The Nation Newspaper

Category: Discourse

  • Making the CBN work again under Cardoso

    Making the CBN work again under Cardoso

    By Mariam Mohammed

    Nigeria is in the middle of a very important shift in its economic structure. One man, amongst others, at the heart of this is the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso.

    A truly traditional symbol of what a CBN Governor should be: urbane, measured, focused and averse to political showmanship.

    Over the years, there was a steady decline of corporate governance at the country’s apex bank.

    Since the presidency of former President Goodluck Jonathan and Muhammadu Buhari, those entrusted with the country’s monetary policy were more giving to showboating than steadying the inherent economic turbulence leading to runaway inflation, bloated backlog of foreign exchange obligations, and outright sleaze at the CBN.

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    It is gratifying to note that there is a bright spot on the horizon owing to the unprecedented putrid flowing from the apex bank and the first in history of the arraignment of a former top gun of the CBN.

    It is no longer news that the CBN under the former helmsman, Mr. Godwin Emefiele, neglected the key functions of the bank to regulate money institutions, insulate it from the vagaries of politics and stablise the markets. Rather, the bank became a soapbox for political chicanery so much so that an incumbent governor will throw his hat into the political ring to run for presidency and flaunt it without let.

    However, there is a measure of confidence building and the markets are responding favorably to it. First, the settling of $7 billion forex arrears particularly to foreign airlines demonstrates that the Nigerian government is committed to its contractual obligations.

    Also, the naira rebound against the dollar and other major currencies even when it seemed all hope was lost speaks to the vision and strategic policies of Cardoso.

    Only a few weeks ago, the naira was trading at almost N2, 000 to the Greenback, but by this weekend, currency speculators are counting their losses as the Naira was exchanging for N1, 350 to the dollar.

    Complementing this economic progress, there is the remarkable boost in the country’s external reserves, which increased by $993 million to $34.11 billion as of March 7, 2024, reaching an eight-month high.

    This could not have been possible without the apex bank governor strengthening processes for the Diaspora to make remittances and be guaranteed of getting value for them. This is coupled with heightened interest from foreign investors in local assets, including government debt securities.

    To give context to this, in early March, foreign investors oversubscribed by 79 per cent the FG’s N500 Billion at the Open Market Operations (OMO) auction.

    Beyond ensuring legitimate flow of foreign investments, the Governor has not let his eyes off the activities of illicit flows which some have been traced to terror financing. To stem the scourge, the CBN moved against one such entity, Binance, the multi-trading forex and crypto platform.

    Speaking on the matter, Cardoso was spot on when he said, “We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows. In the case of Binance, in the last year, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify.”

    This is a move every responsible and patriotic Nigerian ought to commend taking into cognizance the destruction and unimaginable loss of lives linked to terrorism and its financing. Besides, this is expected from every government that pays fidelity to its citizens’ welfare and security.

    Some Nigerians who have kicked against the move to sanction the crypto firm should note that in late November 2023, Binance was sanctioned by US authorities and made to pay one of the largest fines in corporate history. The firm agreed to pay $4.3 billion to the U.S. Commodity Futures Trading Commission (CFTC), the Department of Justice and other U.S. government agencies over money laundering and other charges.

    Nigeria cannot be an exception at a time of global forex crisis, financial instability and efforts to stem terror financing. Rather the applause for Cardoso and his management team at the CBN should be resounding and high.

    While it is noted that the Governor is on track, the warning needs to be served that the manufacturing numbers have to be worked on to ensure that there is an upward swing to increase productivity and shore up the employment numbers. This will require working with those at the Ministry of Finance and other segments of the economy in the fiscal side. It is already showing as the CBN has demonstrated greater synergy building with the NNPC Ltd, Ministry of Agriculture and Food Security amongst others.

    Granted that the economic shift will not happen overnight, Nigerians need to know regularly what measures are being undertaken so as their buy-in can be guaranteed.

    Cardoso and his team need to unpack their short to long term strategy to retool the economy and offer a clear roadmap as it balances out a manufacturing-led economy and one that’s service-oriented.

    With the benefit of hindsight, it is significant that Cardoso should beware of palace courtiers and the intoxicants of early achievement in order not to suffer the fate of the former Chairman of the Federal Reserve Alan Greenspan.

    Greenspan, who spent nearly two decades at the US Federal Reserve, was once hailed as the omnipotent “maestro” of the U.S. economy, but his reputation suffered in the aftermath of the 2008 financial crisis.

    Sebastian Mallaby, winner of the Financial Times and McKinsey Business Book of the Year Award in 2016, argues that most histories of the 2008 crisis have ascribed blame to Greenspan’s excessive faith in the self-policing efficiency of markets. So, Governor Cardoso has to create stability in the market, and should resist the temptation when all is majorly “settled” to limit himself to containing fluctuations in inflation, while failing to limit leverage and bubbles. The end goal should not just be price stability, rather financial stability.

    But for now, it is worthwhile to commend President Bola Tinubu for a strategic pick in the person of Cardoso who is truly the star boy of the moment after a season of anomie at the CBN.

    • Mariam is an Abuja-based public affairs analyst  

  • One year of unflinching counter terrorism efforts in Nigeria

    One year of unflinching counter terrorism efforts in Nigeria

    • By Towoju, Raphael B., SO Stratcom, NCTC

    For over a decade now, Nigeria, as common to many countries of the world, has been faced with terrorism, banditry, cultism, violent extremism and other violent crimes. These had not only impacted negatively on the socio-economic lives of the people but also dealt a great blow on the overall development of the country.

    Several efforts have been made by successive administrations to get out of the quagmire, part of which was the repositioning of the Office of the National Security Adviser (ONSA) with the unveiling of the National Counter Terrorism Centre on 21 March 2023, in line with the provisions of the Terrorism Protection and Prohibition Act (2022).

    Situated at the Three Arms Zone in Abuja, the NCTC was established to lead the national efforts to combat terrorism, prevent and counter violent extremism by coordinating and integrating international support with national multi-stakeholders’ joint terrorism analysis, information and intelligence sharing and related activities to implement whole-of-Government and Whole-of-Society approaches to secure the national Counter terrorism objectives.

