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Presidency Slams Obasanjo Over Comments, Blames Him On Nation’s Democracy Current  State

By
Akinwale Kasali
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By Akinwale Kasali

Former President Olusegeun Obasanjo has come under the hammer of  the Federal Government over his comment that  Nigeria is not matured for Western Democratic Style.

Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, who signed the statement which strongly criticised the former President, described Obasanjo as architect of Nation’s current state.

Onanuga noted that the democracy the country currently practises dates back to direct inputs by Obasanjo when he led the country first, as Military Head of State from 1976 – 1979,  and as civilian President from 1999 – 2007.

In his words, “ “Obasanjo ought to know that he brought this thing (American-style democracy) into Nigeria. He was the one who made us adopt it in 1979. He must have seen it as expensive and unsuitable when he governed us for eight years and even wanted an extension for another four years.

“So, the way he is sounding, it is like the man is getting wiser after leaving office,” Onanuga said.

The Presidency further blamed Obasanjo for a poorly copied model during his tenure as Head of State and, later, President.

It criticised him for not advocating a better system despite his current views, saying, “If he believes in what he is saying now, he ought to be an advocate of the need to go back to the Parliamentary System.”

Onanuga added, “We were practicing the Parliamentary Democracy the British left for us. Then, the military struck in 1966. And when we were going to return to democracy, instead of going back to what we were practicing before, Parliamentary Democracy, which was not expensive, it was this same Obasanjo who accepted the recommendation of the Constitutional Assembly at that time that recommended this American-style democracy.”

The Presidency, also, slammed Obasanjo’s implementation of the Presidential system. It said: “Obasanjo also knew that he copied this Presidential system very wrongly. He copied the form and structure. But he didn’t copy the spirit of it.

“Something that should have been under him in 1999 to 2007, he even made attempts to modify the constitution,” Onanuga remarked.

Obasanjo had criticised Western democracy, suggesting it had not delivered good governance and development in Africa.

He called for a re-examination and moderation of democracy to better suit African nations, citing the Western model’s disregard for African history and complexities.

He proposed an “Afro democracy” tailored to the Continent’s unique needs.

Palliatives Committee, Not Me, Spent N7.3 Billion, Fund Released As Subsidy By FG – Gov Akeredolu

By
Ayodele Oni
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Rotimi Akeredolu

By Ayodele Oni

Ondo State Government has clarified media report that Governor Oluwarotimi Akeredolu spent N7.3billion in three months on ‘contingency’ without House Of Assembly approval, saying the fund, was meant for subsidy palliatives.

A statement on Tuesday by Chief Press Secretary to the Governor, Richard Olatunde, explained that the funds were allocated to address unforseen expenses.

This was the same period Akeredolu was battling ill-health while his Deputy, Lucky Aiyedatiwa, was battling to escape impeachment move by the House of Assembly.

The Government statement reads : “We have read the report published in news platform claiming that the Ondo State Governor, Arakunrin Oluwarotimi Akeredolu,SAN, CON, spent N7.3billion in three months, while he was on medical vacation.

“In response to the concerns raised across various social media platforms, we wish to provide clarification for the sake of transparency and accountability, which are values synonymous with the Akeredolu-led administration.

“It is important to state unequivocally that the referenced N7.3 billion constituted the cumulative amount of palliative funds received from the Federal Government.

“These funds were allocated under the contingency sub-heading to address unforeseen expenses not initially budgeted for, but deemed necessary during the fiscal year.

“While the original contingency fund in the 2023 budget was N1,069,000,000.00, the additional N7 billion represents funds received from the Federal Government labeled as “Infrastructure Support Fund,” specifically for palliatives meant to cushion the effects of  fuel subsidy removal.

“In accordance with the Ondo State Public Finance Management Law 2017, the establishment of a Contingency Fund is outlined in Part five, subsection (i) and (ii).

“It states: ‘A contingency Fund is hereby established. (ii) The contingency Fund may be utilized for making money available to meet emergency expenditure (other than statutory expenditure) which is not provided for in the Appropriation Law for the current year.

“And which although otherwise failing to be met out of the consolidated Revenue Fund or Capital Expenditure and Development Fund cannot  without serious injury to the public interest be postponed until a Supplementary Appropriation Law providing for it can be enacted.’

