embarked on a new journey in the healthcare sector. I secured a programme coordinator role, overseeing healthrelated initiatives and programmes.
What area of healthcare do you focus on?
Initially, my background was in finance, holding a Master’s degree from India. However, coordinating programs in the healthcare sector sparked a new interest. I shifted my focus from finance to understanding the healthcare system,
particularly caring for vulnerable populations like the elderly, disabled, and those with autism and other disabilities.
This sector of healthcare emphasizes holistic well-being, prioritizing individual health outcomes over symptoms and treatments. I discovered that healthcare encompasses more than just medical practice; it’s a vast field including physicians, coordinators, and managers.
As I grew in the healthcare sector, I became the Residential Manager for Anthony Wayne Services, overseeing healthcare systems and fostering person-centered care.
Initially, I was based in Houston, Texas, where I spent two years working in the healthcare sector. A pivotal conversation with Pastor Lum from Zambia, whom I met through a mutual acquaintance from South Africa, led me to explore new opportunities.
Pastor Lum recognized my potential and suggested that Fort Wayne, Indiana, offered better prospects. He connected me with Anthony Wayne Services, a renowned healthcare provider specializing in care for the elderly and individuals with disabilities.
This introduction proved serendipitous, as I soon joined Anthony Wayne Services and grew professionally, eventually becoming the Residential Manager
Which year is that?
In 2001, amidst the World Trade Center crisis, I was appointed Program Coordinator for Residential Services, caring for individuals with disabilities. This pivotal role sparked my interest in healthcare education.
I pursued a Doctorate in Healthcare from World University in Minnesota, advancing to policy development for Anthony Wayne Services (now Benchmark). As I grew professionally, I envisioned creating my own healthcare organization.
In 2013, I founded Med -link, pioneering auxiliary services for people living with disabilities. I successfully presented a policy proposal to the State of Indiana, demonstrating a more effective approach to healthcare.
My journey exemplifies the American Dream: with focus, humility, and perseverance, anyone can achieve success. Regardless of background or credentials, starting anew requires adaptability and resilience
Have you ever faced intimidation or experienced racism in your personal or professional journey?
“Personally, I’ve never felt intimidated. In 2003, as a Program Coordinator at Benchmark, I often found myself as the only Black person in a crowded room. Instead of letting racism discourage me, I chose to turn it into an opportunity.
I realized that racism, though pervasive, couldn’t define me. I transformed that negativity into fuel for my growth. By reframing my perspective, I converted potential obstacles
into stepping stones.
That mindset shift propelled me to where I am today. I harnessed the negative energy of racism to create positive change for myself and others. By doing so, I proved that even in challenging environments, resilience and determination can prevail.
Can you recall any specific instances during your time as a healthcare provider in the US where you experienced or witnessed racism?
Although never overtly stated, I’ve experienced subtle racism in my career. One notable instance was in 2005 / 2006 when I was overlooked for a programme director position, despite being the most qualified among five candidates.
This experience, though disappointing, fueled my determination. I realised that instead of waiting for opportunities, I could create my own. I’ve trained numerous individuals who went on to hold positions that I was denied.
Those experiences taught me to recognise and overcome systemic barriers. I transformed potential setbacks into motivation to build my own path and create opportunities for others.
The American Dream is attainable for everyone, regardless of race or background. With hard work and resilience, anyone can overcome obstacles and succeed.
Now that you’ve achieved success, have you considered giving back to your community. Nigeria’s healthcare system ranks relatively low globally. What’s your perspective on Nigeria’s healthcare challenges, and do you envision contributing to its improvement?
Nigeria’s healthcare system is in shambles. Ironically, some of the world’s top physicians and healthcare experts are Nigerians. Many have received training locally and risen to prominence. You’ll find Nigerians among the top four physicians or surgeons in renowned hospitals, and they’re also leading research departments. However, Nigeria’s healthcare infrastructure is inadequate. Basic necessities like electricity, roads, and water are lacking. How can we expect a better healthcare system without these essentials?
Patriotism is also a concern. Some leaders prioritize personal interests over national well-being. They travel abroad for medical care, often treated by Nigerian healthcare professionals. If they invested in domestic healthcare, we’d have world-class research centers. To improve Nigeria’s healthcare, we must address infrastructure challenges, brain drain, and ineffective leadership. Investing in basics, retaining talent, promoting patriotic leadership, and encouraging national pride can drive positive change.
Do you believe that Africans often harbor a mindset that perpetuates the notion of white superiority over black excellence?
I acknowledge that the mentality of white superiority exists, but it’s ironic that when Africans travel abroad and receive quality care from black professionals, they attribute it to being ‘abroad’ rather than recognizing the expertise of the individual. This mindset perpetuates the notion that ‘abroad’ is synonymous with ‘white’ and superior.
However, if we invest in developing our own systems and creating opportunities for growth, we can bridge the gap. The key difference lies in government investment. While foreign governments prioritize healthcare, ours neglects it. It’s crucial that we challenge this narrative and recognize the potential within our continent. By investing in our healthcare infrastructure, education, and professionals, we can foster excellence and challenge the entrenched mentality of inferiority.
Is Nigeria’s healthcare allocation inadequate, limiting the sector’s potential for growth and development?
Although I’m not familiar with the specifics of Nigeria’s healthcare budget allocation, I’ve witnessed firsthand the stark contrast between government and private hospitals. Government hospitals lack essential resources, while private hospitals thrive. Underpaid staff, non-functional equipment like X-ray machines, and inadequate facilities plague government hospitals. Patients are often referred to better-equipped private hospitals, creating unequal access to healthcare. This disparity is alarming, especially when the rich have access to quality care while the majority struggle. I’ve seen patients share beds, highlighting the dire need for improvement. Driven by this concern, I’m committed to making a positive impact on Nigeria’s healthcare system. I aim to establish a model that demonstrates effective healthcare delivery, inspiring others to follow suit and create change.
Aduro
IMTO Inflows Up 47% to $2.33bn in Six Months
Data released by the Central Bank of Nigeria (CBN) showed that Inflows through International Money Transfer Operators (IMTOs) grew by 47 per cent to $2.33 billion in the first six months of 2024 from $1.58 billion in the same period of 2023.
This is coming at a time came when the CBN implemented policy measures that permits eligible IMTOs access to naira liquidity at the official foreign exchange window.
The CBN recently instituted some policy measures to make the forex markets more efficient and increase remittance flows through formal channels.
In a circular signed by the acting Director of the Trade and Exchange Department, Dr. W.J.
Jumia Nigeria Begins
Emma Okonji
Kanya, the apex bank said that the measure, which took immediate effective, would enable IMTOs to access naira liquidity at the official window, thus, enabling the timely settlement of diaspora remittances.
The apex bank noted, “The bank has implemented measures that will enable eligible International Money Transfer Operators to access NGN liquidity at the CBN window. These measures are aimed at widening access to local currency liquidity for the settlement of diaspora remittances.
“Therefore, eligible IMTO operators will be able to access the CBN window directly or through their authorized dealer banks to execute transactions for the sale of foreign exchange in
the market.”
From the numbers released by the apex bank, it could be inferred that the country’s net foreign exchange inflows to Nigeria’s economy increased by 67.8 per cent to $27.6 billion in the first half of 2024 from $16.44 billion in 2023.
Figures from the CBN’s quarterly economic statistics revealed that the development was because of a 34.6 per cent increase in net inflows through autonomous sources and a 170 per cent increase in net forex inflow through the Central Bank of Nigeria in the same period.
The forex inflow to the economy grew in the period by 41.6 per cent to $47.73 billion in H1 2024, and from $33.7 billion in H1 2023.
Black Friday Campaign Nationwide with Huge Discounts
Jumia, Nigeria’s e-commerce platform, yesterday, launched its highly anticipated Black Friday campaign, running from November 1 to 30 2024, which is a month-long offer, featuring unbeatable deals with huge discounts across various products.
This year’s Black Friday campaign, comes with the theme: ‘No Too Calculate’, highlighting Jumia’s commitment to creating a simpler, stress-free shopping experience for Nigerians amid economic challenges, allowing consumers to enjoy great savings without budgetary worries.
The Black Friday campaign, according to Jumia Nigeria, is supported by Xiaomi as the platinum partner, alongside renowned brands such as Oraimo, Nivea, Infinix, Tecno, Itel, Haier Thermocool, Binatone, Pernod Ricard, Diageo, Bacardi, Hikers, Ecoflow, Skyrun, Glamstar,
Ledrop, Unilever, Macallan, LG, and others.
Speaking at the launch in Lagos, CEO, Jumia Nigeria, Sunil Natraj, said: “We are excited to launch another Jumia Black Friday. For us, this campaign is about making e-commerce more accessible to consumers in Nigeria. We recognise the current economic situation and have worked closely with our brand partners to offer the best possible deals to consumers during this period. Additionally, our expanding network of pickup stations ensures that even more consumers, regardless of their location, can benefit from the convenience of online shopping. As we grow, our focus remains on creating real value for both our consumers and sellers through our extensive ecosystem.”
The Black Friday campaign serves as a powerful platform for international and local brands as
well as SMEs to expand their reach and boost sales. Furthermore, with Jumia’s extensive logistics network, which partners with hundreds of local logistics service providers, delivery to all corners of Nigeria, including smaller towns and rural areas is guaranteed.
Country Manager, Xiaomi Nigeria, said Xingyu Yang, said: “At Xiaomi, we believe that everyone deserves access to the latest cutting-edge technology. Jumia Black Friday is the perfect opportunity for consumers to experience our innovative products at unbeatable prices. Our Black Friday deals reflect our commitment to making advanced, high-quality technology accessible to all. Whether you’re upgrading your smartphone or enhancing your smart home, Xiaomi offers products that are not only powerful but also beautifully designed,.
RMB Champions Digital Innovative Ideas for Future Leadership
Kayode Tokede
Rand Merchant Bank (RMB) has expressed its commitment towards innovative ideas for the future and redefining leadership in a rapidly evolving world.
The financial institution hosted its inaugural West African Think Summit recently in Lagos with the gathering of global thought leaders, innovators, and industry experts to engage in high-level discussions around the theme: “Future Reimagined.”
The event provided fresh insights into the challenges and opportunities shaping the future of Africa.
The CEO of RMB Nigeria, Mr. Bayo Ajayi, set an inspiring tone for the day, urging bold thinking
and collaboration. “I encourage all of us to think boldly, challenge norms, and collaborate openly as we explore what lies ahead for Africa and the world. Together, we can reimagine the future,” he stated, reinforcing RMB’s commitment to innovation, sustainability, and leadership.
The discussions opened with compelling keynotes on navigating economic shifts, featuring insights from RMB’s Chief Economist, Isaiah Mhlanga, alongside Nigeria’s Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, and IMF Resident Representative for Nigeria Dr. Christian Ebeke.
Together, they highlighted Africa’s evolving market land-
scape, with Mhlanga underscoring Nigeria’s significant potential as a hub for foreign investment. The speakers emphasized the need for resilience and adaptive policies to unlock new growth opportunities across the continent.
The focus then shifted to sustainability, where Founder of Gjenge Makers, Nzambi Matee, shared her pioneering work in transforming plastic waste into sustainable building materials. Joining her was RMB’s Sustainable Finance and ESG Lead, Nigel Beck, who provided data-driven insights into Africa’s environmental challenges. Their session highlighted the urgency of scaling sustainable initiatives to create long-term impact across the region.
