The Nation Newspaper

Author: The Nation

  • Court clears Duke after N350m payment

    A Federal High Court in Lagos on Wednesday cleared a former Cross River State Governor Donald Duke of his N537,334,360.77 debt to Asset Management Corporation of Nigeria (AMCON).

    This followed the payment of N350 million as final settlement to the Federal Government agency.

    The court discharged its August 21 interim order, which permitted AMCON and the United Bank for Africa (UBA) to seize Duke’s properties and funds in his accounts.

    Justice Nicholas Oweibo cleared Duke, following settlement terms filed and moved by AMCON’s legal team from Benson Reeds Legal Practitioners in Abuja.

    Read Also: VIDEO: AMCON takes over Donald Duke’s flats

    AMCON counsel Mrs Juliet Benson told the judge that Duke had fulfilled the terms of the out-of-court settlement and that both parties agreed to the terms.

    “I hereby pray the court to adopt the terms of settlement as the judgment of court,” Mrs Benson said.

    Duke’s counsel Edoigiawerie Omoruyi confirmed that his client had “shown good faith by promptly making the payment of over N350 million, which all the parties agreed to”.

    He added: “I join my colleagues in praying the court to enter our terms of settlement as the full and final judgment of court.”

    In a bench ruling, Justice Oweibo upheld their prayers, saying: “All orders in the case stand discharged.”

  • ‘Peaceful co-existence non-negotiable’

    Commissioner for Home Affairs in Lagos State Mrs Uzamat Akinbile-Yussuf has said the state is committed to the peaceful co-existence of religious bodies.

    She said acts that could thwart the existing cordial relationship would be resisted.

    Akinbile-Yussuf spoke at a strategic session at the Radisson Blu Hotel, Ikeja, where professionals across sectors brainstormed on improving the ministry.

    She said: ’‘Let me reiterate my …commitment to deploy all resources … to … achieving the ultimate goals of this administration led by … Babajide Sanwo-Olu

    Read Also: IBB sues for peaceful co-existence among Nigerians

    ‘’As a ministry, our core responsibility can be summarised as fostering a peaceful and productive coexistence among residents and indigenes…on social, religious and cultural fronts. Aligning these objectives with the overall goal of building a greater Lagos using the THEMES touch points as a vehicle, and producing fantastic, sustainable, people-focused results are my major goals. I am committed not only to produce results that will have immediate impact but also ones that would outlive my service and would always remain among the people as a testament to our belief in the greatness of our city and home.’’

    She urged residents to partner the government in its bid to provide  a conducive environment for everyone.

    ‘’But as I stated earlier, building a 21st century model city isn’t a task that is done for individual glory; it is a joint effort. Thus, to attain a fully integrated heterogeneous Lagos devoid of ethnic, religious, cultural, security rancour, it falls on us all.

    ‘’We …would always lead the way and serve as the pivot points for accelerated action but we wouldn’t get far without the support, goodwill, cooperation and contribution of everyone else. So, I implore everyone here, and even extend this to your family and friends at home, to brainstorm with us on ways to improve our shared livelihoods.’’

  • Nigeria has 81 percent study permit refusal rate in Canada

    If Canada is the destination for foreign education, the chance of a Nigerian getting a study permit from the authorities is an abysmal 29 percent, according to a report published by Polestar Students Immigration News.

    According to Immigration, Refugees and Citizenship Canada (IRCC) statistics on the top 25 countries that apply for Canadian study permit and their rejection rates between January and May 2019, Nigeria is the country with the third highest rejection rate – a position it shares with Pakistan.

    The only other countries with higher rejection rates are Algeria (86 per cent) and Cameroun (82 per cent).

    The report stated that Nigeria, one of the top-source countries of foreign students to Canada, has more than 12,000 applications for study permit to Canada yearly.

    Read Also: UK offers two-year visa to international students

    There are eight African countries on the list – with three out of every four African likely to be denied study permit.