“Contingency funds are designed to address emergency expenditures not provided for in the current year’s Appropriation Law, but crucial to the public interest and requiring immediate attention.

“Governor Akeredolu did not personally spend the N7.3billion; rather, these funds were appropriately utilized for palliatives.

“The funds were released to the state by the Federal Government as part of the efforts to mitigate the impact of the fuel subsidy removal nationwide.

“Our administration remains committed to the highest standards of financial responsibility. Any claim of impropriety is unfounded.

“We encourage the public to rely on accurate information and refrain from being swayed by sensational claims lacking factual basis.

“The Palliative Committee will, in due course, avail members of the public the details of the expenditure of the palliative fund.”

Rivers Assembly Crisis Thickens, As Two Factions Hold Separate Plenary, Police Block Complex

By
Ayodele Oni
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By Ayodele Oni

The political turmoil in Rivers state is far from being over despite assurances by the two Principal actors in the crisis, former Governor Nyesom Wike and incumbent Governor Siminalayi Fubara to ceasefire.

On Tuesday,  tension rose as police took over the control of the State House of Assembly complex as the two  factions of the Legislature flexed muscles.

Legislators from both sides of the conflict reportedly met separately at different places.

The entrance of the Assembly complex was guarded by four police vehicles, and traffic along the Moscow Road axis of the Assembly was restricted.

An Armoured Personnel Carrier, (APC) was also seen moving back and forth on the road where the complex is located, and many armed officers were stationed at important locations.

The motive for the security increase was not clear, but it was reported that some lawmakers met on Tuesday.

The 25 lawmakers led by House Speaker, Martin Amaewhule, loyal to Wike, met early on Tuesday.

The lawmakers reportedly discussed two issues related to the end of the strike by the Parliamentary Staff Association of Nigeria.

They also urged the State Commissioner for Police, Olatunji Disu, to investigate the blast at the Assembly that destroyed the hallowed Chamber and several property.

Also, the other Lawmakers led by factional Speaker, Edison Ehie,  expressed their support for Governor Siminalayi Fubara.

After a meeting on Tuesday, they praised the Governor for his developmental strides and  efforts to keep the State peaceful.

Ehie, in a statement signed by Legislative Aide, Ken Uchendu, said it takes a visionary leader to drive the development for the welfare of the people of the State

The faction decided to continue to give the Governor the necessary backing to achieve his consolidation and continuity agenda for the benefit of the State.

The lawmakers also denounced the attack on Ehie’s residence on Sunday night and the arson of the House of Assembly.

The Lawmakers appealed to the Governor to start the repair works as soon as possible.

“Moreover, the House stressed the need for the Inspector General of Police, and other related Security Agencies in the State to investigate these attacks and bring the perpetrators to justice.”

Crisis started in the House of Assembly when Lawmakers loyal to Wike, FCT Minister, made a move to impeach the Governor, allegedly, on the instruction of Wike.

For the records, Wike is Fubara’s political godfather. He, it was who imposed him, singlehandedly, almost, on the State as the Governor.

With additional reports by Akinwale Kasali

Nigeria Customs Service Impounds PMS, Parboiled Rice As Smugglers Escape

By
Ayodele Oni
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By Ayodele Oni

The Area Comptroller, of Nigeria Custom Service, (NCS) for Adamawa/Taraba Command, Salisu Abdullahi, has disclosed that some  items including 15,449 litres of Premium Motor Spirit have been impounded.

According to him, a cumulative Duty Value at N13m, has been paid into Federal Government coffer.

This was disclosed in a statement posted on the official X handle of the NCS on Tuesday.

Other seized items include 19 cartons of foreign insecticide and 26 bags of 50kg foreign parboiled rice.

The Comptroller said most of the product had been disposed off in accordance with the extant laws and the accrued proceeds remitted into the Federation Account.

Abdullahi said the fraction of the PMS remaining on the ground will also be auctioned.

He added that the command did not apprehend any of the smugglers as they all took to their heels, but promised to clamp down on all smugglers, maintaining that the nation cannot afford to allow saboteurs to take over the economy.

