Tag: 30 years

  • Eterna celebrates 30 years, lays out new strategic plan

    •Mulls new capital raising

    Eterna Plc yesterday marked its 30th year anniversary with an assurance of continued growth and expansion in the years ahead. Incorporated as a limited liability company in 1989, Eterna became a public limited liability company in 1997 and had its shares listed on the Nigerian Stock Exchange (NSE) in August 1998.

    Eterna, which has been listed for 21 years, was honoured yesterday with the ceremonial beating of the closing gong for the NSE, the highest honour at the stock market. The equities market continued on the upswing, with the market capitalisation rising by N254 billion to close at N12.106 trillion as against its opening value of N11.852 trillion.

    Speaking at the trading closing ceremony at the Exchange, Managing Director, Eterna Plc, Mr. Mahmud Tukur, said the company has grown over the past three decades through thick and thin and it is now in better position to create greater values for all stakeholders.

    He assured the investing public that the company would build on its impressive track records and deliver better values to shareholders.

    “We are focused on creating additional value for you, 2019 should be an excellent year,” Tukur assured.

    Chairman, Eterna Plc, Mr Lamis Shehu Dikko, commended the investing public for their trust in the company over the past three decades.

    He also assured that the company has been positioned to outperform its previous years and deliver better values to stakeholders.

    Doyen of Stockbrokers, Mr Sam Ndata, described Eterna as one of the good stocks at the stock market noting that the investing public has confidence in the company.

    He said the stockbrokers were happy with the performance of the company over the past 30 years, assuring it of continuing support of the stockbrokers.

    Ndata, the oldest trading stockbroker on the trading floor yesterday, urged the company to continue to provide the investing public with continuous insights into its operations by engaging with the stockbrokers.

    Other members of the board and management of Eterna at the ceremony yesterday included Ms. Kudi Badmus, Chief Finance Officer; Mrs. Afolake Lawal, Non Executive Director; Mr. Oluwole Abegunde, Non Executive Director and Mr Olutola Mobolurin.

    Earlier at a press briefing on the 3oth anniversary, Tukur outlined the company’s five-year strategic plan aimed at expanding the operations of the company and extend its reach within and outside Nigeria.

    According to him, the company plans to build a more diversified business with consolidation of its existing niche market of lubricant and expansion into other new businesses.

    He said the company plans to open some 200 petrol stations during the period of the five-year plan as it seeks to build a robust downstream business.

    He outlined that the company will leverage on franchising, leasing and acquisition while focusing on strategic locations that deliver value for money.

    Tukur said the company plans to raise new capital to support its business expansion, including its expansion into West African and ECOWAS sub region.

    He noted that the company has a stronger balance sheet to support new capital raising having settled its N14 billion debt and completed strategic business enhancement that places it in good stead to pursue new investment opportunities and expansion.

    “Eterna has not raise any fresh equity since 2009 and the market has not been fantastic for raising of equity, but between 2009 and 2018, we have been able to pay over N14 billion in debt and we have grown shareholders fund from N4 billion to N13 billion, All that have been done from internally generated working capital. We have generated profit, we have paid down our debt, and we have improved shareholders value, and now it is time for us to go back to the capital market to raise money to help us continue in our expansion because we are clean, we are debt free, our balance sheet is clean so let us take advantage of it and raise fresh capital to enable us meet our expansion objective, either debt or equity from our shareholders and that is what our current strategy is,” Tukur said.

    He said the company has stronger underlying value than as reflected in the current pricing at the stock market.

    He attributed the undervaluation of the company’s shares to information gap noting that people do not know what the company is all about, its internal restructuring, innovations, capacity building, its businesses and structure among others.

    “Everybody that looks into our share price knows that the company is undervalued relative to its performance, so it is a very good share, we have paid dividend in a very challenging environment,” Tukur said.

     

     

  • KUNLE AJOMALE SET  FOR 30 YEARS ON STAGE

    KUNLE AJOMALE SET FOR 30 YEARS ON STAGE

    COME August 27, gospel artist, Kunle Ajomale will be celebrating his 30 years on stage.

    In a chat with The Nation, Ajomale reveals his musical journey.

    “I would say that my career as a gospel music artiste started in 1994, but I have been in music since 1987. I recorded my first album Erinwo (translated in English, it means ‘an elephant has fallen’) in the same year. I dedicated the album to Chief Obafemi Awolowo. It was, in fact, a tribute to him, especially for recognising and appreciating my talent when I was in the university.

    “The album won an award and the title song was also broadcast on radio during Awolowo’s funeral. I felt very proud listening to my own work  on the radio. I was playing highlife music in those days,” he said.

  • Awo: 30 years after

    Awo: 30 years after

    The Obafemi Awolowo Foundation has marked the 30 years anniversary of the demise of the first Premier of the defunct Western Region, Chief Obafemi Awolowo, with a series of events. One of such was the dialogue session for youths drawn from across the country, where the discussants extolled the virtues of the late sage. Assistant Editor LEKE SALAUDEEN was there.

    THERE is no doubt that the first Premier of the defunct Western Region, the late Chief Obafemi Awolowo, was a great Nigerian who was probably not appreciated in his life time. He died 30 years ago at the age of 78. But his ideals and philosophy are evergreen and have become a reference point in public administration. He was described by one analyst as a political giant with an extraordinary mind and talent.