    The National Counter Terrorism Centre has proven to be “Centre of Excellence for Counter Terrorism activities in Nigeria and mobilise a stronger response to counter all forms of terrorism and violent extremism in line with its vision. The Centre employs coordinated actions based on knowledge derived from research and innovation to meet the dynamism of terrorism threat environment and strengthen collaborative partnership to attain terror free nation and world.” The NCTC under the leadership of the National Coordinator, Rear Admiral YEM Musa (rtd), PhD, has shown unwavering commitment to meeting the yearnings of Nigerians in ensuring peace and security in the land through a coordinated approach involving relevant Government Ministries, Departments and Agencies (MDAs), State Governments, Civil Society Organisations, International Organisations, research institutions, the media and a host of others.

    It is worthy of note that President Bola Ahmed Tinubu did not hesitate to align with the vision of the Centre which he demonstrated just few days (5 June 2023 to be precise) after his inauguration as the President and Commander- in-Chief of the Armed Forces, Federal Republic of Nigeria on 29 May, 2023, by paying a working visit to the ONSA where he inspected the new facilities and made some declarations to show the readiness of the new administration to rid the nation of all forms of violent extremisms saying and I quote:

    “Security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence.

    “Terrorism is an effective danger to democracy; terrorism is also an effective danger to development as it had consistently reversed the gains in development and increased instability in families and communities.

    “Growth and prosperity cannot be achieved until terrorism is totally eliminated.

    “Terrorism is a global threat that must be fought with adequate knowledge, national efforts combined with international collaborations.

    “Counter terrorism that is not backed by adequate knowledge, coordination, intelligence and information sharing is not going to be of any service to any nation.

     “We will consistently need to critically examine the where, how and when of terrorism in order to develop effective solutions.” End of quote.

    The president urged all the security agencies in the country to work in synergy through proper information, intelligence gathering and sharing for the sole aim of strengthening the security and stability of the country. To show his unflinching commitment to national security, Mr. President appointed a seasoned lawyer and anti-corruption crusader, Mallam Nuhu Ribadu as the National Security Adviser (NSA). As the NSA, Mr. Ribadu is responsible for advising the president on all matters relating to the security of Nigeria and its citizens. He also coordinates the activities of the various security agencies and intelligence services such as the Defence Intelligence Agency (DIA), the National Intelligence Agency (NIA), the Department of State Services (DSS), the Nigeria Police Force (NPF), among others.

    Under his supervision, the NCTC has recorded some remarkable achievements. It has among others, attracted high level officials from regional and global partners as well as organisations, including the United Nations Office of Counter Terrorism (UNOCT), United Nations Office on Drugs and Crimes (UNODC), and the UK Government, seeking partnership with Nigeria to engender peace and stability from the harrowing experience occasioned by the non-state armed groups. 

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    The NCTC has been actively involved in prosecuting cases of terrorism and terrorism financing by working closely with law prosecuting authorities, law enforcement agencies, financial institutions, and international partners, Federal Ministry of Justice, NFIU along with other Ministries, Departments and Agencies. The successful prosecution of individuals involved in financing terrorism has not only dismantled financial networks but has also served as deterrence to potential supporters of terrorism.

    Just recently, in February 2024, Nigeria hosted the second edition of the UK-Nigeria Security and Defence Partnership Dialogue as a follow-up to the earlier one held in February 2022 in London where the two nations agreed to strengthen their cooperation in the areas of countering terrorism, violent extremism and other related crimes.

    One can authoritatively confirm that though we are not where we want to be yet, but the nation’s efforts in countering terrorism and violent extremism have yielded fruits with mass surrender of over 120,000 former combatants in the north east, the recovery of territories which were previously under the control of terrorists by the nation’s gallant security agencies as well as the successful prosecution of over 360 terrorist suspects.

    It is also pertinent to note that with the numerous achievements in the last one year, there are still challenges. However, it is certain that the challenges are not insurmountable. Through collaboration, enhanced legal frameworks, successful prosecutions, local and international cooperation, public awareness and a dedicated focus on the future, the NCTC-ONSA will continue to strengthen Nigeria’s efforts to counter terrorism and ensure justice in accordance with the global best practices.

    Long live the Federal Republic of Nigeria.

  • NSITF and the bulwark of social inclusion

    NSITF and the bulwark of social inclusion

    By Nwachukwu Godson  

    Recent developments indicate that the Nigeria Social Insurance Trust Fund (NSITF) has reclaimed its purity and re-positioned as the nation’s foremost vehicle of social inclusion and poverty reduction. While it is true that the Employees’ Compensation Act of 2010 which aligns with the ILO Convention 102 spelt out  social inclusion standards for the agency, it will be difficult before now to vouch the extent it has succeeded with this mandate over the years. Not anymore! There is a new climate of change in the fund and its salutary effects in the world of work are eliciting reactions from its stakeholders. With credible performance rating on the ascendant, the old appears to have “passed away” for this agency.

    It was therefore not surprising when in December 2023,  the Nigeria Employers’ Consultative Association (NECA) conferred  its prestigious Best Service Delivery Award  on the NSITF.  NECA,  the  body of private sector employers and one leg of the tripartite ownership of the NSITF  is an institution that rarely acts in vain. Its prize is not for bidders. Besides the transparent voting process conducted online, a broad spectrum of voters come from the business constituency which is the primary target of the fund’s  services, hence in the best position for critical appraisal. 

    The emergence of the NSITF at the NECA awards is quite significant. It is a big vote of confidence on the delivery of the Employees’ Compensation as well as thumbs-up for the slew of measures the current management has taken  to change the course of the organisation.  The NSITF is the custodian of the ECA 2010 under which it is charged to provide a comprehensive compensation and rehabilitation to employees and their registered beneficiaries in case of workplace injuries, disabilities, occupational diseases, or fatalities by maintaining a solvent compensation fund for both employees and employers, while instituting efficient procedures for enforcing occupational safety and health standards to prevent workplace accidents.