The comptroller called on Nigerians, stakeholders and all relevant security agencies at the Command’s frontiers to continue collaborating with the Customs in the battle against the menace of smuggling.

Oyo: We Handle Investors With ‘Dispatch’, Makinde Says At Cairo Business Fair

By
James Orji
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Governor Seyi Makinde of Oyo state says his government has done all on its part to attract investors to the state.

The state governor made this known at the 2023 Intra-Africa Trade Fair in Cairo, Egypt.

According to him, the problem of insecurity has been tackled to ensure that businesses are taking place in a safe environment.

The state helmsman, according to a statement signed by his Chief Press Secretary, Sulaimon Olanrewaju, said the administration has invested massively to ensure that the state is attractive to local and foreign investors.

Makinde said, “The major issue that investors may be afraid of, is having a safe and secure environment; I think we have almost passed that hurdle in Oyo State. We are one of the safest states in the country.

“We have invested massively in security, and in terms of a responsive government, I came from a private sector background, and I was able to let the investors know that they are coming to a state where government business is handled with dispatch.”

The governor also took part in the signing of an agreement with the African Export-Import Bank and Access Bank to enable Oyo State and other states in Nigeria to have access to an N500 billion facility for infrastructure development.

According to the National Bureau of Statistics, NBS, the state attracted $3 million in foreign direct investment, FDI, in 2022.

Unity Bank: Lucky Corpreneurs Win N10m Business Grant

By
James Orji
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Unity Bank Plc has extended N10 million business grant to 30 members of the National Youth Service Corps, NYSC, who took part in the 10th edition of the Bank’s flagship Entrepreneurship Development Initiative, known as Corpreneurship Challenge.

The winners, including upcoming entrepreneurs developing innovative solutions in several business value chains such as Honey production, Rice, and Snail farming, among others, claimed top positions after participating in a business pitch that took place across 10 state NYSC Orientation Camps – Katsina, Kano, Kwara, Imo, Rivers, Delta, Sokoto, Edo, Akwa-Ibom, and Osun recently.

At the NYSC Orientation camp at Ikot Itie Udung, Nsit Atai, Akwa Ibom State,  Azegba Chimuanya Perpetual, who pitched business on honey production emerged as the overall winner to clinch the N500,000 grand prize; while Iyorwa Kater Israel, a budding commercial rice farmer won N300,000 grant. Similarly, Egelonu Emmanuel Friday walked away with a N200,000 grant to support his Snail farming business.

In the remaining nine states, no fewer than twenty-seven other winners also emerged, after pitching business plans across various economic segments including Fish production, Poultry farming, Fashion, Soap and Cake making, Printing, Piggery, Beverage making, etc.

The Unity Bank Corpreneurship Challenge, which has proved its invaluable social benefit as an entrepreneurship development and job creation platform since its inception receives applications from thousands of serving NYSC Corp members. These business plans are then evaluated based on their originality, marketability, future employability potential of the product, and knowledge of the business.

Speaking during the grand finale in Akwa Ibom State, Unity Bank’s Head of Retail and SME Banking Group, Dr. Opeyemi Ojesina said the Unity Bank Corpreneurship Challenge has earned its pride of place in Nigeria as one of the country’s foremost business incubation platform and entrepreneurship development.

He said, “Unity Bank has sustained this Corpreneurship Challenge for the past five years, and throughout the period we have witnessed the tremendous impact it has had on youth empowerment and job creation in the country.  And I believe that the innovative approach to entrepreneurship which the programme has adopted has enabled us to seamlessly integrate financial support, mentorship, and skill development to foster the growth of aspiring entrepreneurs.”

He added, “At its core, the initiative addresses the unique challenges faced by small and medium-sized enterprises, as they recognize the sector as the backbone of economic development. And Unity Bank’s commitment to financial inclusion is exemplified through tailored financial solutions that empower corp members to actualize their business dreams.”

Ojesina further explained that “the mentorship provided to participants adds unparalleled value, as it connects corp members with seasoned professionals who provide insights, guidance, and a roadmap for success,” emphasizing how Unity Bank recognizes that true empowerment extends beyond financial assistance to honing entrepreneurial skills”.