PNC Forum to Discuss Next Frontier for Nigerian Content Implementation
The stage is set for the forthcoming Practical Nigerian Content (PNC) Forum scheduled to take place from 2 - 5 December 2024 at the Nigeria Content Tower in Yenagoa, Bayelsa State.
This year’s edition of the forum is themed: ‘Defining the Next Frontier for Nigerian Content Implementation’, will feature conversations on Nigerian Content Implementation and many other critical topics.
The theme of this year’s forum is timely and forward-thinking, reflecting the significant shifts in the oil and gas industry. The ongoing divestment of assets from International Oil Companies (IOCs) to indigenous companies highlights
the effectiveness of local content policies, as more local players take ownership of key assets. The theme sets a clear vision for the future, focusing on the need to further develop the capacity of indigenous companies, address gaps within the industry.
Speaking during a media briefing to announce the theme of this year’s forum, the Portfolio Director – Africa/Country Director - Nigeria, Wemimo Oyelana, said: “The PNC Forum is the premier event that steers the conversation for deepening Nigerian Content across the energy sector. Nigerian Content must be at the heart
of the transformations we see in the sector. At this year’s PNC, we anticipate robust conversations from industry leaders that will advance the implementation of Nigerian content in the domestic gas utilisation space, increase in country valorisation within the manufacturing sector, and promote capacity development as the bedrock of local content – all to meet energy demand for socioeconomic development and growth.”
For over 13 years, the PNC forum has brought together industry stakeholders to discuss critical successes, issues and challenges regarding Nigerian ontent development and implementation.
Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab
(Saudi Arabia), Murban (UAE) and Merey (Venezuela).
L-R: Regional Head of Public Relations and Communications, (sub-Saharan Africa), Robert Awodu; Chief Supply Chain Officer, Jumia Nigeria, Richmond Otu; and CEO, Jumia Nigeria, Sunil Natraj, during the launch of Jumia Black Friday Campaign in Lagos…yesterday
Q3: Wema Bank Profit Up 174% to N60.6bn
Kayode Tokede
Wema Bank Plc has released its unaudited financial statements for the third quarter (Q3) ended September 30th 2024, to the Nigerian Exchange Limited (NGX) with about N60.6 billion profit before tax, representing an increase of 174 per cent over the N22.1 billion recorded in the corresponding period in 2023.
The leading financial services entity with banking operations
across Nigeria also declared N52.7 billion profit after tax in Q3 2024, a growth of 47 per cent from N35.99billion declared in Q3 2023. The significant increase in profits was driven by N288.32 billion gross earnings in Q3 2024, up by 91 per cent from N150.90 billion reported in Q3 2023.
In addition, Wema Bank’s interest income stood at N229.11 billion in Q3 2024, an increase of 81 per cent from N126.67 billion reported in Q3 2023, while
interest expenses moved from N71.7billion in Q3 2023 to N124.09 billion declared in Q3 2024. In the period under review, Wema Bank’s non-Interest Income closed at N59.21 billion, up by144 per cent from N24.23billion declared in the corresponding period of 2023.
Wema Bank’s balance sheet remained well structured with total assets at N3.08 trillion as of September 2024, a growth of 38 per cent from N2.24 trillion reported in 2023 FY.
The bank also grew its deposit base year to date to N2.29 trillion, an increase of by 23 per cent from N1.86 trillion reported in 2023 FY, while loans and advances closed September 2024 at N1.00 trillion, representing an increase of 25 per cent from N801.10 billion in 2023.
The financial institution declared 3.2 per cent NonPerforming Loan (NPL) as at Q3 2024 from 4.31per cent declared in 2023 FY.
Other key ratios revealed Return
on Equity (ROAE) of 38.62per cent, Pre-Tax Return on Assets (ROAA) of 2.64per cent, Capital Adequacy Ratio (CAR) of 14.06per cent and Cost to Income ratio of 60.47 per cent, speak to the resilience of the brand. Commenting on the Q3 2024 result and accounts, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni, in a statement said: “Our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our
growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174 per cent.
“The growth of Gross Earnings by 91.07per cent, Total Assets by 38per cent and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48 per cent has witnessed significant improvement from the previous period.”
PRICES FOR SECURITIES TRADED ASOF OCTOBER 30/24
PRESENTATION OF LETTER AS NEW DIRECTOR GENERAL...
Obaseki: We’ve Improved Land Administration, Sanitised Built Sector to Drive Progress, Prosperity
Ikimi, Obaseki, others inaugurate built environment hub Edo immortalises late Daniel Omoigui, names GIS building after Nigeria’s first Surveyor General
Governor Godwin Obaseki of Edo State and the former Minister of Foreign Affairs and chieftain of the Peoples’ Democratic Party (PDP), High Chief Tom Ikimi, among other dignitaries, on Thursday, commissioned the Edo Built Environment Hub, which houses the Ministry of Physical Planning, Housing, Urban and Regional Development; Edo Geographic Information Service (EdoGIS); the Ministry of Roads and Bridges, and the Edo State Public Building and Maintenance Agency. Speaking at the commissioning, Governor Godwin Obaseki, said his government has over the last eight years taken deliberate steps to improve
land administration and sanitized the built environment sector to sustain investors' confidence, as part of efforts to drive sustainable growth, progress, prosperity in the state. Other dignitaries at the event include the Speaker of the Edo State House of Assembly, Rt. Hon. Blessing Agbebaku; the Candidate of the Peoples’ Democratic Party (PDP) for the 2024 Governorship election, Dr. Asue Ighodalo; his deputy governorship candidate, Osarodion Ogie; Chairman of the Edo PDP, Anthony Aziegbemi, and the Edo State Attorney General and Commissioner for Justice, Oluwole Osaze-Uzzi,
Israel-Palestine Crisis: Saudi Arabia
Hosts First Global Alliance Meeting to Advance Two-state Solution
Michael Olugbode
The Kingdom of Saudi Arabia has hosted the first Global Alliance Meeting to advance the two-state solution aimed at ending the protracted Israel-Palestine conflict.
A statement by the embassy of Kingdom of Saudi Arabia in Nigeria said Prince Faisal bin Farhan bin Abdullah, the Saudi Minister of Foreign Affairs, inaugurated the first meeting of the Global Alliance for the Implementation of the Two-State Solution on Wednesday, noting that this underscored Saudi Arabia’s leadership in promoting peace and stability in the Middle East.
The coalition was announced last month in partnership with international allies, and it is aimed at mobilizing global support for a viable, sustainable two-state resolution to the Israeli-Palestinian conflict.
Opening the meeting, Prince Faisal welcomed Philippe Lazzarini, Commissioner-General of the United Nations Relief and Works Agency for Palestine Refugees (UNRWA), alongside international delegations dedicated to peace-building efforts.
Addressing the escalating violence in Palestine and Lebanon, Prince Faisal condemned the mounting Israeli violations, emphasising the urgent need for the international community’s intervention to halt such actions that threaten regional stability and the potential for a peaceful two-state outcome.
Faisal called for an immediate ceasefire, advocating the release of hostages and detainees and the establishment of accountability mechanisms to address ongoing violations. He reaffirmed Saudi Arabia’s support for UNRWA’s crucial role in delivering humanitarian aid amid the ongoing challenges in the Palestinian territories.
He equally urged the global community to bolster efforts toward preserving the two-state solution as the foundation for long-term peace in the region.
He outlined Saudi Arabia and its regional partners’ commitment to practical, time-bound steps to resolve the conflict, emphasising the necessity of establishing an independent Palestinian state and ending the occupation.
among others.
Obaseki, who shared the story of how his land with a Certificate of Occupancy (C-of-O) was reallocated and resold by land grabbers, said his government has sanitised the built environment sector and guaranteed security of lives and property,
NELFUND:
repositioning the state as one of the best places to live and do business in the country.
As part of the commissioning, the governor immortalized the late Daniel Omoigui, Nigeria’s first Surveyor General, naming the EdoGIS building after the late Surveyor General from
Edo State.
He said: “I had the privilege of serving as head of the economic team before becoming governor and just looking at Benin City, Edo State, the biggest value and asset that we have is our location and therefore our land in Edo State is premium.
“Location is everything when it comes to land and real estate. Because of the location of Edo State, the land is premium and there’s no way to realize the value and benefit of our land if it's not well organized. Edo is one of the richest States in this country in terms of land resources.
Northern Senators Write Tinubu, Seek Special Consideration for Northern Students
Sunday Aborisade in Abuja
The Northern Senators Forum (NSF) has asked President Bola Tinubu to give special consideration to northern students in higher institutions, in the disbursement of the Nigerian Education Loan Fund (NELFUND).
The senators made the appeal through the forum’s chairman, Senator Abdulaziz Yar'adua, in a letter dated October 28 and addressed to President Tinubu.
The northern federal lawmakers in the letter sighted by THISDAY in Abuja on Thursday noted that the national loans scheme was supposed
to be evenly distributed to all students across the country but the exigency in North makes it necessary for students in the North to get special treatment.
Part of the letter read: “On behalf of the Northern Senators, I wish to most respectfully express our profound gratitude to His Excellency President Bole Ahmed Tinubu GCFR, and eminent Nigerians in the Board and Management of the Nigerian Education Loan Fund (NELFUND), led by Mr. Jim Ovia, as chairman and Mr. Akintunde Sawyerr as MD/CEO.
“Our expression of deep appreciation is in view of the enormity of the impact of the Student Loans
Scheme, which has been initiated with instant impact across tertiary institutions in Nigeria.
“The students from tertiary institutions in the North have shown belief in and responsiveness to the scheme, and it is heartwarming to find Bayero Universy Kano, University of Maiduguri and Federal University Dutsin-Ma, leading the charts of beneficiaries in the early days of the scheme, with over 16,000 combined number of beneficiaries, amongst other students from numerous other institutions.
“We will not lose sight of the fact that this programme is a national
scheme, and therefore should command a semblance of balance and spread across the country’s geo-political zones.
“However, considering the level of youth restiveness and violent extremism that has plagued the North for over a decade-and-half, it will not be out of place for the government to deliberately target a geometric enhancement of access to tertiary education mainly for young northerners.
“This scheme bolsters the chances of these young citizens to return to school and achieve gainful employment.
National Assembly Seeks Parents Inclusion in War Against Drug Abuse
Sunday Aborisade in Abuja
The National Assembly yesterday asked stakeholders in the war against drug abuse and trafficking to involve parents in their active bid to end the menace in Nigeria.
A joint committee of the Senate and House of Representatives on Drugs and Narcotics made the appeal during a one-day sensitization programme it organised in collaboration with National Association of Nigerian Drugs Monitoring (NANDRUM).
Speaking on the occasion, with a
theme, “Parents Inclusion in the Fight Against Drug Abuse and Reckless Behaviours, " the President of the Senate and Chairman of the National Assembly, Godswill Akpabio, said the involvement of parents in the fight was very necessary and critical.
Akpabio who was represented by the Deputy Leader of the Senate, Senator Lola Ashiru, said the epidemic of drug abuse and trafficking, should be tackled right from the home fronts led by parents.