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     That award no doubt is an eloquent affirmation of the fidelity of the agency to the implementation of the above provisions. In practical terms, it means that more and more employers and their workers are  being brought under the social security net. It entails that additional Nigerians at different workplaces benefit from free occupational safety and accident prevention sessions which the NSITF conducts in line with Convention 155 of the ILO.  Inversely, it signifies  that occupational accidents are being reduced in workplaces covered by the NSITF. The corollary is  that where accidents or death occurs in the course of work, the fund is alive to its responsibilities in terms of claims and compensations. Stretched further, the award shows that the Fund is pushing the bracket of social inclusion among the social partners. It denotes  further that under the current management of the fund, the turnaround time of services  has drastically improved, connoting equally  that where the fund had lagged behind hitherto, it has  tied the loose ends. 

    To drive the facts home,  it is important to further break down the indices leading to the triumph at NECA 2023 awards. First, there is a recalibration of the agency’s  strategic objectives to  align with  the Eight Point Agenda of the Tinubu Administration on Poverty Reduction by carefully laying a groundwork for operational expansion  into the untapped  areas of the ILO Convention 102 . The fund also upscaled its reach on employment injuries and invalidity benefits to 670 dependent beneficiaries and 852 disability beneficiaries. But  this,  does not include   a number of deceased dependents who are also under its care, pending the attainment  of 21years of age  or graduation from tertiary institution by the last child of the family.

     Then, the NSITF quietly but strategically drove an upswing  in the  enrollees sensitization, taking the number to  over 145,000 employers and 7.4 million employees while extending  claims and compensations by the end  of 2023, to over 103,000 beneficiaries, including 111 persons placed on  artificial limbs.   11 other workers who had  severe injuries  had to be flown abroad for further treatment. And in all, the Fund has spent about N6.6 billion in this social re-engineering.

    But what does the future look like for the NSITF? The Managing Director, Maureen Allagoa in her new year message painted a brighter future when she said  she will consolidate her achievements in 2023 while creating new branches and service centres in 2024  to expand social services to all Nigerians. She promised to exert an impactful influence on the social security ecosystem. “ We are embarking on an expansion policy, adopting the branch-in-branch strategy with Lagos Region as a pilot while  also creating Service Delivery Centers across the country to further bring our services to  all Nigerians using Bonny Service Delivery Center as a pilot.”   She added, “we will expand our operations and coverage into the informal sector and other unreached areas in dire need of social security services. In addition to reaching more clients, this will reduce commuting distance for staff on compliance drive.”  She therefore sought the support of the fund’s stakeholders to forge ahead in the New Year, stating that the agency will witness significant changes that will transform it into a world class social security institution, capable of setting the agenda for social change and poverty alleviation in Nigeria.

    • Nwachukwu a social security journalist writes from Abuja.

  • How sustainable is the coming of hydrogen-powered vessels?

    How sustainable is the coming of hydrogen-powered vessels?

    By Olasupo Baiyewunmi

    The maritime industry, a pulsating artery of the global economy, propels the trade of goods across continents. While its vital role in world commerce is undeniable, it also carries a weighty burden: a significant contribution to global greenhouse gas emissions, accounting for roughly 3% of the total. As the world charts a course towards a net-zero future, the shipping industry faces a critical crossroads – a path towards decarbonization is paramount.

    This journey demands new fuels, stepping stones on the way to cleaner seas and skies. Among these potential fuel sources, hydrogen shines brightly, exuding the promise of zero emissions at the tailpipe, a beacon of hope amidst the urgency of climate action.

    The International Maritime Organization (IMO), the UN’s regulatory body for shipping, has set ambitious targets to slash emissions from this behemoth industry. These targets, however, stand as formidable mountains unless innovation climbs alongside them. Enter hydrogen, a versatile energy source harboring the potential to rewrite the industry’s carbon footprint.

    Burning hydrogen releases nothing but water vapor, a stark contrast to the cocktail of pollutants spewed by conventional fossil fuels. This translates to ships gliding across the waves without contributing to climate change or befouling the air with smog. Its high energy density packs a punch, allowing hydrogen-powered vessels to traverse vast distances on a single “tank,” a crucial attribute for an industry where ports often dot far-flung corners of the globe. Furthermore, hydrogen’s adaptability is commendable – it can fuel diverse vessel types, from colossal container ships to nimble tankers and majestic cruise liners.

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    Despite its seemingly pristine credentials, hydrogen presents challenges that require intrepid sailors to chart their course carefully. Currently, the cost of producing and transporting hydrogen remains a formidable obstacle. However, this is not an insurmountable wave. As technology evolves and economies of scale kick in, the cost is anticipated to plummet, making hydrogen a more attractive and viable option.

    Then there is the challenge of storage. Hydrogen, a notoriously tricky gas, demands ample space and extreme caution due to its flammability. This necessitates the development of innovative new technologies to ensure safe and efficient onboard storage, allowing these seafaring vessels to become mobile hydrogen carriers without compromising safety.

    Despite these hurdles, the tide is turning towards hydrogen. A growing wave of optimism washes over the industry, with increasing recognition of hydrogen’s pivotal role in the decarbonization race. Leading shipping companies are already charting their course with hydrogen-powered vessels. In 2023, Norway’s Yara launched the world’s first hydrogen-powered container ship, while China showcased its maiden hydrogen-powered boat with Yangtze Power Co.’s pioneering vessel. Even landlocked giants like Nike are setting sail with hydrogen, with the launch of the first hydrogen-powered inland container ship.

    Governments are also joining this maritime crusade. The European Union, aiming for a zero-emission fleet by 2050, is actively investing in research and development of hydrogen shipping technologies. These collective efforts are fueling the engines of progress, propelling us towards a future where hydrogen-powered ships become a common sight on the ocean’s canvas.

    In the coming years, expect to see an armada of hydrogen-powered vessels dotting the horizon. With its potential to revolutionize the shipping industry and usher in a new era of sustainable maritime trade, hydrogen holds the key to unlocking a cleaner, greener ocean future. While challenges remain, the wind of innovation fills the sails, propelling us towards a future where the shipping industry navigates not just the physical currents, but also the tide of environmental responsibility, powered by the clean fuel of hydrogen.