    Morocco had the lowest rejection rate among the African countries (51 per cent), followed by Ghana (62 per cent) compared to the lowest rejection rate of four per cent from Japan and Republic of Korea.

    However, the report noted that Japan and Korean students were more likely to apply for English-as-a-second-language (ESL) programmes, which have lower refusal rates.

    Canada has developed a strategy to get more students from 11 countries. Only Morocco and Senegal made the list in Africa.

    According to the report, the main reason for rejection include suspicion that the applicant would defect; insufficient funds for study and living expenses; poor academic plan, security threat, incomplete, inaccurate or fraudulent application.

  • Nigerian selected for global writing programme

    Award-winning Nigerian poet, essayist, translator and author of short stories, Tade Ipadeola, has been selected to participate in the International Writing Program (IWP) Fall Residency at the University of Iowa, courtesy of the United States (U.S) Department of State.

    From September 1 to November 16, Ipadeola, the 2013 winner of the Nigeria Prize for Literature, will join 28 other accomplished writers from across the globe in the world’s oldest and largest multinational writing residency.

    For the 11 weeks, Ipadeola and the other participants will give readings and lectures that share their work and cultures, collaborate with artists from other genres and art forms and travel to interact with audiences and literary communities across the U.S.

    Besides, the residency will provide the writers a one-of-a-kind inter-cultural opportunity to have productive relationships with colleagues and translators.

    It would also enable them to take part in the vibrant social and academic life of the University of Iowa as well as the larger American literary scene.

    U.S Consulate’s Public Affairs Officer, Russell Brooks, congratulated Ipadeola on his acceptance into the residency programme.

    He noted that the goal of the IWP Fall Residency is to provide outstanding writers with a platform for cultural exchange and collaboration.

    “The International Writing Program Fall Residency is a unique experience for rising stars and established writers who have achieved literary distinction and have shown interest in contributing to the creative writing culture in their home countries.

    “This programme will enable Ipadeola to present his works and Nigeria’s literary culture to a wider audience. He will in turn learn more about U.S. society, culture and the American people,” Brooks said.”

    Ipadeola has three published works, including The Sahara Testament, a poetry collection, which won the Nigeria Prize for Literature in 2013 and has been translated into Dutch, French, Spanish and Xhosa.

  • ‘Past govts spent N15b on governors’ security aides’

    Economic and Financial Crimes Commission (EFCC) on Wednesday said past administrations collected N15 billion as security votes between 2003 and 2018.

    The commission stressed that the funds were spent to settle the security men who used to mill around serving governors.

    The agency’s Zonal Head Isyaku Sharu said this in Ilorin, the Kwara State capital, at the 26th edition of Media Parliament lecture of the Kwara State Council of the Nigeria Union of Journalists (NUJ).

    Speaking on the topic, titled: Anti-Corruption Fight in Nigeria, Progress and Challenges: The Kwara Sstate Experience, Sharu admitted that corruption had become endemic in the country.

    The zonal head said the EFCC was established in the state following several complaints from the residents.

    Read Also: BREAKING: N92m, $169,850 recovered from Yahoo Boys in 38 days, say EFCC, FBI

    He said: “The continuous complaints of the people of Kwara State became much louder in the periods ending the Year 2018 wherein the Acting Executive Chairman of EFCC, Mr Ibrahim Magu, had to create the Ilorin Zonal Office of the commission to look into the long-standing persistent economic and financial crimes issues in the state.

    “It is noteworthy that Kwara is one of the first created states, as far back as May 27, 1967, and has had several leaders. But the state has over the years not maximised its potentials largely due to the alleged cases of mismanagement and embezzlement of the state’s resources.”

    Sharu, who noted that though the commission resumed in the state in February, added: “In the course of carrying out our assignment, we have noticed with great disappointment that the people of Kwara State are sometimes scared of exposing the corrupt and bad eggs amongst them.”

    But he assured the residents that despite the obstacle, the commission secured 26 convictions, recovered several properties ranging from hotels, plaza, residential apartments, fleet of cars and hundreds of millions of cash, which were all forfeited to the Federal Government.