Akpabio said: "Getting parents involved in the fight against drug
abuse is taking the battle to the basis and tackling the menace right from the home front since those indulging in it, come from different homes before hitting the streets as drug addicts or traffickers.
“The theme of today's sensitization programme on the dangers of drugs abuse, is very apt and very necessary for effective fight against the menace of drug abuse.
"The fight against drugs abuse is indeed a fight for our posterity requiring parents to be on the front lines being the guiding force in their children's lives.
"I urge all parents to take up this mantle of responsibility with unwavering determination since the greatest gift any parent can give to children is not riches but the spirit of adventure, the virtue of integrity and the gift of courage .
"Let us equip our children with the required tools they need to navigate life 's challenges without falling victim to the perils of drug abuse."
Speaking on behalf of the chairman of the panel, Mallam Isa Garba said the sensitization programme was collaboratively organised to step up the fight against drug abuse.
in Abuja
L-R: Director General, African Development Bank (AFDB), Dr.Abdul Kamara and Minister of Foreign Affairs, Ambassador Yusuf Tuggar, during the presentation of letter as the new AFDB DG in Abuja…recently
PSHAN 2024 GALA AND AWARDS NIGHT...
L-R: Country Manager/Cluster Lead, West Africa, Pfizer Nigeria, Mr. Olayinka Subair; Managing Director, VFD Microfinance Bank, Mr. Rotimi Awofisibe; Executive Director, MTN Foundation, Odunayo Sanya; Managing Director/ CEO, The Aliko Dangote Foundation,Zouera Youssoufou; and Managing Director/ CEO, Private Sector Health Alliance of Nigeria (PSHAN), Tinuola Akinbolagbe, at the PSHAN 2024 Gala and Awards Night, held in Lagos ... recently
EFCC Witness: No Document Links Emefiele, Wife as Beneficial Owner of Companies
A prosecution witness, John Ogah, in the on-going trial of former Central Bank of Nigeria CBN, Governor, Godwin Emefiele, Wednesday told an Ikeja Special Offences Court, that he did not produce to the Economic and Financial Crimes Commission EFCC any share beneficial documents linking either Mrs. Magret Emefiele or her husband with 3 companies allegedly used for money laundering.
John Ogah under crossexamination by the lead counsel to Godwin Emefiele, Mr. Olalekan Ojo SAN, told the court that he did not produce to the EFCC, any documents
showing that Godwin Emefiele and Margaret Emefiele were Beneficial Owners of Limelight, Comec, and Andswin.
Asked if the EFCC presented him with any documents on Beneficial Ownership in the three companies. His answer was no. He was further asked if the documents given revealed that Godwin Emefiele and his wife were Beneficial Owners of the companies? He answer was no.
Ogah who was a former secretary to Emefiele said there was nothing in the documents he tendered while in the EFCC custody that linked Emefiele and his wife to the three
companies, namely Limelight, Comec, and Answin Resources Limited.
He stated: "I have never come across any document relating to beneficial ownership of the 3 companies, apart from documents given to me by my boss.
"In the course of my interaction with EFCC, I did not see any document of beneficial owner of Emefiele in the 3 companies. Also, operatives of EFCC also did not produce any document linking Emefiele to the companies.
"Concerning Mrs. Magret Emefiele, I did not produce any share beneficial documents linking her to the 3 companies, neither did the operatives
of EFCC produce any document relating to the beneficial ownership of the 3 companies.
"I have never come across any document relating to beneficial ownership of the 3 companies, apart from documents given to me by my boss.
"I have not come in contact with information that Emefiele is the Director or shareholder in Limelight, Comec or Andswin, not a signatory.
Neither have I come in contact that Emefiele has shareholder meeting.
“I have never come across any document showing Mrs Magret Emefiele is a director of any of directors, participating in the
EFCC Secures 3,455 Convictions, Recovers N248bn, $105m, Others in One Year
Shifts focus from prosecution to prevention Says investigations of former govs, ministers ongoing
The Economic and Financial Crimes Commission (EFCC) on Thursday disclosed that it secured the conviction of no less than 3,455 prosecuted for various financial crimes and associated offences in the last one year.
The commission revealed this while unveiling the "Key Achievements of the EFCC Chairman, Ola Olukoyede, in One Year".
The report presented by the Director, Public Affairs, EFCC, Mr. Wilson Uwujiaren, spanned between October 18, 2023 – October 18, 2024.
While Uwujiaren noted the anti-graft agency in the past one year, "under Olukoyede’s watch secured 3455 convictions across all categories of financial crimes and corruption", stated that in the area of monetary asset recovery, a total sum of N248,750,049,365.52, was recovered.
"In the one year of Olukoyede’s leadership, the EFCC recorded $105,423,190.39, £ 53,133.64, €172,547.10, T1,300.00, CAD $ 3,400.00, ¥74,859:00, AUS $ 740:00, 170:00 UAE DIRHAM, 73,000:00 KOREAN WON, CFA 7,821,375:00 to R 50:00 (Fifty South Africa Rand).”
In the area of arrest and
prosecution of politically exposed persons, the anti-graft agency listed former governors of Kogi, Yahaya Bello; Kwara, Abdulfatah Ahmed; Anambra, Willie Obiano and Taraba, Darius Ishaku as been charged and currently undergoing trial in the federal high court.
Besides the four governors, the commission also listed three former ministers currently being prosecuted for corruption and other related offences.
"Two former ministers of power have been arrested and facing prosecution by the commission. They are: Saleh Mamman and Olu Agunloye. A third is former Minister of Aviation, Hadi Sirika",
he said.
Responding to a question as to the number of former governors under investigation and why some former governors accused of corruption and bribery were yet to be prosecuted, Uwujiaren stated that until the commission is done with investigation, it would not be proper to mention names.
"Our understanding of operating procedures makes it inconvenient for me at this forum to share this information because, they are matters still under investigation and I am not obliged to disclose that, until they are comfortable to make those information public", he said.
minutes of board of directors of the 3 coys."
He further told the court that it was one Opeyemi Olujimi, a former accountant of the companies that told him, that Mrs. Emefiele owns the companies.
Asked if while working at CBN, he realised that he was a public servant. He said Yes.
Were you engaged in business either alone or in partnership with somebody? - the witness said "I can't remember. My wife asked me to buy clothes. I can't remember telling EFCC that I engaged in any business while I was in CBN. I knew that I was not supposed to be, but some are. These are farming, private business with my wife.”
Confronted with his extra-judicial statements made on February 26, which he read to the hearing of the court, the witness said: "While working as public officers at CBN I was also in business of forex transaction, with Eze. I was sharing in the gains with Eze in forex transaction. I was referring to Eze anybody who needed forex.
"I also facilitated that forex transaction carried out with Eze. This happened because I was in CBN.”
FG
Olawale Ajimotokan in Abuja
The FCT Health Services and Environment Secretariat has commenced the screening of 250,000 residents in 200 communities in the six Area Council under the Project 10-million embarked upon by the 36 states commissioners of health and the FCT.
The programme was flagged-off yesterday by the Mandate Secretary
of the Secretariat Dr. Adedolapo Fasawe. Fasawe said Operation Know Your Number’ is simply for one to know his BP status and blood sugar level. She decried increase of noncommunicable deceases globally, adding that studies have shown that North Central Nigeria has the highest prevalence of diabetics and hypertension.
She equally underscored the need to escalate the information so that those at hard-to-reach locations will make themselves available for the screening when they get there.
The mandate secretary said the screening is live saving and free in all the 300 locations in the 200 communities.
Fasawe also raised alarm about younger people getting affected more and more by hypertension, which
is rendering itself as a silent killer.
“A study in Nigeria shows that 40 percent of people in the register didn’t even know that they had BP. Diabetes also is on the increase, but note that non communicable disease does not mean non inheritable.
“Therefore, this programme is to encourage regular checks and knowing the risk factors. Today, the diseases in question are no more older age diseases,” she said.
The witness also disclosed that he was detained by EFCC for 11 days in connection with the case. He said he started working as Secretary with Emefiele as far back as 31 years (1993) stating: "I have seen his signature and I'm familiar with it.”
As regards, the emails / documents he sent to Zenith Bank, he was asked whether he wrote in any of the mails that the 1st defendant told him to send the mail. He answered No. He was asked if he introduced an electronic filing system in the CBN governor’s office. He answered Yes, he did by his recommendation. The witness also admitted that there was no written communications with the defendant about the documents tendered in court.
Emefiele is standing trial over alleged abuse of office and money laundering to the tune of $4.5bn and N2.8bn.
The Economic and Financial Crimes Commission had, on April 8, 2024, arraigned Emefiele on 23 counts bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage.
Reviews Health Sector Performance, Say Progress Recorded in Primary, Tertiary Healthcare
Onyebuchi Ezigbo in Abuja
Ahead of the Joint Annual Health Review meeting scheduled for next week, the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, has said that the country is witnessing a marked improvement in the area primary and tertiary healthcare services.
However, the minister admitted that much still needs to be done in the area of secondary care services.
Pate who led other heads of agencies under the ministry to address journalists on the forthcoming 2024 Joint Annual Review (JAR) meeting to address a press conference on Thursday in Abuja said that a perception survey carried by the ministry showed that Nigerians are more impressed with improvements at the primary healthcare level.
He outlined objectives of the Health Sector Renewal Investment Initiative which he said contained a comprehensive plan aimed at strengthening health governance, improving service delivery, and enhancing infrastructure across
Nigeria’s healthcare system.
Reflecting on the journey so far, the minister said, “Since the signing of a compact agreement witnessed by the President Bola Ahmed Tinubu, we have laid the groundwork for a healthcare system that serves all Nigerians.” According to Pate, “the approach emphasizes accountability and effective resource management across federal, state, and local governments.”
The Joint Review, scheduled for next week, will provide an opportunity to assess Nigeria’s healthcare progress, including key metrics such as maternal and child health, access to primary healthcare, and progress in combating diseases like HIV, tuberculosis, and malaria.
Findings from surveys including insights from over 2,600 Nigerians on healthcare quality will shape ongoing reforms. “We’re not here to judge anyone,” noted the minister, adding “This review is about co-creating solutions and improving healthcare across every region.”
Wale Igbintade
Alex Enumah in Abuja
CONFERMENT OF PROFESSIONAL FELLOWSHIP DOCTORATE ON OMOTOLA...
Presidency Hails Akpabio's Handling of Screening,Approval of Ministerial Nominees
Sunday Aborisade in Abuja
Special Adviser to the President on Senate Matters, Senator Basheer Lado, has commended President of the Senate, Godswill Akpabio, for the manner the senate screened and confirmed the seven new ministerial nominees.
Lado acknowledged the leadership of the senate and the senators for the prompt and thorough confirmation. He also commended President Bola Tinubu for the quality of ministers he had selected. Lado said the ministers were carefully chosen based on expertise, wealth of knowledge, and extensive experience.
He stated, “The appointment of the ministers demonstrates President Tinubu’s responsiveness to the aspirations of Nigerians and his commitment to delivering the dividends of democracy to the citizenry.
“This selection also reflects President Tinubu's dedication to fostering national unity, peaceful co-existence, and social harmony, building a foundation for a more vibrant and inclusive Nigeria.”