    • Baiyewunmi is a Cryogenic Engineer at NLNG Shipping and Marine Services Limited (NSML)

  • Eno meets Tinubu

    Eno meets Tinubu

    By Francis Ukot

    In Nigeria, some state governors have been accused of neglecting their states and choosing to spend the majority of their time visiting Abuja, the federal capital, for what many perceive as irrelevant reasons. But this is not the case for every governor. 

    According to news reports, Akwa Ibom State Governor, Pastor Umo Eno recently visited President Bola Ahmed Tinubu in Abuja. His mission was not only to wish him a Happy New Year but also to present requests on behalf of his state. Two of his requests bordered around the actualisation of the Ibom Deep Sea Port and exportation of oil palm. Speaking after the visit, Eno told reporters that he got a positive response from the president.

     “We’ve talked and requested him to support us with our Ibom Deep Sea Port, and agricultural programme on the oil palm,” Eno told reporters after he met Tinubu.

     “Akwa Ibom is an oil palm zone. And we have started the process of revamping the moribund industry that has laid there for 28 years. It is being revamped right now. We need the support of the federal government to be able to have a full value chain and then bring people to work and be able to help Nigeria. We can even get to exporting palm oil, because right now, we’re still importing a lot of it. So that’s why I came and it was a good visit.”

     Anyone familiar with Akwa Ibom would know the requests would be sine qua non to the economic growth of the state and consequently the country. Thankfully, the progressive Tinubu administration is poised to support the laudable ventures.

     Ibom Deep Sea Port which is sited in Mbo and Ibeno local government areas in Akwa Ibom is designated as Free Trade Zone. To be built on 2,565 hectares of land, the port is also designed to have a 20km channel approval with 450m design to provide for two-way vessel traffic. It also has a deep wharf with 18m in the channel, making it safe for big ships to berth there. Hence, investing in constructing the port would increase trade and boost the economy of the state, the surrounding regions and the country. It should be noted that the Ibom Deep Sea project has been on the burner of the state government for about 25 years – an issue that has passed through three different administrations till date. 

     After some back and forth between Akwa Ibom and the federal government, the construction of the Ibom Deep Sea Port was slated to begin in 2019 during the administration of Udom Emmanuel after the Federal Executive Council approved the project in 2018. The project was awarded to a consortium of Bolloré Ports and PowerChina International Group in November 2018 with a mandate to operate the port for 50 years. And in December 2020, the federal government approved $2bn for the construction of the first phase of the port. The total cost of the port was put at $4.5bn. However, by 2022, work had stalled on the port as the major contractors had pulled out. It is nice that after the reign of Victor Attah, Godswill Akpabio and Udom Emmanuel as governors, there seems to be hope of Ibom Deep Sea Port becoming a reality.

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     But why the need for another port aside Lagos, Eno was asked. He responded: “Again, Lagos is there. But you also know Lagos is congested. Of course, that is no story. So you need a deep seaport that will take care of the south-east, south-south, if you like, the Niger Delta region.”

     Surely, a deep sea port in Akwa Ibom would not only relieve stress from the Apapa and recently constructed Lekki ports it would as well serve the eastern and southern parts of the country efficiently..

     As per the state’s incursion into oil palm, Governor Eno lamented that the state’s oil palm plantation drive had been moribound for the past 28 years. This sad situation is what Eno plans to address by reviving the industry. It is sad that Akwa Ibom ever neglected the oil palm cultivation given the fact that palm oil is now courted in many industries. In the international market, palm oil is gold. It is no longer that oil for cooking Ogbono soup alone. 

    “Worldwide production of palm oil has been climbing steadily for five decades,” according to a report by The Guardian.

     “Between 1995 and 2015, annual production quadrupled, from 15.2m tonnes to 62.6m tonnes. By 2050, it is expected to quadruple again, reaching 240m tonnes.”

     According to experts, Nigeria produces between 900,000 and 1.3 million MT of palm oil annually. Whereas, it consumes about 2.1 million MT of palm oil annually, meaning it has to import around 800,000 MT annually. According to a 2023 Punch newspaper report, between January 2023 and September 2023, Nigeria increased its import of palm oil from Malaysia to 234, 324 metric tons from 141, 786 MT in the corresponding period of 2022. It is shameful that like crude oil to petroleum products, there was a time Nigeria produced all the palm oil it needed. But a way forward?

     Investing in exportation of oil palm would definitely reverse the current importation figures. And just like crude oil, if a product or service can be produced locally, good. If it can be then profitably exported, all the better. Akwa Ibom’s topography suits the cultivation of the plant. The state is on the right path by taking advantage of that comparative advantage. With the aim of joining the likes of Presco, Okomu Oil and others, the move by the Eno-led administration will culminate in the twin effect of creating jobs, increasing export and earning forex via export. A win for Akwa Ibom.

     Other things Governor Eno also said that he discussed with Tinubu included the Maintenance, Repair and Overhaul (MRO) facility at the Victor Attah International Airport and expansion of Ibom Air operations.

     But beyond Governor Eno’s requests on behalf of his state, it is warming to note the close working relationship between the governor and Mr President. It would be recalled that Eno was one of the six governors that accompanied Tinubu to the 78th United Nations General Assembly (UNGA) in September 2023. He was also in Tinubu’s entourage when Nigeria went to the COP 28 in Dubai in December 2023. Unlike what has been usual in the past, there exists mutual cooperation between both men despite their different political parties. For both men, clearly, what drives them is clearly a resolve to deliver good governance. Such a relationship is worthy of emulation by other Nigerian leaders.

     In just about seven months, Governor Eno constructed 17 roads in different parts of the state among other achievements. He also recently flagged off the Ibom Model Farm in Ikot Edibon, Nsit Ubium local government area, in collaboration with the world-renowned Songhai Farms of Porto Novo, Benin Republic. In his New Year address, Eno described the profits of farm thus: ““It will not only guarantee food security but will also create jobs for thousands of people and stimulate tourism.”

     Eno did this while still challenging a suit against his governorship. But now that the Supreme Court has affirmed him as governor, Akwa Ibom can look forward to the growth and development pedal of the state being pressed down at full throttle.