The Corpreneurship Challenge has earned the Bank national recognition for its impact on youth empowerment and job creation, just as the scheme continues to elicit growing interest among the corps members, attracting over 2000 applicants and participation in every edition.

In partnership with the NYSC Skill Acquisition and Entrepreneurship Development, SAED, the initiative prominently features a business pitch presentation that provides the participants with the opportunity to present their business plans and stand a chance to win up to N500,000 cash in the business grant.

So far, Unity Bank has invested over N100 million in the initiative which has now produced 148 winners since it was launched.

Lagos: Sanwo-Olu Faces More Scrutiny; Denies Using Govt Fund For Election Legal Battle

By
Tosin Olatokunbo
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The Lagos State Government has denied the allegation that state fund was used to prosecute Governor Babajide Olusola Sanwo-olu post-election legal battle.

The allegation was raised on Sunday by one of his opponents in the March 18, 2023, governorship election, Gbadebo Rhoes-Vivor, the Labour Party, LP, candidate.

The LP candidate raised the allegation on his ‘X’ handle on Sunday, though he did not give proof.

Reacting, Gbenga Omotosho, the state Commissioner of Information said in a statement on Monday that the allegation could not be proven, saying that the LP candidate lied.

Recall that the Court of Appeal recently affirmed the victory of Governor Sanwo-olu in line with an earlier verdict of the state Election Petition Tribunal in September which said he won the contested election.

Sanwo-Olu was the candidate of the All Progressives Congress, APC, in the election,

The state government said those accusing it of financial impropriety should come forward with proof. No documents to show that state fund was used to prosecute the legal tussle, the commissioner said.

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The state government said, “A post on ‘X’ by Labour Party (LP) candidate Mr. Gbadebo Rhodes-Vivour, on November 19, 2023, alleged – without any proof whatsoever – that the Lagos State Government funded Governor Babajide Sanwo-Olu’s legal dispute after the March 18, 2023 election. This is not true.

“The allegation was supported by a document that neither carried the logo of the Lagos State Government nor the endorsement of any of its officials. It was simply another ploy to deceive the public about a non-existent payment of N50,000,000 to four lawyers.

“While it is worthwhile for patriotic individuals to scrutinise the finances of the Lagos State Government, the outcome of such inquiry must always be based on verified facts and nothing but the truth.

“The transaction referenced by Mr. Rhodes-Vivour never took place. There was a payment request, which was not approved by Mr. Governor when the Honourable Attorney-General and Commissioner for Justice drew his attention to it because it was irregular.

“For the avoidance of doubt, Governor Babajide Sanwo-Olu will never misappropriate public funds in defiance of his Oath of Office”.

The Governor Sanwo-olu government has been under public scrutiny lately in the way it has managed the finances of the state.

Last week, it was reported that the state government allocated N2 billion for the purchase of rechargeable fan for the office of the Deputy Governor.

The government has denied the allegation.

Zenith Bank Holds Tech Fair ‘Future Forward 3.0’

By
Tosin Olatokunbo
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Ebenezer Onyeagwu - Zenith Bank PLC MD

The Third Edition of the Zenith Tech Fair, tagged “Future Forward 3.0”, is set to be held on Wednesday, November 22 and Thursday, November 23, 2023, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos, from 8.00 a.m. to 6.00 p.m. daily.

The Two-Day fair will showcase leading technology innovations that cut across different aspects of life, such as Artificial Intelligence, Contactless Payments, Cybersecurity, Cloud Computing, FinTech, Data Analytics, Financial Intelligence, and communication technologies. The event will feature pitch sessions to identify innovative startups, panel discussions, masterclasses and exhibitions.