Meanwhile, a light atmosphere of laughter enveloped the senate chamber during the screening of
Ganduje to Okpebholo: Don't Waste Time Fighting Outgoing Edo Governor Obaseki
Adedayo Akinwale in Abuja
The National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Ganduje, has urged the Edo State Governor-elect, Senator Monday Okpebholo not to waste his time fighting his soon-to-be predecessor, Godwin Obaseki. Ganduje gave the advise in Abuja, when Okpebholo paid him a courtesy visit at the national secretariat of the party.
the Kano ministerial nominee, Hon. Yusuf Abdullahi Ata, when Senator Rufai Hanga (NNPP, Kano Central) said he was threatened by Ata's appointment.
The senate president had asked Hanga, Deputy Minority Whip of the Senate, to comment on the nominee, a former Speaker of the Kano State House Assembly. Hanga said he was threatened by the nomination of a political juggernaut from his senatorial district.
He stated, "The appointment of this political juggernaut threatens me because we are from the same senatorial district. He is a grassroots politician who was my ally, but that said, I'm in support of his nomination." Akpabio, in his response, told Hanga that there was no cause for alarm, describing him as a nice person and a team player. "Despite the party differences, you are all united in supporting the nominee," he said.
“There is no need. A progressive government does not have time for that. Focus on the manifesto you painstakingly produced. Follow it to the letter with the socio-economic development of the people, build bridges, and establish good relationships with the stakeholders.
“Think forward and be an action governor. During the campaign, you were an action candidate, and now you are an action governor. We believe it. We believe you will succeed and make the people of our winning state proud.”
The chairman assured Okpebholo
His words: "The ideals of democracy were upheld, the election was executed, and we are the winning side. You should not focus on the previous administration. Look forward, don’t look back, and don’t waste your time fighting the person you took over from.
that the party was ready to assist him in every way, but added that he must ensure that all party offices were functional and physically habitable from the ward level to the state level.
“We have recently established a progressive institute, the intellectual wing of the party, which will assist in the training of your personnel, especially at the local government level, and help harness the demands of the Nigerian people to form a political agenda for the government,” Ganduje added.
On his part, Okpebholo admitted that the victory the party recorded in Edo was a had one, and commended Ganduje for the
role he played in ensuring the APC emerged victorious.
The governor-elect also commended President Bola Tinubu for “securing" Edo for APC.
"He (Ganduje) came to the state. He was there, and everybody knew he came, and his impact was great. I also want to use this opportunity to thank Mr. President, who secured Edo for us. There was absolute peace in Edo State.
“Before now, there was this kind of boast that people would die, but on the election day, nobody died. For me, the victory is something we in Edo State rejoice about because a new dawn has come to the Edo people,” he said.
NBC: We Need the Support of State Governments to Address Border Disputes
The National Boundary Commission (NBC), has solicited the support of state governments towards her constitutional mandate to enable it ensure peaceful and prosperous borders across the country.
Director General (DG) of the Commission, Adamu Adaji,made the call yesterday in an opening address during a two-day sensitisation workshop for boundary managers at the Government House, Bauchi. Adaji, who explained that
the programme was aimed at sensitising the participants on the challenges and prospects of boundary management in Nigeria, urged the state governments to support the work of the commission towards establishing a peaceful and prosperous borders.
The DG stressed that the workshop aimed to bring together, managers of boundary affairs and other relevant stakeholders to a dialogue and collaboration among neighboring states along internal boundaries of the country to fast-track peaceful
resolution of boundary disputes.
He also disclosed that the programme was meant to serve as an atmosphere to share experiences and best practices in boundary management as well as sensitise states and the affected communities on the importance of synergy in boundary management business.
While appreciating Governor Bala Mohammed and the entire people of Bauchi State for the warm reception, he pointed out that non-clarity of boundaries between the constituents states of the country has become a
source of disputes.
He lamented that the differences in the claims and counterclaims that characterise the perceptions of the boundary alignment have in some cases led to volatile agitations that often degenerate into crisis.
Adaji further observed that inadequacy of delimitation instruments, lack of proper sensitisation by states, activities of elites/traditional institutions, wrong perception of boundaries formed part of the challenges of solving boundary disputes.
Insecurity: Group Wants IG to Unban Edo Security Outfit, Lauds Obaseki on Projects Inauguration
Adibe Emenyonu in Benin City
Edo State-based social cultural organization, Aigbe-Edo Progressives Alliance (APA), on Thursday called on the Inspector General of Police Kayode Egbetokun to lift the ban placed on the state security network (local vigilante group, on the eve of the 2024 governorship election in the state.
APA said the call became necessary because of the resurgent cult-related killings and other criminal activities in parts of Benin metropolis and environs.
APA in a statement signed by its President, Carl Otokiti, also described Obaseki's end of tenure projects commissioning programme as “manifestation of patriotic governance in the state.”
Obaseki had on Monday 28th, November 2024 embarked on project commissioning including the remodeled Edo College of Agriculture Igueorhiakhi, the remodeled Nigerian Observer Newspaper, the Education Infrastructure hub in Iyaro and the commissioning of the Edo College of Health and Technology in Benin.
Otokiti noted that the Benin nation is proud to be associated with the patriotic governance pedigree of the outgoing governor and expressed gratitude to the governor’s team in repositioning the state.
Part of the statement reads:
“We owe the present and future generations a responsibility of tracking patriotic governance, and to commend such worthy disposition or condemn proponents of anti-patriotism. From every indication, judging by the architecture, due diligent personnel staff recruitment, hard and soft wares assembled in these three constructed and re-constructed public infrastructures.
"We do here and now appeal to the managers of these newly commissioned ultra-modern facilities, to keep them in very good use, in order to maximally render the organic services, they were built for.
“We want to especially appreciate the immediate past Secretary to the State Government, Barr. Osarodion Ogie, for his bird eye view support in the design, building and commissioning interventions of these and other gigantic infrastructures of our dear State, scattered across the three senatorial districts.
"The remodeled Edo College of Agriculture Igueorhiakhi, the remodeled Nigerian Observer Newspaper, the newly constructed Education Infrastructure hub in Iyaro are all manifest attestation to the patriotic governance mindset that a people can minimally wish for. And Governor Godwin Obaseki is deserving of the unsolicited commendation, and he is so granted.
Segun Awofadeji in Bauchi
L-R: Director, Operations and Logistics, Chartered Institute of Public Resources Management and Politics (CIPRMP), Ghana, Mr. Sodiq Abimbola; Group Managing Director/CEO, CFL Group of Companies, Dr. Olaide Adebowale Omotola; Executive Director Media and Correspondents Nigeria Office (CIPRMP), Mrs.. Victoria Ijeoma Olarewaju; and Executive Director, Corporate Affairs and Planning, (CIPRMP), Ghana, Dr. Ani Freeman, during the Conferment of Professional Fellowship Doctorate on Dr Omotola, in Lagos…….recently
PARTNERSHIP ON STEEL PRODUCTION…
L-R: Managing Director, Ibom Solution Industrial Park, Ekene Obadiegwu; Executive Vice President (EVP), Gas, Power & New Energy, NNPC Limited, Olalekan Ogunleye; Group CEO, NNPC Ltd, Mele Kyari; Venkatesh Jindal of Jindal Group; Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo; Chairman of Jindal Group, Naveen Jindal; Nigeria’s Acting High Commissioner to India, Ahmad Lawal, and EVP, Upstream, NNPC Limited, Oritsemeyiwa Eyesan, after a meeting in New Delhi India, to secure Jindal Group’s commitment to off take natural gas for Hot Briquetted Iron Steel Plant in Akwa Ibom State...recently
Four Killed as Bandits, Vigilance Group Clash in Plateau
Armed herders invade former Benue Gov Suswam’s village, kill scores
Seriki Adinoyi in Jos and George Okoh in Makurdi
No fewer than four persons have been reportedly killed in a clash between bandits and vigilance group members at Dogon Ruwa community in Bashar District of Wase Local Government Area of Plateau State.
Also, Anyiin community, the home town of former Governor of Benue State, Senator Gabriel Suswam, came under severe attack by suspected armed Fulani herders last Wednesday, killing many farmers.
Villages in Wase LGA have witnessed persistent bandits’ attacks over the past two years, resulting in killings and kidnappings. Hundreds of cattle have also been rustled by the bandits.
Senate Seeks Probe of Illegal Mining in Kogi
Sunday Aborisade in Abuja
The Chairman, Senate Committee on Local Contents, Senator Natasha AkpotiUduaghan, has urged relevant federal government agencies to investigate the massive illegal mining activities in Itakpe, Kogi State.
The Senate ad hoc committee investigating alleged corruption and inefficiency in Ajaokuta Steel Company and National Iron Ore Mining Company, had last week, uncovered illegal mining in NIOMCO, Itakpe.
Senator Akpoti-Uduaghan,
representing Kogi Central district, a member of the ad hoc panel, raised the alarm during a recent oversight visit to the company.
She expressed concern over the illegal extraction of gold and other precious minerals within the company premises, despite its mining operations ceasing in 2008.
Akpoti-Uduaghan, in a statement by her media aide, Arogbonlo Israel, yesterday said the committee discovered that illegal miners from Northern Nigeria have been operating unhindered.
Nasarawa Assembly Passes Bill Repealing LG System into Law
Igbawase Ukumba in Lafia
The Nasarawa State House of Assembly yesterday passed into law a Bill for a Law to Repeal and Re-enact the Establishment, Structure, Composition, Finance and Function of Local Government System in Nasarawa State, 2024.
The Speaker of the Assembly, Danladi Jatau, announced the passage of the bill into law after it passed through third reading at the floor of the Assembly in Lafia.
Speaker Jatau appreciated members for their commitment, love and concern for the wellbeing
of the people of the state and enjoined them to sustain the tempo.
Jatau directed the Clerk of the Assembly to prepare a clean copy of the law for his perusal and onward transmission to the state Governor, Abdullahi Sule, for his ascent.
He described the members as people who have the love of their constituents at heart and thanked them for the support and cooperation accorded to him without which the success recorded so far wouldn’t have been possible.
Bodex Social Media Hangout Celebrates 5th Anniversary
Sunday Ehigiator
The Bodex Social Media Hangout (BSMH) is set to mark its fifth anniversary with a milestone event, tagged ‘Social Media: The Influence, Power and Impact’, on December 7, 2024 in Victoria Island, Lagos.
A statement from the organisers read: “Prepare for an unforgettable experience at the fifth annual Bodex Social Media Hangout (BSMH).
This year’s edition themed ‘Social Media: The Influence, Power And Impact’ promises fans, leaders, trendsetters, fashionistas, and celebrities a vibrant day of fun,
learning, and excitement.
“Taking place on Saturday, December 7th, 2024, at the Landmark Event Centre, Oniru, Victoria Island, Lagos, this festival is free to attend and requires no registration, welcoming everyone to join in the celebrations and immerse themselves in an extraordinary day of unforgettable experiences.
“Social Media: The Influence, Power and Impact is a spectacular culmination of five years of hard work, industry contributions, and unwavering commitment from the BSMH team.”
A vigilance member and youth leader in Wase, Abdullahi
Shu’aibu, confirmed the clash, saying: “The bandits arrived at the community intending to kidnap residents. They parked their motorcycles near the village, but we had received information
about their plans.