  • How Tinubu can create jobs, by Okoya

    How Tinubu can create jobs, by Okoya

    Born on January 12, 1940, Chief Rasaq Akanni Okoya,  an industrialist with a Midas touch, is the Aare of Lagos, founder of Eleganza Group of Companies and RAO Investment Properties. With experience as an industrial magnate spanning over 60 decades, he rose from humble beginnings to becoming a big name in the industry through  unwavering vision, strategic insight,  relentless and  perseverance. 

    At 84, Okoya highlights what President Bola Tinubu can do to create jobs and generate wealth.

    Job creation:

    I have decided to use this opportunity to propose a recurring vision that has plagued me. My warmest regards and congratulations! to our President His Excellency Asiwaju Bola Ahmed Tinubu and the Vice President His Excellency Kashim Shettima for their steady management of the economy. We pray for peaceful and successful terms ahead. 

    From working and monitoring the manufacturing industry for over 60 years. My hope is that the current administration makes the industrialisation of Nigeria a cardinal goal: utilising our youths and empowering increased incorporation of manufacturing through the establishment of many cottage industries and factories during their term.

     Did you know, a significant percentage of the country’s GDP is derived from MSMEs and it can be approximated that majority of these enterprises are youth-owned? 

     Youth productivity and industrialisation:

    Our youth have potential and can be stronger with greater empowerment. If you open the eyes of a blind man, he will never want to go back to the darkness. I think to myself regularly on how do we utilise our dominant working population. The picture in my mind places all 36 states and the federal capital territory as industrial hubs, varying in speciality where the average Nigerian citizen should be able to live, work, shop, have access to healthcare and other conveniences (e.g., recreational, worship facilities etc.); all without leaving their state of origin, within their industrial hubs.  Bringing this into realisation could be initiated through investment in incubation centres, in each state (dispersed based on the requirements and geographical advantages of the state). Preparing one-unit warehouses of approximately 5,000 sq m per cluster, having 10,000 of each unit/micro industry in each state including the federal capital territory, Abuja. Similarly, provision can be made to private estate developers to create infrastructural extensions in areas with existing low- income housing to include warehouses. This will enhance the appeal of opportunities in our rural states, transforming them into vibrant economic zones and serving as significant Industrial infrastructure for each state. 

    Leveraging on international connections:

    In addition to the above, Nigerian Government can invite specialists and international machine manufacturers (e.g. China/India etc.)to train our graduates in vocational skills and provide crucial technology transfer through the sale of machinery, and equipment for daily need products in exchange for local minerals via the use of a barter trading system. By opting to further facilitate local manufacturing of products, the government can consider onward sales of the above mentioned machines to the youth on a long-term basis.The government should protect our industries by imposing strict prohibitions of imports and policing the markets to enforce the ban on importation. With these, I believe we can conserve our precious foreign exchange, increase GDP, and strengthen our local markets/producers. 

    Electricity and economy:

    Power supply should be made available to our youths and other existing industries. If small-scale factories could work without generators, it would solve majority of the country’s crippling problems. Requiring each unit to adhere to contemporary demands of sustainability, preservation of natural capital and utilisation of renewable energy will ensure longevity and create backups to the national grid power supply. Incorporating training to pre-empt and prevent environmental degradation, learning from the case of China. This will provide practical experience that would give our youth a strong sense of belonging, and a promise of hope. It is our duty as Nigerian seniors, to help our youth the truth to know. 

    His thoughts on wealth creation and urban migration

    Ultimately, promoting urbanisation in the rural areas of the country, and stemming rural-to- urban migration by wealth creation in our rural communities will prevent overcrowding in urban areas; keeping our youths off the streets, by encouraging them to get a house and job opportunities.  We need to instil a sense of pride and dignity through respectable labour in our youth. The creation of varied and sustainable industrial cities will be pivotal in the national stimulation of progress. All this could be financed in the government budget with the aid of private sector investment schemes and the youth could be required to pay back within 10 to 25 years, and/or enjoy grants to support them. This will unleash and enable patient capital required to catalyse economic growth, jobs and entrepreneurship for our youths. Better to light the candle than curse the darkness. Give light and the darkness will disappear of itself.  This vision enacted would enable us to manufacture a better Nigeria. To ensure the success of this proposed economic remedy, Nigeria, the economic powerhouse of Africa should entirely and unitedly embrace a propensity of population utilisation, to supercharge the entire African continent.  I believe more technical details and possibilities have to be discussed on the above ideas. 

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    Tinubu:

    Asiwaju Bola Ahmed Tinubu is a visionary leader who is passionate about Nigeria.  I am sure this administration will promote commerce and industry. I pray for the President and Vice President, with the aid of Allah SWT, to consider this and include it in their good programme as a blueprint for the rebirth of our great nation. 

    Why Eleganza is surviving;

    We believe in Nigeria and we have promoted Made in Nigeria Products over the years. The Eleganza Industrial City Limited is a testament to our vision as an established. It is place where you find various products under one roof.  Under the new industry, the company produces luggage/bag that can be branded for companies, pilgrimage, government parastatals and family trip.  It also manufactures over 68 different designs of standard chairs for churches, parties, eateries, hotels etc.   It also has sets of coolers and food warmers in different shapes and design.  This attests to the fact that consistency, not compromise on standard and quality have been the guiding principles that have kept the company going in the past four decades 

    Humanitarian gesture:

    Many of my activities revolve around religion and service to humanity through various philanthropy. This cut across the various sectors of the society. At various times, I have supported medical establishments and hospital homes by donating lifesaving equipment. With modesty, ELeganza is one of the biggest employers of labour by giving employment to thousands of Nigerians. I also  believe in quality education and the foundation under my name in recent years has thrown its weight in support of the Nigerian educational sector.  Several undergraduate students have benefited from his Alhaji Akanni Okoya Scholarship Awards.

    His advice for the youths:

    As said in my previous interviews, it took me 60 years to build the Eleganza conglomerate through dint of hard work. Nigerian youths are hard working and resilence  If they can embrace hard work more and more, they will be successful because they have what it takes with enabling environment.