Among the plethora of events lined up, the event will feature a welcome address by Jim Ovia, CFR, Founder and Chairman of Zenith Bank and opening remarks by Dr. Ebenezer Onyeagwu, Group Managing Director of Zenith Bank Plc and Chairman, Body of Banks’ CEOs, Nigeria, and Dame (Dr.) Adaora Umeoji, OON, Deputy Managing Director of Zenith Bank Plc. There will also be a goodwill message by the Honourable Minister of Communication, Innovation & Digital Economy, Dr. Bosun Tijani and a presentation by Dr. Doris Anite,  Hon. Minister of Industry, Trade & Investment, amongst others. The keynote address, “Artificial Intelligence – Application & Bias “, will be delivered by Chris Lu, a renowned IT Specialist, business strategist and Managing Director for Huawei Technologies, Nigeria. Other prominent IT practitioners who represent top global brands will make presentations. These include Demola Sanusi, Solutions Architect, Amazon Web Services; Temitope Aladenusi, Partner & Leader Cybersecurity, Deloitte; Andrew Uaboi, Vice President/Cluster Head, Visa West Africa; Dr. Blaise Ijebor, Director of Risk Management, CBN; Keelan Singh, Head, UiPath EMEA Banking and Financial Services; Shweta Juneja, Partner, McKinsey Digital; Wole Odeleye, Financial Services Technology Lead, Microsoft; Ope Ajayi, Founder & CEO, Cinemax; Elo Umeh, Managing Director of Terragon.

The fair will also feature two-panel discussions that will holistically explore the growth prospects for digital payments technology in an ever-growing financial landscape. The first panel which will examine “The next frontier: Digital Wallets, Contactless payments and BNPL (Buy Now Pay Later)”, has Chris Lu as the host, with five discussants, including Fey Wong, Country Director, Palmpay; Premier Oiwoh, Managing Director, NIBSS; Vincent Ogbunude, Managing Director, Verve; Ebehijie Momoh, Country Manager, MasterCard, and Managing Director of Network International, Adelola Agbebiyi.

The second panel will explore the theme “The intersection of Fintech, eCommerce and SMEs – Collaboration for growth”. It will be hosted by John Obidi and has five discussants, including Prince Nnamdi Ekeh, Chief Executive Officer, Konga; Tunde Kehinde, Managing Director, Lydia; Stan Martins, Regional Director, Meta; John Obaro, Chief Executive Officer, SystemSpecs, and Seyi Banigbe, Founder of Bland2Glam.

The first edition of the Zenith Tech Fair was held on November 27, 2019, at the Landmark Events Centre, Victoria Island, Lagos. Tagged ‘Future Forward,’ the fair featured a hackathon that produced ten winners, including Octave Analytics Limited, who won the grand prize of N10m. The second edition of the Zenith Tech Fair, which was held on November 22 and 23, 2022, at the Eko Convention Centre, Eko Hotel and Suites, Victoria Island, Lagos, with the theme “Future Forward 2.0” also featured a hackathon which produced ten finalists with the 1st place winner, Ecotutu – a cleantech company making cooling affordable and accessible for businesses, carting home N20 million.

To register and participate, visit www.zenithbank.com/techfair. After registering, you will receive a confirmation email. The fair will be live on Zoom for participation and streamed on the bank’s social media pages, including YouTube.

CBN: Is Cardoso Confused? Knocks Over MPC Postponement

By
Tosin Olatokunbo
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The Governor of the Central Bank of Nigeria, CBN, Oluyemi Cardoso has continued to keep Nigerians guessing about his policy direction for the apex bank and the economy at large.

What is in the mind of Nigeria’s chief banker? How does he intend to turn things around in the apex bank for the benefit of the economy which seriously needs serious intervention in the face of the surging inflation and volatility in the forex market, amongst others?

That seems to be the biggest question on the lips of keen financial sector watchers after the CBN postponed the monthly Monetary Policy Committee, MPC, meeting for the second time on Monday.

Speaking on the postponement on Monday, Abdulmumin Isa, spokesman for the bank said his boss is not ready to hold the MPC now. Rather, the apex bank spokesman said what is uppermost in the mind of Cardoso for the moment is the success of the upcoming Chartered Institute of Bankers of Nigeria, CIBN, conference.

“The Monetary Policy Committee meeting is not holding this week. All roads lead to the 2023 CIBN annual dinner slated for Friday, 24th,” Abdulmumin said.

The question some industry watchers are asking is why the CBN has refused to prioritize the MPC meeting at a time when it’s expected to use the platform to underscore how it intends to handle the economic problems facing the country at the moment, such as the surging inflation as well as the volatility in the forex market.