“The bandits entered houses, selecting individuals for kidnap, unaware that vigilantes had ambushed them near the motorcycles. As they attempted to escape with the abductees, vigilance members engaged them, killing three bandits. Unfortunately, one vigilante was also killed. Several persons were injured in the battle.”
Osun NANS Urges Adeleke to Suspend His SSA on Student Affairs
Yinka
Kolawole inOsogbo
The National Association of Nigeria Students (NANS) yesterday called on Governor Ademola Adeleke of Osun State to as a matter of urgency suspend his Senior Special Assistant on Student Affairs, Oladejo Basiru Aderoju, from office not to cause
destructive actions to the government.
In a press conference addressed by the Chairman of NANS, JCC Osun State axis, Ogungbe Adedamola Taiwo, in Osogbo yesterday pointed out that the union congress condemned Oladejo Basiru Aderoju’s destructive actions, including sponsoring thugs to kidnap
student leaders and allegedly orchestrating DSS arrests.
He alleged that his defiance stems from misappropriwating of government funds intended for legitimate purposes.
According to him, “The leadership of the axis urged Governor Adeleke to call Basiru to order or suspend him to prevent further harm to the Governor and Osun State.” He also made it cleared to the public, and security agencies that NANS JCC Osun Axis has not conducted any election, and anyone claiming to be new executives is illegitimate and should be disregarded.
Edun, Sanwo-Olu, Osoba, Others Inaugurate Adebutu Media Resource Centre at NIJ
Ayodeji Ake
The Coordinating Minister for Economy, Mr. Wale Edun, Lagos State Governor Sanwo-Olu, Chiraman Nigerian Institute of Journalism (NIJ) Governing council, Olusegun Osoba, and others on Wednesday inaugurated the Sit Keshington Adebutu
Media Resource Centre at the NIJ, Lagos.
Appreciating the kind gesture, Osoba lauded the unquenchable passion of Adebutu for journalism
“We are here not to inaugurate but to celebrate a great Nigerian, Sir Keshington Adebutu. Baba told me that because he respected the Nigerian media he agreed
to accept the fellowship of the Nigerian Institute of Journalism. I want to thank him specially.
“When we presented the NIJ fellowship to him, it was not awarded for any prize but because of his passion for Nigerian media. When I met him, he said he would immediately pay 90 per centof the building we are inaugurating today at first because he said he wanted a good project that was completed in five months and also provided funds to furnish the building,” he said.
In his goodwill message, Edun noted that Adebutu has always partnered with the government in education development.
Airport: Ekiti Pays N300m Compensation to 377 Land Owners
Gbenga Sodeinde in Ado Ekiti
The Ekiti State Governor, Biodun Oyebanji, yesterday paid the sum of N300 million to 377 land owners, whose property were acquired for the construction of the Ekiti State Agro Allied Cargo Airport in Ado Ekiti, the state capital city.
Dispelling the insinuation that the airport project was a misplaced priority, Oyebanji posited that the facility was intended to expand the state’s economy, open a new vista of economic opportunities, investments and bolster industrial drives.
Oyebanji stated this in Ado Ekiti when he disbursed cheques to land owners from Ijan, Igbemo, Afao, Iworoko and others, whose lands and economic trees were acquired to give way for the construction of the airport facility.
Oyebanji, represented by the Deputy Governor, Chief Monisade Afuye, said the event marked the third and last tranche of compensation payments to individuals and families affected by the land acquisition for the realisation of the ambitious Ekiti State Cargo Airport facility.
Presidential Amnesty Trains 98 Delegates on Maritime Skills
The Presidential Amnesty Programme (PAP) has deployed 98 delegates for a boot camp and a refresher course in maritime-related skills as part of its manpower development scheme for the Niger Delta.
Addressing the maritime cadets during the flag-off
ceremony at the Joemarine Institute of Nautical Studies and Research, Otomewo, Delta State, the PAP Administrator, Dr. Dennis Otuaro, said that manpower and human capacity development were critical to the economic growth of the region and indeed the country.
According to Otuaro, the deployment of the 98 maritime cadets is strategic and in tune with President Bola Tinubu’s policy on the blue economy to harness the massive opportunities in the country’s maritime industry for national development.
He noted that President Tinubu was interested in manpower development for the nation’s blue economy, stressing that the PAP Office deployed the 98 maritime cadets to train skilled workers for the maritime sector of the economy.
FG Restates Commitment to Improving Rural Electrification
Gideon Arinze in Enugu
The federal government has expressed commitment to improve rural electrification through the provision of sustainable energy solutions.
The Managing Director/ Chief
Executive Officer of the Rural Electrification Agency (REA), Abubakar Aliyu, made this known yesterday during the inauguration of a 100 kilowatts Solar Hybrid Mini Grid in Uhuafor Nomeh, a community in Enugu State.
In his address, Aliyu said that the project was facilitated through the Federal Government’s Rural Electrification Fund (REF), a mechanism designed to promote off-grid electrification and ensure that electricity is equitably distributed across Nigeria.
Aliyu, who was represented by the Executive Director of the Rural Electrification Fund, Mrs. Dora Uboh, said that the facility will power over 3,000 households across the community, contributing to their socio-economic development.
French Embassy, NIFS Position Nigerian Creative Sector for Int’l Business
Yusuff Ebiti
The French Embassy, in collaboration with the Nigerian International Film and TV Summit (NIFS), has sponsored over 20 Nigerian creatives to the prestigious MIPCOM event in Cannes.
This delegation included a talented mix of Nigerian film writers, producers, audiovisual technologists, and film business entrepreneurs, representing the strength and diversity of Nigeria’s burgeoning Film and TV industry. According to a
statement, at the forefront of this delegation was the Nigerian Pavilion, a dynamic hub for showcasing Nigeria’s rich storytelling culture and fostering high-level discussions with global media and entertainment leaders.
The Nigerian delegation’s engagements at MIPCOM opened up valuable new opportunities, reinforcing Nigeria’s growing presence in the international film and television landscape and highlighting the unique narratives Nigerian creators bring to global audiences.
13 F eared Dead in Ibadan Building Collapse
Kemi Olaitan in Ibadan
Tragedy struck yesterday in Jegede, Olorunsogo area of Ibadan, in Ona Ara Local Government Area, as a collapsed building claimed not less than 13 lives with many injured.
It was learnt that the early morning tragic incident left many residents in panic and disbelief, as they made frantic effort to rescue victims alive.
While 10 people were initially confirmed dead, it was gathered late yesterday that three of those injured succumbed to their injuries.
The General Manager, Oyo State Fire Services, Rev. Akinyemi Akinyinka, while confirming the incident, said they received a distress call from the people in the neighborhood at 2.00 a.m.
According to him, “May I inform you that Oyo State Fire Services Agency received a distressed call at around 2.00 a.m this morning at Jegede Olunloyo area , Ibadan, of which 10 persons has been recovered from debris of collapsed building, while seven persons rescued alive. Rescue operation is still going on.”
The state Police Command in
a statement on the incident by the Police Public Relations Officer (PPRO), SP Adewale Osifeso, said eight victims were receiving treatment following various degrees of injuries sustained at the cause of the incident.
He added that adequate security has been emplaced in the area to prevent hoodlums from taking over the incident scene and as well protect the lives and property of other residents within the jurisdiction, stating that investigation is ongoing to unravel the possible circumstance that could have led to the incident.
Varsity Don Calls for Urgent Action to Address Climate-related Health Challenges
Blessing Ibunge in Port Harcourt
A renowned scholar in the University of Port Harcourt, Rivers State, Prof Vincent Idemyor, has emphasised on the urgent need to address climate-related health challenges.
Prof Idemyor, who will be speaking at the American Society of Health-System Pharmacists (ASHP) Clinical Meeting in New Orleans, Louisiana, USA, on December 10, 2024, noted the need for close
concentration on healthcare delivery, especially in this period of climate crisis.
Idemyor planned to at the programme, advocate the integration of climate science into medical curricula and continuing education programmes to better equip practitioners for the evolving health challenges associated with climate change.
The event is estimated to attract over 20,000 pharmacy professionals from across the globe, making it
one of the largest gatherings of healthcare providers focused on advancing pharmacy practice.
The don proposed that presentation, ‘Preparing Healthcare Service Delivery for Climate Change Impacts’, would focus on the growing intersection between climate change and healthcare.
The professor of pharmacy said he has made significant contributions to the field, particularly in HIV/ AIDS research and pharmacy practice.
Pregnant Women, Children Benefit from Lagoon Climate Response Project
Ayodeji Ake
More than eight hundred students of primary and secondary schools in Saga, Ejirin and Oriba, three coastal communities on the Lagos Lagoon in Epe, have received a comprehensive donation of textbooks and educational supplies.
This is one of the activities of the project titled Lagos Lagoon Climate Response - Support for rural communities living along the Lagos lagoon faced with the impact of climate change.
It is delivered by the nongovernment organisation (NGO), Help Africa Initiatives (HAI) in collaboration with partners, Eyes of a Lagos Boy, Healthinika, Mitimeth, Ecolearn ng and Lagos State Waterways Authorities (LASWA) with the support of the Danish Ministry of Foreign Affairs.
The Elejirin of Ejirin, Oba Rafiu Ishola Balogun, encouraged the pupils at Lofi Ogunmude Comprehensive College Ejirin to
CHANGE OF NAME
This is to certify that my correct name is JEREMIAH ENIOLA ELIZABETH and not JEREMAIAH ENIOLA ELIZABETH as wrongly spelt by the West African Examination Council (WAEC). WAEC, other examination bodies, educational institutions and the general public should please take note of this correction.
I, Formerly known, called and referred to as MAXWELL OLATUNJI DANIEL, now wish to be known, called and referred to as OGIDAN OLATUNJI MAXWELL DANIEL. All former documents remain valid. The General Public should please take note.
I, formerly known, called and referred to as MRS MAXWELL ESTHER THOMAS, now wish to be known, called and referred to as MRS OGIDAN ESTHER THOMAS MAXWELL. All former documents remain valid. The General Public should please take note.
I formerly known and addressed as OYEDIPE DEJI OLADIMEJI, now wish to be known and addressed as OYEDIPE OLADIMEJI FRANCIS. All former documents remain valid. The general public should please take note.
“Make sure you study these books and follow your teacher’s guidelines, there are governors, ministers and presidents sitting among you”.
The medical team led by Dr. Tuyi Mebawondu has conducted health checks and provision of medicines to all, while informing pregnant women, young and old about common diseases in these villages and how to prevent them.
Already more than one thousand citizens have received health interventions and much needed referrals to mitigate the lack of access to public health services.
a The project runs till March 2025 and more targeted actions on the health front will be implemented.
Commenting, Project Coordinator, Bolaji Alonge said: “We have
been working with the coastal communities of Epe since 2018 and today, we have a common front implementing this project as partners with the communities. We are tackling their issues of concern together.”
He further pointed out that the “HAI implements a holistic approach to local sustainable development, to generate employment and to impact the lives of children attending public schools in these communities as well as supporting public health service provision. Do you know that Ayomide Bello, Nigeria’s first female Olympic flatwater canoeist and Tokyo 2020 participant, is from Saga village? This corner of Lagos brims with talent.”
Knight Frank Bags Property Agency, Consultancy Award
Knight Frank Nigeria, a leading property consultancy and estate surveyor firm, has been crowned property agency / consultancy firm of the year at the African property awards.