    The zonal head also said the anti-graft agency had checked cybercrimes, popularly called “Yahoo Yahoo”, in Kwara, Kogi and Ekiti states, its areas of operation.

    Sharu said the commission had created awareness on corruption through public enlightenment campaigns in schools and among National Youth Service Corps (NYSC) members.

    The zonal head urged journalists to assist the commission in sensitising the people on its long-lasting values which abhor illicit and fraudulent tendencies.

    Kwara State Resident Electoral Commissioner (REC), Mallam Attahiru Madami, urged journalists to help eradicate corruption from the society.

    “We no longer practise our family value system, which abhors bad behaviours and bad name. Our leaders are no longer leading by what they say and they don’t live by example,” he said.

  • Buratai hails efforts to tackle terrorism, insurgency

    The Nigerian Army Resource Centre (NARC) and the New Partnership for African Development (NEPAD) have brought stakeholders together to address terrorism, insurgency and electoral violence.

    Chief of Army Staff Lt.-Gen. Tukur Buratai hailed the initiative, which will enable stakeholders formulate strategies to counter insecurity.

    Gen. Buratai pledged that the Army would uphold the territorial integrity of Nigeria in line with its oath of allegiance.

    He said officers were deployed across the country to assist the police in peace-keeping.

    Read Also: Taraba killings will never happen again, Buratai assures

    The Army chief noted that significant progress had been made in ensuring that lives were secured, particularly in the Northeast, where Boko Haram insurgents had been denied territories.

    “The Nigerian Army understands and fully subscribes to the fact that in keeping the peace either at the national or global level, troops must carry out their tasks in line with extant rules of engagement.

    “Where there are infractions or violations of human rights of the citizens, appropriate disciplinary measures are applied. This is aimed at upholding and maintaining the trust and confidence of the populace as well as the dignity and professionalism of the army,” he said.

    Buratai said the initiatives of agencies involved in tackling these challenges required understanding by stakeholders.

    “I will, therefore, like to commend NEPAD for its strong advocacy for peace, security and safety for all persons in the country which has helped to bring about relative peace and economic growth.

    “I also wish to commend the NARC for its laudable efforts toward achieving its core mandates of finding research-based solutions to security and defence challenges, which have attracted this collaboration with NEPAD,” he added.

    The two-day summit has the theme: ‘Terrorism, Insurgency and Incidence of Electoral Violence in Nigeria: Role of Security Agencies’.

  • ‘Mental disorder accounts for high suicide rate’

    A Consultant Psychiatrist, Dr Kafayat Ogunsola, has said mental disorder accounts for 90 per cent of suicide cases in the country.

    Ogunsola, who works at the Lagos University Teaching Hospital (LUTH), Idi-Araba, Lagos, spoke on the sidelines of the 2019 World Suicide Prevention Day.

    She said: “Ninety per cent of cases of suicide occur as a result of mental disorder; it is as a result of depression. There are some personalities in certain individuals; things happen to us from time to time and our ability to cope or deal with it is one of the reasons or determine who is able to overcome. We need to understand why people are committing suicide.

    “We need to understand the gender that commits it more, and what were the reasons, relationship, mental disorder and that is what we have been able to analyse in our research…’’ Ogunsola said.

    The consultant psychiatrist said people were going through some adversity.

    She said: “It is not the end of the world for them, but if people are equipped with the right idea, they will overcome.

    “This is because mental disorder is a factor in our environment, people tend to stigmatise patients by defining it in mysterious ways.’’

    Ogunsola said besides mental disorder, break ups, hardship, unemployment and financial issues were reasons people commit suicide.

    She said Suicide Research and Prevention Initiative (SURPIN), an initiative of LUTH, was established due to increasing suicide.

    The expert said SURPIN had identified some reasons why people commit suicide, which gender do it more, and the problems that make people commit suicide.

    She, therefore, advised that whatever challenges humans face in life, suicide should not be an option.

    Ogunsola said SURPIN would embark on more research, training, funding through grants, skill acquisition, among others, to curb suicide.