Inflation has risen to an all-time high of over 27 percent, according to figures provided by the Nigerian Bureau of Statistics, NBC, at the end of October. The nation’s currency, Naira is currently being exchanged for N800 and N1000 to the American dollar at the official and parallel market, respectively.

“These are the serious issues that are supposed to draw the attention of a serious CBN leadership. Local and foreign investors are waiting for Cardoso and his team to outline his agenda. No other forum to do that than at the MPC,” Kola Adedeji, a financial analyst said on Tuesday.

He said he wondered why the “first forum the new CBN has chosen to speak to Nigerian is the CIBN”.

The CIBN forum christened ‘Governors Day’ is where the CBN governor will address stakeholders on his short-term and long-term policies for the economy, sources in the apex bank said.

The path that the apex bank has chosen seems not to be appealing to industry stakeholders who said Cardoso must buckle up by using the appropriate forum to unveil his plan for the economy.

Muda Yusuf, a former President of the Lagos Chamber of Commerce and Industry, LCCI, said Cardoso should stop keeping Nigerians guessing about his plans for the CBN.

He said the fact the MPC meeting has not been held “means there is a lack of communication,” in CBN, “Monetary policy communication is important to guide investors,” according to the former LCCI boss.

Yusuf said time is running out for the CBN to explain its direction to Nigerians.

He said, “The most challenging issue is the foreign exchange and they have been taking some steps even without meeting trying to clear the backlog, which is commendable.

“The MPC gives information about the economy and the direction they are going, so the fact they haven’t met means there is a lack of communication.

“Monetary policy communication is important to guide investors and to that extent, it is important to have those meetings. Though it won’t change our current inflation rate.”

Not a few insist that the Cardoso team is confused about how to handle the issue of the monetary policy rate, why others have raised his issues about his capacity as CBN governor.

Babachir Lawal, a former Secretary to the Government of the Federation, SGF, questioned the qualification of Cardoso, saying his curriculum vitae is ‘patch-patch’.

The former federal government scribe said Cardoso was not qualified to occupy the office of the CBN governor.

Lawal said, “As to his Central Bank Governor, in my response to APC (All Progressives Congress) when they decided to take me on, I mentioned that the President had a Central Bank Governor with ‘patch-patch’ CV.

“I said ‘patch-patch’ CV because he was the commissioner of planning in Lagos State, a very small state out of the 36 states we have. It is a big economy but you cannot say he has enough experience to be in that position as the Central Bank governor.

“They also went on to say that he was a chairman of a bank with 13 branches, and that doesn’t give him sufficient exposure – a bank with 13 branches. I mentioned that they are all located around Lagos with two branches in Lagos, Warri, Benin City, and all that,” he said

The last time the MPC held was in July under embattled former CBN Governor, Godwin Emefiele.

The meeting had kept the monetary policy rate at 18.75 percent.

Gov Oyebanji Restates Readiness Of Ekiti To Partner FG In Solid Mineral

By
Ayodele Oni
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0

By Ayodele Oni

Minister of Solid Minerals Development,  Dele Alake has expressed the hope that Ekiti state will contribute significantly to the Federal Government’s quest to make solid minerals, a major revenue earner for the nation.

Speaking while playing host to Ekiti State Governor, Biodun Oyebanji in his office, the Minister reiterated the commitment of the Federal Government to partnering with states to reform the mining sector with a view to ensuring maximum benefits for host communities and accruable revenue for government

In his remarks, Governor Oyebanji expressed gratitude to President Bola Tinubu for appointing an illustrious son of Ekiti as the helmsman of the solid minerals ministry, asserting the Minister is the State’s best choice that has been using his vantage position to advance the cause of Ekiti State.

The Governor emphasized the imperative of collaborating with the federal government on mining sector reforms for economic development of the federating units.

“The other reason why I came is to discuss how Ekiti can partner with the Minister to ensure that we key into his vision. It is in the interest of states to collaborate because it is a win-win situation.

“Any discerning state that want to develop their domain must key into the mining sector. I see a lot of opportunities for sub-nationals.

“He is trying to democratize the space, and it will create wealth. It will create jobs, and it will increase security. So, I don’t see how any state will not partner with the ministry because solid minerals is the new oil.”

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