The coveted five star award was presented to the firm during
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I formerly known and addressed as ADEYEMO OMOLARA OLUWAKEMI, now wish to be known and addressed as ARIORI OMOLARA OLUWAKEMI. All former documents remain valid. The general public should please take note
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This is to notify the general public that I, ONONAGBO, PROMISE CHISOM, formerly residing at No.9,
the IPAX Europe and Africa Awards in London recently.
Speaking after receiving the award, Senior Partner/CEO, Knight Frank Nigeria, Mr. Frank Okosun, noted that the award recognition is a major milestone achievement and a testament to the professional standards and service excellence that define the Knight Frank brand.
“We have been partners in property to our esteemed clients in Nigeria with investments across the globe for almost 60 years, and I would like to thank them for trusting Knight Frank and allowing us to consistently deliver quality services which has culminated in our recognition for this special award,” he added.
According to the award organisers, International Property Awards, Knight Frank Nigeria competed in a rigorous selection process against the best property professionals in Nigeria and across the African regions.
The panel of judges considered key elements such as quality of service and projects, marketing and communication materials (online and offline), and client testimonials.
Edited by: MJO Mustapha Email deji.mustapha@thisdaylive.com
Evolution of Islamic Finance: A System of Justice and Ethical Prosperity (I) WORLD
Mohamed Chtatou/IslamiCity
Islamic finance during the time of the Prophet Muhammad (pbuh) was characterized by real transactions such as sale on credit and renting, rather than through modern banking systems, which did not exist at that time.
The Bayt al-mal (Government Treasury) played a role in managing funds and included a branch for lending and receiving repayments of interestfree loans. This system emphasized fairness and the prohibition of interest (ribâ) as stated in the Qur’ân (2:275):
“Those who devour usury will not stand except as stand one whom the Evil one by his touch Hath driven to madness. That is because they say: ‘Trade is like usury’, but Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge); but those who repeat (The offence) are companions of the Fire: They will abide therein (forever)”.
The Prophet Muhammad (pbuh) was the first to use the mudârabah (silent partnership) in trading with a wealthy woman named Khadijah (who later became his wife). At the time, Muslims practiced mushârakah (full partnership) when they operated large-scale commercial enterprises on the principle of sharing profits and losses. In addition, the Prophet Muhammad (pbuh) allowed people to use credit sales (bay’ salâm) to finance consumption or production without usury, and he encouraged Muslims to provide benevolent loans (qard hasan).
Of course, banks, as financial institutions, did not exist in this time. Indeed, in this regard Monzer Kahf, a scholar in Islamic Economics and Financial Expert, stated:
“Banks as institutions date back to the sixteen century of the common era. This means that at the time of Prophet, peace and blessings be upon him, there were no banks. However, the main activities banks do is finance, and finance is as old as the human society. Normal finance activities used to take place in all societies thousands of years before the time of the Prophet, peace and blessings be upon him, and during his time too. Financing during the time of the Prophet, peace and blessings be upon him, used to take place through real transactions namely: sale on credit, renting, and pooling resources together from several people to create a new project or venture.”
The Islamization of Arab countries during this period meant that Sharî’a law tended to spread rapidly, to the benefit of Muslims and non-Muslims alike. After Muhammad’s (pbuh) death in 632 AD, Islam spread widely throughout the Arab states and large parts of the non-Arab world. The Islamic State in this “golden age” dominated three continents: Asia, Africa and Europe. The Islamization of economic systems in the four centuries following Muhammad’s (pbuh) death concerned Morocco and Spain (to the west), India and China (to the east), Central Asia (to the north), Asia (to the north) and Africa (to the south).
Actually, the first banks appeared in the Middle East after the death of the Prophet in suks (bazaars). They were known as serraf. The Crusaders learned about this financial in the year 1200 and took it to Europe back with them. The serrafs of Damascus, Baghdad, Cairo, Jerusalem, etc. indulged in a variety of financial transactions such as: money exchange (sarf), deposit (wadî’ah), Sale on credit (bay’ bi ajâl), loan (qard), money transfer (suftajah), advance-payment forward sale (salâm bay’), etc.
The extension of the tools of Islamic finance is also indicated by historical documents of contracts recorded between businessmen at the time, notably mudârabah and mushârakah. The practices of Islamic finance remained virtually unchanged until the early 19th century. From the 19th century onwards, almost all Muslim countries came under the control of Western colonial powers (France in North Africa, Great Britain and France in the Middle East, Great Britain in the Indian subcontinent and Great Britain and the Netherlands in Asia), effectively dividing the Islamic world into numerous small states, and that the existing Sharî’a-compliant financial system was effectively replaced by the capitalist system. From then until the second half of the 20th century, most Muslim economies were dominated by Western European economic systems and traditions.
Today, the global economic and financial crisis has forced countries to find profound and urgent solutions to the deterioration of their macro-economic balances. Several sectors have been affected especially the financial sector in several Western countries. This led to the collapse and failure of several international banking groups.
The latter perceive in the level of resilience demonstrated by certain Islamic banks following the subprime mortgage crisis, the assurance of a system more resistant to turbulence and more
efficient than the traditional banking system. Islamic finance first saw the light of day in the 1970s in petrodollar countries. But its foundations were laid much earlier, at the beginning of the century, when Muslim scholars and practitioners were looking for an alternative to the economic paradigms, namely liberal capitalism and communism. Islamic economics thus became acceptable and adopted by finance professionals, including non-Muslims. Thus, this concept (Islamic finance) is intended as a remedy to the requirements of international finance based on interest-based remuneration of loans by offering products legitimized by reference to Islam. It has easily integrated into the circuits of international finance through its spread in many Arab and Islamic countries.
In perspective, Islam has encouraged the believers to engage in fair trade back in the 7th century. Today, many international organizations call on governments and financial institutions to adopt and stand by the principles of fair trade for ethical reasons and equity purposes. In this respect, The Qur’ân states (4:29):
“O ye who believe! Eat not up your property among yourselves in vanities: But let there be amongst you Traffic and trade by mutual good-will: Nor kill (or destroy) yourselves: for verily Allah hath been to you Most Merciful!”
What is Islamic Finance?
Islamic finance is a banking system that operates without interest, adhering to Sharî’ah law principles. It emphasizes risk-sharing, ethical investing, and profitability without engaging in activities considered harmful or exploitative, such as usury. The fundamental characteristics often contrast with conventional banking, which typically includes interest-based transactions.
Islamic finance refers to financial activities and products that comply with Islamic law (Sharî’ah), which prohibits practices such as usury (ribâ) and promotes ethical investments. It encompasses a variety of financial transactions that aim to ensure justice and equity in economic dealings, focusing on moral principles in managing money, saving, and investing.
Chloe Domat introduces Islamic finance in the following terms:
“Islamic finance is a way of doing financial transactions and banking while respecting Islamic law or sharia. Islamic finance hardly existed 30 years ago yet today is a $3.96 trillion industry with over 1,650 specialized institutions located all around the world. Islamic banks are by far the biggest players in the Islamic finance industry and account for $2,7 trillion or 70% of total assets. According to a 2023 State of Global Islamic Economy report, total sharia-compliant assets are expected to grow to $5.95 trillion by 2026.”
Initially, Islamic finance was limited to the framework of opinions (fatwâs) issued by Muslim jurisconsults (shaykhs) specialized in the jurisprudence of economic transactions (fiqh al- mu’âmalât), which described what was permissible and what was not.
Then in the second phase, writings on the subject tended to be critical of the communist and capitalist systems. It wasn’t until the third quarter of the last century that the foundations of Islamic finance began to crystallize as a subject of study and as an industry.
Then, the efforts of researchers in theology and economics focused on differentiating between those aspects of the traditional financial system that do not contradict the precepts of Islam, in order to retain them, and those aspects that constitute a violation of these precepts. This is based on the fundamental principle that permission is the rule in transactions, prohibition being the exception.
To show the financial relevance of Islamic finance, Mumtaz Hussain, Asghar Shahmoradi, and Rima Turk write:
“Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20% annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks (IBs), however, is so far mixed. While these banks face similar risks as conventional banks (CBs) do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.”
BUILDING A SUSTAINABLE AND RESILIENT PUBLIC SERVICE...
FOR BROADER CONSULTATION, NEC ADVISES TINUBU TO WITHDRAW TAX REFORM BILLS
create the revenue all the tiers of government require to fund the development the country and people urgently need.
Onanuga said: "While we commend the governors and traditional rulers for supporting President Bola Tinubu over the success recorded in addressing the country's security challenges, we consider it necessary to address the misunderstandings and misgivings around the tax reform already embarked upon by the administration.
"President Tinubu and the FEC recently endorsed new policy initiatives aimed at streamlining Nigeria’s tax administration processes, enhancing efficiency and eliminating redundancies across the nation’s tax operations."
The presidential spokesman
noted that the reforms emerged after an extensive review of existing tax laws, stressing the National Assembly was considering four executive bills designed to transform and modernise Nigeria’s tax landscape.
The first, according to him, was the Nigeria Tax Bill, which aimed to eliminate unintended multiple taxation and make Nigeria’s economy more competitive by simplifying tax obligations for businesses and individuals nationwide.
The second was the Nigeria Tax Administration Bill (NTAB), which proposed new rules governing the administration of all taxes in the country. Its objective, he said , was to harmonise tax administrative processes across federal, state
and local jurisdictions for ease of compliance for taxpayers in all parts of the country.
The third, the Nigeria Revenue Service (Establishment) Bill sought to rename the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS) to better reflect the mandate of the service as the revenue agency for the entire federation, not just the federal government.
The fourth was the Joint Revenue Board Establishment Bill that proposed the creation of a Joint Revenue Board (JRB) to replace the Joint Tax Board (JTB) covering federal and all states’ tax authorities.
Onanuga added: "The fourth bill also suggests establishing the Office of Tax Ombudsman under the Joint Revenue Board,
which would serve as a complaint resolution body for taxpayers.
"It is instructive to note that these proposed laws will not increase the number of taxes currently in operation. Instead, they are designed to optimise and simplify existing tax frameworks.
"The tax rates or percentages will remain the same under these reforms, as they focus on ensuring a more equitable distribution of tax obligations without adding to the burden on Nigerians".
He also assured that the reforms would not lead to job losses, saying on the contrary, they were structured to stimulate new avenues for job creation by supporting a dynamic, growthoriented economy.
The presidential aide equally clarified that the laws will not
absorb or eliminate the duties of any existing department, agency, or ministry, noting rather they aim to harmonise revenue collection and administration across the federation to ensure efficiency and cooperation.
"At the moment, tax administration lacks coordination among federal, state, and local tax authorities, often resulting in overlapping responsibilities, confusion, and inefficiency. Without reform, this inefficiency will persist.
"The proposed laws aim to coordinate efforts between different tiers of government, resulting in better tax resource management and greater clarity for taxpayers," he said.
He added that under existing laws, taxes like Company Income
36 GOVS BACK DANGOTE REFINERY, EDUN COUNTS GAINS OF CRUDE-FOR-NAIRA SALE
that its ad hoc committee investigating alleged economic sabotage in the petroleum industry would now work jointly with a similar panel established by the House of Representatives.
The development was against the backdrop of reports that some stakeholders were working to stop the oil probe.