    Life Lesson at 84 and secret of his success:

    Consistency, perseverance, hardwork commitment, passion and integrity are the only vehicles that can drive you to success and not by cutting corners. Also, it  is by being true to oneself in what one is doing.

     I am passionate about my business. I am committed to it and I have been consistent over the years by getting involved all the way by not playing the boss.  At Eleganza, we try to work within our means particularly by working with the local market.  It has helped the business to grow this far.

  • CNG Project: Why vested interests may jeopardise Tinubu’s good intentions

    CNG Project: Why vested interests may jeopardise Tinubu’s good intentions

    The idea of the compressed natural gas to replace PMS in vehicles is a brilliant one which President Bola Tinubu is well-committed to. But there is need to ensure vested interests do not ruing the laudable idea. Tajudeen Adebanjo writes.

    When he announced total removal of fuel subsidy few minutes after his inauguration as a democratically elected President of the Federal Republic of Nigeria, Senator Bola Ahmed Tinubu was fully aware of the effect this would have on the economy, the purchasing power of Nigerians as well as the social equilibrium of the nation.  And that was why his administration rolled out quite a number of measures to cushion the effect of the removal of the fuel subsidy.

    Probably aware of how critical the transport sector was to the economy, one of the key measures put in place was the introduction of the compressed natural gas, CNG, vehicles to reduce dependence on vehicles that use premium motor spirit, PMS, otherwise known as petrol, and diesel. Since this was also part of agreement reached with the organised labour after the fuel subsidy removal, the scheme was to start with buses for mass transportation.

    However, while President Tinubu seemed to have good intentions concerning the CNG project, it has become obvious that those tasked with the implementation of the laudable scheme either had a totally different idea or they saw it as an opportunity to build loyalties, enrich friends or promote crass economic cronyism.

    While it has been noted that the government itself was more interested in the political capital to be made out of the project than the intended result itself, it must be noted that those who were charged with seeing with the implementation of the scheme have not helped matters.

    It was gathered by THE NATION newspapers that local dealers who vehicles were used for the launch of the scheme in Lagos have been left in the cold with handlers of the scheme backing off from the initial agreement they had with the dealers to buy cars from them. Sources informed this newspaper that quite a number of these dealers had been given letters of contract awards to supply these buses and that was why they brought the buses which were used for the launch. It was after the launch that the busses were returned to them and, shockingly, a contract was awarded to a transport mogul from the eastern part of the country to supply busses that run on CNG. THE NATION learnt that the contract was in the excess of N30billion.

    Findings revealed that the local dealers’ buses that were used at FEMADEC, one of the Conversion Centres in Lagos, were only for show as these busses were “returned to the dealers after the launch.” The local dealers were persuaded to bring their buses to FEMADEC specifically for the launch by the Steering Committee. And according to sources who spoke to THE NATION, the CNG Steering Committee actually used buses made available by local vendors for the launch, but only for the optics.

    Sources within the Federal Ministry of Finance Incorporated also indicated that the CNG Steering Committee was solely responsible for this as the MOFI was only responsible for issuance of latters of contract awards to the local dealers. Whatever happened after, according to a source from the Ministry, was with the Steering Committee and perhaps, their personal interests.

    President Tinubu was said to be very passionate about the project and that was why he appointed the Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, as the chairman of the steering committee. Unfortunately, information available to THE NATION indicated that Adedeji was not part of the decision to return the vehicles to the local dealers.

    Read Also: Tinubu emphasises need to revitalize steel sector for economic growth

    “Adedeji is a man of impeccable integrity,” one of the affected dealers told this newspaper. “We knew that and that was why the President appointed him in the first place. First, as the boss of the FIRS, and then as the chair of the steering committee of the CNG project. But some people want to frustrate the good intentions of the President. How could they issue letters to these local dealers and then turn around to return their vehicles to them and then award contract to someone to bring in converted buses from China?”

    He added that the sole aim of taking those busses to FEMADEC in the first place was to convert them and then make them available to the public for use for mass transportation thereby realising the President’s aim of reducing the effect of fuel subsidy removal on the people and their economic activities.

    There are insinuations that a network of connections and cronyism may have influenced the diversion of these contracts away from local dealers, sparking criticism that such actions contradict the principles of promoting indigenous industries. Critics argue that this move could potentially hinder job creation and economic growth within the country.

    It is not with the local dealers alone that activities around the take-off of the CNG are having issues. In October last year, concerned liquefied petroleum gas, LPG, dealers petitioned the Senate over alleged award of N150bn contract

    Concerned group of LPG gas dealers has petitioned the Senate Committee on Gas resources over alleged secret award of N150 billion contract “for the Supply of Type-3 LPG CYLINDERS under the Federal Government Palliative Scheme.

    The group in the petition signed by its national chairman, Comrade Sule Mohammed, said the award of the multi billion naira contract did not follow due process , as enshrined in the public Procurement Act of 2007 as amended and asked Federal government to quickly terminate the process in the interest of the public.

    The group noted “as a company that benefits from the Nigerian Content Development and Monitoring Board, Rungas (the company the was awarded the contract) failed to carry out the Project of Building a Composite Cylinder Manufacturing Plant as mandated by the Federal government in 2016. The project itself was not presented to the National Assembly for approval,” the petition stated.

    While local dealers fear that the hopes of getting legitimate patronage from the CNG project are about being dashed, perhaps it is high time President Tinubu himself paid personal attention to the scheme. This is an idea, if well implemented, can solve Nigeria’s dependence on PMS importation once and for all. And it will be to eternal credit of his administration. And that is why the idea must not be allowed to fail. And the first step is seeing to the positive value chain which patronising local dealers for the supply of vehicles for conversion would have guaranteed.

  • Zero bank robbery in four years: Sanwo-Olu scores high on security

    Zero bank robbery in four years: Sanwo-Olu scores high on security

    • By Oluwaseyi Martins

    Financial Institutions, especially banks operating in the nation’s commercial nerve centre, Lagos State can relate better with the unprecedented gains in security of bank assets and personnel in the last four years under the watch of Mr Babajide Olusola Sanwo-Olu.