  • Tech expert lauds Buhari on Executive Order 5

    An indigenous technological innovator, Sqn Ldr Adefolajuwon Amoo (rtd)  has lauded the effort of President Muhammadu Buhari in driving indigenous innovations through the implementation of Executive Order No 5.

    Amoo, who is the founder of GridCode, spoke with reporters on the “Role of Government in Innovation”, at the 4th edition of Nigeria Innovation Summit 2019.

    The theme of the forum was: Accelerating Nigeria’s Economic Growth Through Innovation.”

    He commended the Presidency for its zero-corruption experience in the course of the Ministry of Science and Technology’s evaluation of his GridCode system for digital addressing under the Executive Order.

    His patented invention would help people navigate reliably in any location, solving a problem currently affecting everybody in the country and causing social, economical, industrialisation, security challenges, etc.

    He said: “It is very relevant today as a testimony to highlight that Presidential Executive Order No 5 was leveraged to get attention of the government.

    “The response from the Presidency was swift and directly led to progress towards evaluation for national adoption after I was invited to a make presentation at the Ministry of Science and Technology.

    “The zero-corruption experience is highly praise-worthy and exemplary. With this experience, Nigeria is definitely on the right path to technological development by the Federal Governments demonstrated commitment to encouraging indigenous technology.

    “Nations that protect and promote their own indigenous technology get rich by doing that. India and China are perfect examples with their own tech-giant platforms and my experience with government on my product has shown that this is possible in our country.

    “Government is serious about it and encourages all innovators to get abreast of executive order five and find out how it applies to their product and bring it to the attention of government, and I am sure they would get necessary support.”

    In his keynote, the Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, represented by the by Director, Research & Development, (NCC), Mr.  Ephraim Nwokenneya, said, innovation remains the way forward.

    Accelerating Nigeria’s Economic Growth through Innovation is timely and could not have come at a better time like this when advancement in the Information  Communication technology (ICT) is, on a daily basis, throwing up innovative technologies that organisations and businesses must leverage in order to remain relevant and be competitive in their sphere of operations.

  • Financial innovation vital for achieving dynamic economy, says SEC

    The Securities and Exchange Commission (SEC) on Wednesday said financial innovation vital for the conception and delivery of a dynamic industrial society.

    Its Acting Director-General, Ms. Mary Uduk, who spoke  at  the opening ceremony of a two-day international capital market conference in Lagos, also stressed the need to continuously embrace innovation in market operations and regulation.

    The forum was organised by SEC in collaboration with the University of Lagos.

    She said the implementation of the 10-year Capital Market Master Plan is already contributing to the growth and development of the nation’s capital market, and by extension, the economy.

    “As we move into the future, we need to continuously embrace innovation in the way we carry out our market operations and regulation. Financial innovation is germane for the conception and delivery of a dynamic industrial society. Market participants and regulators have to continually familiarise themselves with the rapid ever-changing economic, regulatory and business environment.

    “Beyond the conventional capital market products of equities and bonds as well as manual regulatory processes, the players and regulators in the Nigerian capital market are introducing new and innovative processes and products,” Uduk said.

    She described the theme of the Conference: Leveraging the Capital Market for Economic Growth and Development as apt and timely, given the pressing needs to grow the nation’s economy and achieve sustainable development.

    “There is no doubt that the capital market can serve as a key catalyst for Nigeria’s economic growth and development, as it offers a credible platform for obtaining long- term financing. As we all know, long-term and affordable funds are required for businesses to thrive and in turn contribute to employment, growth and development.

    “Beyond capital market’s contribution to economic growth, we aim at the larger goal of economic development. Added to increased production, the latter entails advancement in the quality of life and living standards of citizens in areas such as improvements in literacy, health and life expectancy, better savings/investment culture, financial inclusion, as well as improved wealth distribution, housing and environment.”

    The SEC boss stated further that Capital markets across the world have products and mechanisms to stimulate economic growth and development.