The upper chamber had also communicated the decision to the House with a view to conducting a more holistic investigation that would sanitise the petroleum industry.
The senate, presided by its Deputy President, Senator Jibrin Barau, announced the decisions at plenary yesterday after Leader of the Senate/Chairman of the Adhoc Committee, Senator Opeyemi Bamidele, sponsored a motion on the need for the two chambers to jointly conduct the oil probe.
Bamidele observed that the House of Representatives had debated the same subject and also constituted its ad-hoc committee to investigate it.
He said there was, “The need for the ad hoc committees of the two chambers to work together to avoid duplication in the discharge of their constitutional responsibilities.”
He further called for the committee to be reconstituted and be named, "National Assembly Joint Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry."
After Bamidele’s presentation, the senate re-named the committee as “National Assembly Joint Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry."
The upper chamber also resolved “to communicate its decision to the House of Representatives for the purpose of constituting the equal number of an ad-hoc committee that will be working with the senate”.
Bamidele will still chair the National Assembly joint panel, with its members now including Senator Asuquo Ekpenyong, Senator Yahaya Abdullahi, Senator Mohammed Monguno and Senator Solomon Olamilekan.
Other members are Senator Plang Diket, Senator Ipalibo Banigo, Senator Khabeeb Mustapha, Senator Adams Oshiomhole, Senator Williams Eteng Jonah, Senator Adetokunbo Abiru, Senator Osita Izunaso, Senator Sahabi Ya’u, Senator Ahmed Abdul Ningi, and Senator Suleiman A. Kawu.
Meanwhile the two chambers of the National Assembly yesterday adjourned plenary by two weeks.
The short recess was to enable the various standing committees in to embark on oversight.
The holiday will enable the lawmakers physically inspect projects executed by the executive with the funds appropriated to the various ministries, departments and agencies (MDAs) in the 2024 Appropriation Act.
Edun: Govt Gains N700bn from Crudefor-Naira Sale, Subsidy Removal
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that effective from last month, October 2024, the federal government will be making about N700 billion monthly as gains accruing from the sale of crude in Naira and the subsidy removal policies.
Edun made this known while briefing newsmen after the National Economic Council (NEC) meeting chaired by Vice President Kashim Shettima.
The minister stated, "As a result of the latest initiative to have local refineries pay for crude in Naira and thereby sell the PMS
in Naira, it has provided a veritable platform for moving to a stage where we have market pricing of petroleum products, market pricing of foreign exchange, and that has led to immediate gains of around N600-N700 billion per month, starting from October, which will feed into the Federation Account.
"No doubt, NNPC will say that there are some charges here and there that they want to remove from that sum, but effectively, the country is better off now by a huge amount, which will continue to increase as long as the major critical reforms of pricing petroleum properly, pricing foreign exchange properly are maintained."
Edun announced that N3.5 billion had already been disbursed to 11,000 beneficiaries of the government Consumers Credit Scheme, while N90 billion had also been given to 500,000 beneficiaries of the Students Loan Scheme so far.
Edun explained, "The Student Loan Scheme has reached over half a million students, and it has disbursed over N90 billion and that is to the institutions for the students’ fees directly, and then to the students for their upkeep and it's interest-free loan. Of course, it’s providing access to higher education to so many who otherwise will not afford them."
Insisting that the government’s social investments programme had commenced with five million poor households benefitting, the minister said 11,000 persons had benefitted from the Consumers Credit Scheme
"The Consumers Credit Scheme to allow workers to be able to pay for things over time; to be able to afford various goods, including CNG kits to convert their car to a cheaper form of fuel, in the last five days, 11,000 beneficiaries have received N3.5 billion. So, that's an ongoing roll out of consumer credit to help people to make things more
affordable to the worker."
Edun further announced that the federal government had commenced a policy to mop up dollars outside the system by allowing them to be brought into the country's financial system so long as such funds are not illicit.
H said, "One element of the cost increase is the foreign exchange rate, and that is demand and supply.
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the central bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
"Therefore, it is unsafe, it is unsecure and it is outside of legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasise once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money. There will be no penalty, there will be no taxes, there will be no questions."
Minister of Budget and National Planning, Senator Atiku Bagudu, also told newsmen that the council directed greater investments in internally displaced persons (IDPs) and their host communities through a solution programme.
Bagudu said, "The objective of the programme is in recognition of the fact that the internally displaced situation calls for greater investment; long term and rather than emergency solutions.
"The objective of the programme is to improve access to basic service, services and economic opportunities for the internally displaced persons across communities in affected local governments in Nigeria and among clear objectives is investment and resilient infrastructure and services
for internally displaced persons and host communities.
"Because it's not only the internally displaced person that needs support, but host communities need support as well in order to support them, equally, to enhance sustainable livelihoods for the internally displaced persons and the host communities, as well as project management and support to national internally displaced persons policy implementation.
"The expectation is that states will express interest and also to assign a focal person in each of the participating states to facilitate communication."
Meanwhile, the federal government, in a statement by Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, launched the Foreign Currency Voluntary Disclosure, Depositing, Repatriation, and Investment Scheme, designed to enhance transparency in the financial sector and boost Nigeria's economic resilience, growth and development.
Known as Disclosure Scheme, in pursuance of Executive Order No. 15 of 2023, titled "Disclosure, Depositing, Repatriation, and Investment of Eligible Foreign Exchange Assets and Related Matters Order, 2023" and the “Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024”, it was issued by the Minister of Finance and Coordinating Minister of the Economy on October 25, 2024.
Edun launched the disclosure scheme in his office.
It sought to facilitate the voluntary disclosure, depositing, repatriation, and investment of internationally tradable foreign currency held by Nigerians, both within and outside the country.
Manga said key objectives of the disclosure scheme included
Tax (CIT), Personal Income Tax (PIT), Capital Gains Tax (CGT), Petroleum Profits Tax (PPT), Tertiary Education Tax (TET), VAT and other taxing provisions in numerous laws were administered separately, with individual legislative frameworks.
He said the proposed reforms sought to consolidate these multiple taxes, integrating CIT, PIT, CGT, VAT, PPT, and excise duties into a unified structure to reduce administrative fragmentation.
"On the proposed derivationbased VAT distribution model, which the Northern governors oppose, it must be stressed that the new proposal, as enunciated in the Bill, is designed to create a fairer system," Onanuga explained.
to enhance financial transparency: promote transparency in the financial sector by formalising legitimate foreign currency assets held outside the Nigerian banking system by Nigerians within or outside of Nigeria.
It also sought to bolster antimoney laundering and countering the financing of terrorism financing (AML/CFT) capabilities, he said. Specifically, he sad it targeted weaknesses in the existing framework by promoting cashless and legitimate transactions within the formal financial system.
"This strengthens regulatory enforcement while also encouraging financial practices that reduce the likelihood of illicit cash transactions," the statement said.
The disclosure scheme was part of measures by the federal government to get the country off the grey list of global anti-money laundering watchdog, Financial Action Task Force (FATF).
Nigeria is currently grey-listed by the FATF for weak anti-money laundering and combating the financing of terrorism (AML/ CFT) framework.
Speaking at the launch of the scheme yesterday, Edun stated, "The Disclosure Scheme is a bold initiative aimed at integrating foreign currency outside the formal financial system into the formal economy. It strengthens transparency and economic resilience, setting us on a path to rapid economic growth.
"The scheme offers a secure, confidential channel for people to reintegrate their legitimate foreign currency funds, promoting stability and growth for our nation.
"Guided by President Tinubu’s leadership and supported by the Central Bank of Nigeria (CBN) and Ministry of Justice, we are building a transparent and inclusive economy, aligned with best practice in antimoney laundering and countering the financing of terrorism.”
L-R: Commissioner II, Lagos State Civil Service Commission (CSC), Hon. Kamal Olorunoje; Commissioner I, CSC, Mr. Adesina Odeyemi; Chairman, CSC, Mrs. Olubunmi Fabamwo; Commissioner III, CSC, Mr. Babatunde Seriki; and the Permanent Secretary, CSC, Mr. Akinbode Obadina, during the commission’s summit 2024 themed “Building a Sustainable and Resilient Public Service in the Face of Economic Realities”, held in Lagos…recently
Friday, November 1, 2024
MISSILE
Sokoto Commissioner to Aminu Tambuwal
“Aminu Waziri Tambuwal shouldn’t have been a local government chairman let alone a governor, talk less of President of Nigeria, a futile ambition that consumed his time and attention. He was unfair to the people of Sokoto State. He ought to have left hand-over records...but did not. Those who want to see the true picture of Tambuwal should come to Sokoto State..”
–Sokoto State Commissioner for Lands, Housing, Survey, and Town Planning, Barrister Nasiru Aliyu Dan Tsoho, berates the former governor.
ERICTENIOLA
GUEST COLUMNIST
Ogunlusi, NUJ Leader, at 90
Ishare some similarities with Comrade Jola Ogunlusi. Before 1996, we were both from the old Ondo state. I am from Idanre in Idanre local government of Ondo state, while he is from Esun Ekiti in Ikole local government Area of Ekiti state. Longevity runs in his family. His father died at the age of 131 while his grandmother died at the age of 122. His mother died at the age of 110. He is just 90.
He grew up with his grandmother Princess Oguntuka also from a royal family but married to Oba Adumure, Elesun of Esun-Ekiti.
At that time only two of his mother’s children survived, himself and Mrs Idowu Aruleba, mother of Gbenga Aruleba of African Independent Television (AIT). He was given many Abiku names which he jettisoned later and adopted Emmanuel Ajibola-Iya.
He attended different schools in Odo-Oke, Aiyedun and Esun-Ekiti and finally completed his standard six in 1953. There was no job for a year. He was going to the farm with his father.
But from 1955 to 1958, he was a teacher. His first salary was 48pounds per annum. It was later increased to 56pounds a year with arrears. From his salary, he bought a bicycle which he rode to school. It was a fine, well-decorated bicycle. His preference was to study Medicine at the University. An incident motivated him. In 1955 when he was a teacher, they sent him to his only sister, Idowu, who was ill. He returned home late in the day. They had already presumed she was dead. He went into the room, took her hand and noticed she was warm. He used his knowledge of first aid to remove the mucus that blocked her nostrils. Then she started breathing.
Comrade Ogunlusi worked in Iroyin Yoruba, Daily Sketch, Gbohun Gbohun Nigerian Tribune and New Nigerian. He worked with Lamp magazine and also wrote for the African Arik published by the University of California.
In 1977, he rose to be the National secretary of the NUJ. In 1972, I joined the Nigerian Tribune as a reporter. We worked under our then Managing Director, Alhaji Lateef Kayode Jakande (23 July 1929-11 February 2021), who was later elected governor of Lagos state in 1979. Those of us in the Tribune then were Mr. Osugbohun, Alfred Ilere, Soji Alakuro, Mufu Akinloye, Tope Orimoloye, Toye Akiyode (Agosco), Dan Ikuniaye, Bode Oyewole, Bayo Osiyemi, Folu Olamiti, Kayode Osifeso and others, while our news editor was Fola Oredoyin. Our Editor then was Ikhan Yakubu and our editor in chief was Mr. Kayode Bakare. Incidentally in 1975, I was elected the western state secretary of the NUJ. A plaque is at the press centre in Ibadan today to remind us all.