    Few years ago, bankers and customers lived in trepidation of what men of the underworld, particularly during the end of the year festivities. Daring robbers sent fears down the spine of the people as they attacked banks in daredevil operations. 

    The government of Lagos State set up Lagos State Security Trust Funds, under the dynamic administration of former governor Babatunde Raji Fashola, SAN. The banks and other notable corporate entities are the major donors. The monies were used to strengthen the existing security architecture provided by the Federal Government and also to improve the general welfare of police and other security agencies serving in Lagos.

    The audacious move by the government increased the morale of the personnel as they were more dedicated to duty and ready to go the extra miles in securing Lagos. However, it was not eldorado until the incident commander of Lagos, Mr Sanwo-Olu got into the saddle.

    He built on the gains of his predecessors by significantly scaling investments in security assets and architecture. More vehicles were procured to aid fight against crime and locals were actively integrated into the existing security to combat crime. 228 Police constable officers who are indigenes of Lagos State resumed duties in January 2023 to boost community policing efforts, in addition to the unrelenting, gallant efforts of the Lagos State Security Safety Corps.

    In view of the unprecedented feat in bank security, the governor at the 17th Town Hall Meeting on security organised by the Lagos State Security Trust Fund held at the Eko Hotels Suites, Victoria Island celebrated the state for recording zero bank robbery in four years adding that it was the longest period over the past 20 years.

    He said that “Celebrating a milestone in security as Lagos achieves four consecutive years of zero bank robberies, marking a significant improvement in safety across the state.

     “Our relentless efforts in enhancing security have yielded results. At the 17th Town Hall meeting on security, we discussed the progress made and strategies to further fortify safety in Lagos State”.

    Governor Sanwo-Olu revealed that the State, through LSSTF, had consistently funded operations of security agencies across communities to ensure quick response to threats and crimes, noting that the State Government had provided operational vehicles and equipment towards enhancing the capacity of security operatives.

    The intervention, Sanwo-Olu said, had raised the frequency of crime-busting responses, which, he added, resulted in the unprecedented record of progress in the history of policing in the State.

    “We convene here today to discuss and evaluate the trajectory of our collective effort to bolster security in Lagos. Our discussion centres around the convergence of security strategies, which is an integral component of our THEMES+ agenda. Our administration recognises security as a multifaceted challenge and we promise to continue to pursue policies and actions that will foster the well-being of all Lagosians, while we keep faith with our pledge to building a secure, and inclusive community.

    “LSSTF, fueled by voluntary donations, has significantly strengthened our security architecture, providing essential vehicles and equipment. While challenges still persist, our State’s security landscape is notably more stable than many other parts of the country. We have equipped and strengthened cooperation among various safety and security agencies; our collaboration with armed security agencies through the Lagos State Security Council remains crucial in acknowledging the sacrifices made by officers and men to ensure our safety.”

    “Celebrating a milestone in security as Lagos achieves four consecutive years of zero bank robberies, marking a significant improvement in safety across the state”, the governor submitted at the event.

    Meanwhile, a gamut of activities and chain of thoughtful policy direction made the feat possible. Job creation and creating an enabling environment  for businesses to thrive are major enablers of security. The Lagos State Government under the leadership of the hard working governor, Babajide Olusola Sanwo-Olu has created many opportunities for youths in the tech sector in particular and other critical sectors of the economy. Lagos State Employment Trust Fund, LSSTF, provided cheap capital and training opportunities for youth to be gainfully employed or start and nurture their businesses into profitable going concerns. 

    Read Also: Tinubu to NPC board: start work now, I won’t tolerate non-performance

    Skills acquisitions and job placement schemes also aided many young folks who were hitherto unemployed in shaping their career path and growth.  These are the massive social investment and policy directions that facilitated a safe and secure working environment for banks and other business interests in Lagos State.

    Many of the youth could have been recruited in their numbers for nefarious criminal activities, are largely busy with economic activities either through direct employment or leveraging the healthy business environment government has enabled to create wealth. In other words, the investments in other areas like social safety nets, support systems for the needy among others all contribute to the security of critical infrastructure in Lagos State.

    The government of Babajide Olusola Sanwo-Olu has demonstrated great capacity in managing the affairs of Lagos State. A mega city and the 5th largest economy in Africa and a mega city that is projected to be among leading economies.

    It is good news to Lagosians and investors who are planning to harness great economic opportunities in Lagos. Governor Sanwo-Olu has set an enviable pace in security and other areas. 

    • Martins writes from Lagos  

  • The Senate’s ‘most dependable, distinctive’ presiding officer

    The Senate’s ‘most dependable, distinctive’ presiding officer

    The phrase with the inverted comma in the headline was borrowed from the statement issued by former US President, George W. Bush, in his statement on the death of former US Secretary of State and National Security Adviser, Prof. Henry Kissinger, at the age of 100 late last month.

    The phrase aptly describes the rating of Dr. Abubakar Bukola Saraki, who turned 61 today in the history of Nigeria’s Senate. In the four action-filled years that Saraki spent as the President of the Eighth Senate of the Federal Republic of Nigeria, he appears to have set such a high standard that his predecessors and successors are judged by the achievements that his leadership recorded between 2015 and 2019.

    The period of the 8th Senate continues to evoke mixed feelings among two groups of Nigerians. The first is the Buharists who still feel aggrieved that Saraki prevented their group from exercising limitless, absolute, and uninhibited control. For this group, Saraki is loathed, undesirable, and intolerable.

    The second group are the ordinary Nigerians who yearn for a true democracy with the presidential system being practiced in its truest form. This latter group sees Saraki as a symbol of the real separation of powers as canvassed by Baron de Montesquieu in his book, Espirit de Lois (The Spirit of Laws), with the three branches – legislature, executive, and judiciary functioning as independent, but cooperating, arms of government whose individual focus is to better serve the electorate and the generality of the people.

    Saraki knew that in the manner he emerged as Senate President, he had no option but to pitch his tent with the latter group. It was clear to him that the establishment would continue to assail him and plot his fall from the top legislative chair. It was also clear to him that what could retain him in the seat was his close relationship with his colleagues with whom he could drive a legislative agenda that would serve the interests of the people. He was determined to convince the people that the legislature was the most representative of the people among the three arms of government.