    She said although many of such products are available in the country, there are aspects that are still untapped, thereby limiting the realisation of the nation’s potentials.

    “One major initiative to tap this potential was the development of a ten-year Capital Market Master Plan (CMMP), launched by the Commission in 2014. The Plan has over 100 initiatives to spring–board the Nigerian capital market as one of the world’s deepest and most liquid, as well as the largest in Africa by 2025.

    “It is also aimed at ensuring that the market contributes much more to the socio-economic development of the nation, particularly in facilitating capital-raising for sustainable development and transformation of key sectors,” she said.

    She said the successes recorded from these initiatives notwithstanding,  SEC recognises that much more still needed to be done for the capital market to contribute its desired quota and take its rightful place in issues and discussions of the nation’s economic growth and development.

    Uduk said some of the SEC’s processes that were previously manual and inefficient are being automated. For instance, with the dematerialisation process completed, investors no longer needed to not worry about the loss or damage to their physical share certificates as they are now electronically stored.

    Furthermore, she said the current e-Dividend system enables shareholders’ dividend to be paid directly into their bank accounts without the stress of dealing with physical dividend warrants. Also, the Direct Cash Settlement protects investors from funds mismanagement by ensuring that the proceeds of their shares sales are credited directly into their own account as against.

    Uduk said while the current initiatives and efforts are to improve the past towards a better future, there is need to be more innovative to face the dynamic future, both as regulator and operators adding, “future belongs to those that are currently adopting relevant technologies and other improvements for efficiency.”

    In his remarks, Lagos State Governor, Mr. Babajide Sanwo-Olu said the state government is interested in the growth and development of the capital market.

    Represented by Director, Special Duties Office, Dr. Shamsudeen Allison, the governor said the event is strategic in promoting business and development in Lagos.

    Also speaking, Deputy Vice Chancellor of Unilag, Prof Oluwole Familoni said the conference is a good fora to discuss and proffer solutions to some of the problems being faced by the investing public and also an avenue for Nigerians to learn more about the Capital Market.

    Familoni expressed the hope that at the end of the conference, the Capital Market will be bette positioned for the development of the economy.

  • Too many varsities ‘will weaken’ TETFund

    Tertiary Education Trust Fund (TETFund) on Wednesday said it observed that many tertiary institutions were being established just to meet the requirements for its interventions and access its funds.

    The agency said this may weaken the import of its interventions, if it continued.

    TETFund said it was hoping that there would be policies to minimise the establishment of such institutions.

    Its Executive Secretary, Prof Sulaiman Bogoro, spoke in Abuja at the inauguration of a Technical Advisory Committee on Impact Assessment to review the agency’s projects done by the agency.

    The event was attended by delegates of the Academic Staff Union of Universities (ASUU), led by its National President, Prof Biodun Ogunyemi.

    Read Also: Lack of infrastructure: Institutions laud TETfund, call for more intervention

    Bogoro said the committee would review the projects, interventions and expenditures done in universities across the country between 1999 and 2019.

    The TETFund chief said the committee has two and a half months to work.

    He said it would identify the weaknesses, strengths, progress and challenges of the agency’s interventions in universities as well as make recommendations.

    The impact assessment committee is expected to submit its report by November 29 to TETFund.

    Bogoro said: “We want the committee to identify those areas where we need improvement. We hope that your recommendations in the end will ensure that we increase in the ranking of Nigerian universities, globally.

    “There is a challenge that we have observed and it is that there is a tendency of more tertiary institutions being established just to meet the TETFund’s requirements for funding.

    “We are hoping that some policies will emerge that will try to minimise the emergence of institutions so that the impact of the interventions will not weaken.

    “The terms of reference of the committee are: to carry out the impact assessment of the Education Trust Fund (ETF) interventions from 1999 to 2010 and of TETFund from 2010 to 2019.

    “The committee is to collate and analyse the strategic plan document, the annual interventions and the internal working budgets. It is to propose the future direction of the fund within the statutory mandate as encapsulated in the TETFund Establishment Act 2011.”