I was the last person to hold that post till Oyo, Ogun and Ondo states were created on February 13, 1976 by General Murtala Mohammed GCFR (8 November 1938 – 13 February 1976). After the creation of states, there was pressure on us to sell the assets of the Western state NUJ including the present press club in Ibadan. We resisted the pressure. That is why the press centre still belong to the journalists today. During that time, there were newspapers and there were newspapers. That was before THISDAY, DAILY TRUST, THE NATION, THE NATIONAL CONCORD, THE VANGUARD, THE PUNCH, THE SUN, DAILY TELEGRAPH, DAILY INDEPENDENT, PILOT, THE MATRIX, BUSINESS DAY, THE POINT, LEADERSHIP and other reigning newspapers of today, were established.
At that time, we had THE NIGERIAN STANDARD in Jos, THE CHRONICLE in Calabar, THE NIGERIAN TIDE in Port Harcourt, THE NIGERIAN OBSERVER in Benin city, THE DAILY SKETCH in Ibadan, THE NIGERIAN HERALD later in Ilorin, THE NEW NIGERIAN in Kaduna and the powerful DAILY TIMES in Lagos.
During this period, THE DAILY TIMES was the most circulated. There was a column in the New Nigerian then called CANDIDO. It was during this period that the celebrant of today worked in the New Nigerian. CANDIDO was a must read for decision makers in Nigeria.
To its credit, THE NEW NIGERIAN has produced outstanding journalists in this country. Among whom were Alhaji Mamma Daura, Alhaji Adamu Ciroma, the present Monarch of Badagry, Oba Babatunde Akran, Aholu Menu Toyi 1, Mr Mike Pearce, Alhaji Mohammed Haruna,
Owolabi Ilori, Nat Balogun, Alaja Browne, Yakubu Mohammed, Nkem Agetua, Yinka Guedon, Clement Eluaka, Mr Tayo Kehinde, Alhaji Adamu Adamu, Chief Olugbayo Ogunleye, Mr. Gboyega Amoboye alias THE GOVERNOR, who is today the Chairman of Lagos wing of Veteran Journalists, Alhaji Turi Mohammed, Mr. Nvendaga Jibo, Mr. Stephen Bamigbele, Mr. Ndanusa Alao, Clem Baiye, Dan Agbese, Abba Dabo, James Jukwe, Moses Olorode, Alaye Gbenoba, Clement Agba, Buka Zarma, Buki Wilson, Adebola Idowu, Yinka Dagunduro, Sehinde Dagunduroro, Biola Ajoni, Victor Awogu, Otunba Segun Runsewe, Dayo Onibile, Fola Asiru and so many of them.
To count on positive things that newspapers have done for this country is like counting on the number of times the rain has fallen in a year. Let me refer to one, that still affect us today.
In January 1970, the DAILY TIMES published an editorial pleading that Nigeria must adopt left hand drive policy.
On January 30 of that year, the then head of state, General Yakubu Gowon GCFR (89), inaugurated a commission, to deal with the issue. The commission was headed by the then Chief Executive of The Daily Times, Alhaji Babatunde Jose (13 December 1925- 2 August 2008).
In March 1972, the then Minister of Works and Housing, whose Ministry was in charge of Transportation, Alhaji Femi Okunnu announced that with effect from Sunday, April 2, 1972, Nigeria would operate left hand policy. The policy is still operating till today unlike what operates in some Commonwealth countries like United Kingdom, Kenya, Australia, Uganda and South Africa.
I have spoken from the viewpoint of a newspaper man.
I hope outstanding radio and television journalists like Mr. Gbenga Onayiga, Bayo Awosemo, Sola Atere, Bayo Adewusi, Vera Ifudu, Emman Okondo, Bisi Olatilo, Adebayo Bodunrin, Bola Oyeladun, Frank Olize, John Momoh, Nduka Obaigbena, Jimi Disu, Jones Usen, Chris Anyanwu, Jumoke Susan Fajana(now based in London), Yori Folarin, Mac Amarere, Lekan Alabi, Abike Dabiri, Bankole Laotan, Blossom Ubani, Augusta Maduegbuna, Seun Okibaloye, Stella Din Jacob, Ladi Lawal and so many others who are either here or here in spirit or have departed, will pardon me.
A journalist is a person who gathers information in the form of text, audio or pictures, process it into a newsworthy form and disseminates it to the public.
Journalists can be broadcast, print, advertising or public relations personnel. Depending on the form of journalism, “journalist” may also describe various categories of people by the roles they play in the process. These includes reporters, correspondents, citizen journalist, editors, editorial writers, columnists and photojournalists.
A reporter is a type of journalist who researches, writes and reports on information in order to present using sources. This may entail conducting interviews, information-gathering and/or writing articles. Reporters may split their time between working in a newsroom, from home or outside to witness events or interviewing people. Reporters may be assigned a specific beat (area of coverage).
I see journalism as a way to learn more every day and try to work on my ignorance and understand the difference ways of life and how people live. Curiosity motivates every journalist. If you want to know the impact of a journalist just stay a day without listening to the news both in the radio, television or newspapers. It’s as if you are in a prison yard. Our job is a noble profession. After waking up every morning, checking on his health and offering his prayers, the next thing an average journalist does is to listen to the news or read the papers. It is a very interesting routine. Journalists always strive to be fair, accurate, and complete. Fair means being fair to the evidence. A good rule of thumb is the more evidence you have, the less balance you need.
Accurate means verifying all the information in the story and being transparent about what you know, how you know it and what you don’t know. It also means remembering that journalistic truth is provisional. Like scientific truth, it changes over time as more evidence becomes available.
Complete means learning as much about the story through as wide an array of sources as possible so you can include a range of relevant and diverse points of view.
In the civil service if you reach the age of sixty or put in thirty-five years of service, you are to retire. And when you retire in the service you will collect your gratuity and continue to live on your pension. But in our profession, we do not retire. There is no such thing as a former journalist. There is no age limit to the practice of journalism.
The body that invited us to this lecture is called LEAGUE OF VETERAN JOURNALISTS. League means an association of persons or group united by common interests or goals. It could also mean fellowship or solidarity while a veteran means a person who has had long experience in a particular field or job. It is not a league of retired journalists.
The topic given to me is to speak on LIFE AFTER RETIREMENT FOR JOURNALISTS. I have been ruminating on the subject. And I doubt whether journalists really retire. I think the topic should have been LIFE WHEN JOURNALISTS STOP GOING TO OFFICES.
I remember a refrain that says OLD SOLDIERS NEVER DIE, THEY SIMPLY FADE AWAY. It originates from a stanza from the soldiers’ folklore song Old Soldiers Never Die. In the United States, the phrase was used by General Douglas MacArthur in his April 19, 1951 farewell address to the U.S. Congress (which has become known as the “Old Soldiers Never Die” speech).
Journalists are like old soldiers. They don’t really retire they just fade away when the time comes. They are active till the end if their health can sustain them. If journalists retire why should Chief Olusegun Osoba at 85, the twice elected governor of Ogun state be reporting till today. If journalists retire why should veterans like Chief Tola Adeniyi, Sam Omatseye, Dan Agbese, Dele Sobowale, Lanre Idowu, Reuben Abati, Magnus Ibe, Bunmi Sofola, Dupe Ajayi, Medline Tador, Comfort Obi, Tunde Fagbenle, Azuibike Ishiekwene, Kayode Komolafe, Yakubu Mohammed, Ray Ekpu, Soji Akinrinade, Lade Bonuola, Bayo Osiyemi, Ayo Akinkuotu, Dare Babarinsa, Dayo Sobowale, Martins Oloja, Muyiwa Adetiba and many others still be writing columns. The truth is that journalists have an active mind. They may not be rich but they perform essential services to the world.
An average journalist has a little knowledge of everything. Although his services may not be appreciated but he or she takes satisfaction in rendering services to the world.
I am proud to be a journalist.
But when we stop going to offices, we still take part in communal services to the society either in the church, mosque, communities where we live or in society generally. Some write books and hardly can you find a journalist that does not read books.
In the last two decades, technology has sparked seismic shifts in journalism. Three developments stand out: the internet, mobile devices and social media. Together, they have changed
the accessibility, creation and delivery of journalism. Today, almost every adult in Nigeria connects to the internet and social media through a digital service. Their extensive use makes it easy to forget that these technologies are relatively new to our daily lives.
The old journalism that we grew up with is more or less dead, thanks to advancements in technology, a new branch has emerged—digital journalism.
New organisations now use multiple media platforms to publish content online, including: websites and blogs, mobile apps, podcasts, data analysis and visualisations, photos and videos, social media, augmented reality and interactive web experiences.
Digital media has created exciting opportunities for journalists to produce and share their stories.
In Nigeria today, social media has become a powerful source of digital news. It cannot be ignored.
The widespread consumption of social media means journalists need the skills to: connect with audiences on the most popular platforms; report in real-time on the various social platforms--this involves critical and creative thinking about the most appropriate media for each platform and build a personal brand on social media.
With this development, an active journalist must adapt to this new technology and it is impossible to retire as a journalist. Journalism is a developing profession. The public’s growing preference for digital media means that digital journalism skills are now imperative. Journalists must be able to strategically use digital storytelling tools to connect with audiences on various platforms. This means thinking critically and creatively about the best forms of media to serve the target audience.
Since most Journalists can’t take part in the only lucrative business in the country now---Party Politics—they should exploit the opportunities offered by digital journalism. The opportunities are very wide. As a matter of fact, some journalists have seized on the opportunities, some of them are now bloggers and they do it from the comfort of their homes. Life itself is a continuity. You cannot withdraw from life as long as your health can still sustain you.
I can tell you blogging it’s a rewarding way to hone your writing skills, explore new ideas and build an online presence that revolves around your passions and expertise. You’ll get the chance to inspire, educate, and entertain your readers—and as your blog grows, you can even start making money and turn it into a full-time job or use it to start a business.
In other words, blogging is the first step toward finally pursuing your dream job or favorite hobby, so you really can’t go wrong. While starting a blog might seem daunting, I’m going to walk you through every step to make it as smooth and successful as possible. The process is actually quite easy, and you’ll have your blog up and running, as well as your first blog post written, before you know it. When the journalist was regularly going to the office in his prime time, the family was the victim for lack of time, care and neglect. Now that the journalist no longer go to the office, he or she must find time for his or her family---the kids and the grandchildren.
As we all know, the family is the most important thing in this world. Family is important because if offers emotional support, nurtures a feeling of belonging , encourages educational growth, and fosters cognitive development. A family meets diverse needs throughout the various phases of life, from infancy through old age. A good family is a source of emotional support and unconditional love. Families shape an individual’s identity and belonging from old age. As social creatures, belonging to a group is important for our self-concept. Families provide a sense of social identity, a sense of self, and a feeling that we belong to something larger than ourselves. Families instill values, beliefs, and norms in children that support a peaceful, well-functioning society. They teach kids fundamental social skills like language, customs, roles, and norms. They also shape children’s prosocial behaviors like cooperation, respect, and contribution to the community. Well-socialised children grow into productive adult citizens. I don’t think there is a better alternative than a good family. No matter the power, money and fame, there is no better prize than the family. Family adds value to life.
TRUTH & REASON
Price: N400
Ogunlusi