    As Senate President, Saraki, in his trademark style of leaving any place he got to better than he met it, was convinced that the people were unnecessarily too distanced or detached from the legislature. He theorized that this gap must have been created because, among all the three arms of government, the legislature is the one with the least number of years of existence in our polity.

    With every military intervention in the nation’s political leadership, the legislature was suspended while the military governed with just the executive and judiciary arms of government. Thus, the legislature is often misunderstood. The people seem to have grown not only far from the institution, but they have become accustomed to being suspicious of all moves made by the law-making body and its members.

    Saraki’s strategy then was to introduce innovative ideas, interventions, and positive exchanges which constantly created avenues for engagement with the people. The 8th Senate in its Legislative Agenda chose to focus on three broad areas: Improving Livelihood, Improving Governance, and, Improving Business. Thus, the 8th Senate became the first to hold public hearings on the passage of the budget and held Roundtable dialogues on pressing national issues like security, drug abuse, illegal migration, and education reforms. These engagements were held outside the legislative complex. For example, the one on drug abuse was held in Kano while that on the issue of illegal migration was held in Benin, as well as that on security which was held at the Nigeria Air Force Conference Centre, Abuja.

    In the same way, the Senate under Saraki held meetings with stakeholders on education, youth unemployment, and health. Also, the Senate repositioned and restructured its committee on ethics, privileges, and public petitions such that it became a veritable mediator between members of the public whose rights were breached by government ministries, departments, and agencies as well as other private sector establishments. Most of the affected individuals who resorted to the Senate committee could not afford the cost and time needed for litigation in courts. The 8th Senate made sure its committee on the public petition was in a position to help such people seek redress and get justice. Till today, the 8th Senate under Saraki treated, investigated, and completed work on the highest number of petitions ever in the history of the Nigerian Senate.

    The 8th Senate also had passed landmark bills some of which were direct responses to the yearning of the people. Two instances that demonstrated how the Senate responded promptly with appropriate legislation to address issues plaguing the people were the Compulsory Treatment and Care of Victims of Gunshots Act and Sexual Harassment in Tertiary Educational Institutions Act. These two laws were a direct response to immediate situations that reflected ugly trends in society. Also, the passage of the North East Development Commission (NEDC) Act which was aimed at rebuilding, reconstructing, and rehabilitating the insurgency-ravaged zone of the country as the war waged on the people and their environment by the Boko Haram was creating refugees or displaced people in its wake.

    To further strengthen the security system in the country, the 8th Senate initiated the Police Trust Fund Act which was to help fund the activities of the police and equip the personnel. Also, the Police Reforms Bill was introduced to remove impediments in the way of creating modern policing system in the country.

    The Senate also tackled corruption through the passage of Bills like the Nigerian Financial Intelligence Agency Act to separate the former NFIU from the EFCC in compliance with international best practices, the Federal Audit Services Commission Act, the Whistleblowers Protection Bill, and the Witness Protection Programmes Bill.

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    Specific Bills were also passed to help the recovery of the national economy. The same rejuvenation was done to the constitution which witnessed the lowering of age qualification for key public offices. That new provision was nicknamed the ‘Not Too Young To Run’ law. It was a law that excited the youth who now constitute a critical segment of the populace. Another constitutional amendment introduced by the 8th Senate granted Financial Autonomy to State Houses of Assembly and local government councils.

    The Buhari presidency refused to give assent to many of the bills. To the government, depriving their so-called ‘enemy’ of the credits for bringing about these lofty initiatives outweighed the benefits that the country could have gained from these laws.

    Yet, Saraki was able to rally his colleagues to work hard and get Nigerians to see the potential of having a strong legislative institution. The 8th Senate was one in which transparency, accountability, and openness were consciously promoted by the leadership. The details of the budget of the National Assembly became public during that era. Plenary proceedings were streamed live for the public. Key major confirmation hearings for nominees of the executive were aired live on television.

    It is for these and many reasons that the performance of Senate Presidents who came after Saraki has been measured with and against that of the 2015-2019 era. Also, that is why Saraki’s name featured in the run-up to the election of the two senate presidents after him. It is also the reason why serving senators and House of Representatives elected on the platform of different political parties continue to throng Saraki’s homes in Abuja and Lagos to consult and show solidarity with him. It is also the reason why he was one of the key speakers selected to share his experiences with the members of the 10th Senate at their recent retreat in Ikot Ekpene, Akwa Ibom State.

    You can now see why this 61-year-old Waziri of Ilorin, a grandfather and medical doctor is “the most dependable, distinctive”, distinguished, discerning, devoted, decisive, dogged, daring, disciplined, dedicated, and dazzling Senate President that our country has ever produced.

    Happy birthday, sir, as you turn 61 today. Many happy returns.

    •Olaniyonu is head of the Abubakar Bukola Saraki Media Office, Abuja

  • Tinubu: another hero of June 12 struggle gone

    Tinubu: another hero of June 12 struggle gone

    President Bola Tinubu has mourned the exit of former Secretary-General of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Chief Frank Kokori.

    Acknowledging the late activist and oil worker as a thoroughbred activist who surrendered his personal liberty in the fight for truth and justice, President Tinubu also described the deceased as a brother in the June 12 struggle and an exemplary comrade.

    In a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, the President condoled with the Kokori family, the civil society, the government, and the people of Delta State, over the deeply painful loss.

    Read Also: NUPENG mourns ex-secretary, Kokori

    President Tinubu described the former Labour leader as a man of conscience; highly principled, courageous, and true.

    The statement reads: “Frank Kokori was a thoroughbred democrat and activist. He fought for democracy at a great personal cost. He surrendered his liberty to fight for truth and justice. He was the finest among reformers and champions of civil rights in Nigeria.

    “He was a brother in the June 12 struggle. He was uncompromising, unbending, and irrepressible. He was an exemplary comrade.”

    Tinubu prayed for the repose of the soul of the deceased. He also encouraged those he left behind to take comfort in his peerless legacy.