    His achievements as Premier are still evident and remained unmatched by any leader in modern Nigeria. At considerable expense, he introduced free and compulsory primary education for all and free healthcare for children. He established the first television service in Africa in 1959; he built Cocoa House, Ibadan, which was the tallest building in Nigeria for many years; he built Liberty Stadium also in Ibadan. The projects were financed from the highly-lucrative cocoa industry, which was the mainstay of the regional economy. Perhaps, the most enduring legacy of the man popularly known as Awo was that, under his watch, the economy of the region became very buoyant. He used the resources to provide infrastructure and set up a business conglomerate known as the Oodua Group, which has become a money spinner for the states in the Southwest.

    Awo crafted the strategic policies that ended the three-year civil war (1967 to 1970), a feat that was openly acknowledged by the former Military Head of State, General Yakubu Gowon, under whom he served as Federal Commissioner of Finance and Vice Chairman of the Federal Executive Council. Gowon said: “Awo worked with me at a difficult time in the life of this country, but throughout this time, he kept sharing ideas for the development and survival of Nigeria. Together, we succeeded in keeping Nigeria one without borrowing a kobo.”

    From the beginning of his political career to the end, his mission was to make Nigeria better than he met it and also to secure Nigeria’s economic, social and political future for the next generation. Though he was unable to achieve his presidential ambition, Awo’s contribution to the socio-economic development of the country was not in doubt.

    To mark the 30th anniversary of Awo’s death, the Obafemi Awolowo Foundation organised a forum for the youths. Tagged “Conversation on Awo”, the participants had the opportunity of getting first-hand information from Awo’s disciples, associates and family members on how he succeeded as a public officer and a family man. The event, which was held at Awolowo’s country home, Ikenne, Ogun State, was attended by youths drawn from the six geo-political zones.

    The Executive Director of the Foundation, Dr Tokunbo Awolowo-Dosumu, said the discourse became imperative so that the youths could imbibe and embrace the virtues and ideals of the late sage. She explained that the meeting was part of the leadership project of the foundation to address the dearth of good leadership in Nigeria, adding that the “Awo Conversations” series would generate strategies for building a new generation of selfless leaders for the country.

    The lead discussant and emeritus Professor of History, Banji Akintoye, explained why Awo was different from the leaders of today. He said: “Awo came with a mission: to do good to the society. He knew his mission from day one.” He regretted that, today, such leaders do not exist.  According to him “the Unity Party of Nigeria (UPN) legislators during the second republic were not in the National Assembly to make money but to serve and to set a standard behavior which we imbibed from Awo.”

    Akintoye said: “Papa Awolowo relentlessly put himself in search of knowledge. Therefore anyone of you can also start from somewhere in search of knowledge. At 37, Awo had stepped into greatness by forming the Egbe Omo Oduduwa, a feat that was followed by the publication of his first book on Nigerian Federalism which was channeled towards Nigeria’s greatness in 1939.” He was politically savvy and when he returned to Nigeria, it was the beginning of modern awareness.

    He added: “This is a reminder that we can achieve anything we set our minds on. This is the message to our youths in these terrible times and history of our country. I was just a university professor when I went to the Senate in 1979. I had only a small car that I used throughout. When salaries were increased to N3, 000, Papa called me and exploded in my face. I heard that senator’s salaries were increased and you were there. Why did you not speak against it?”

    Akintoye said the country was being confronted with many challenges because the people had rejected the wisdom of Awo. He advised the youths to think big in their youthful age. He said: “Awolowo loved his people; he lived for his people; he was a human being; he did a lot of great things for our people. Why can’t you begin to do big things now that you are in your 30s. You can achieve as well because he has showed you how to do it.”

    He said Nigeria could break up, if not restructured, adding that the country should not have found itself in this position where ethnic groups lord things over themselves. He added: “We are not a conquered people. We say this now because we have ignored what Awo saw clearly at 39 in 1947. The Federal Government is meant to be a coordinator not a controller. A controlling Federal Government is a recipe for danger. Chief Awolowo knew his vision from his childhood. Today, we don’t have such leaders. People leave office richer. When I was a senator, the National Party of Nigeria (NPN) senators were big men. They were getting import licenses. We of the UPN were only thinking of how to make the country better.”

    A close associate of Awo, Chief Ayo Adebanjo, told the youths that all the programmes implemented by the late sage were backed by philosophy. He said the free education programme was introduced to ensure egalitarian society where everybody would be equal.

    Adebanjo said Awo succeeded in the implementation of his programmes because he did his homework and trusted his colleagues who assisted him in running the government. He said the people believed him and his government. He added: “When his government introduced a levy of 10 shillings on every adult to finance free primary education, the people of Western Region agreed to pay.”

    He recalled how Awolowo surcharged the late National Chairman of the defunct NPN, Chief Adisa Akinloye, who went on a foreign trip sponsored by the Regional Government. Akinloye, he said, took his wife along without government approval. When he returned, Awo instructed that all expenses incurred by Akinloye’s wife should be deducted from his salary.

    Tokunbo-Awolowo recalled that her father told her that when the 10 shillings levy for free education was introduced, the reigning Deji of Akure, who belonged to the opposition party, invited Awolowo for a discussion on the levy. Awo honoured the invitation and met the traditional ruler and his chiefs at his palace in Akure. The question put to Awo by the Oba was, if he paid 10 shillings, would all his children benefit from free education programme? Awo said no matter the number of your children, they will benefit. Then, the Oba instructed his chiefs and subjects to pay the levy.

    Awo’s personal secretary, Mr Odia Ofeimun, described the late sage as a man of ideas and an advocate of true federalism. He said: “I related with Papa Awo, not as an employer or leader, but as a man of ideals.”

    Ofeimum said Nigeria would not split, despite agitations from a section of the country. He said the people of Nigeria shared a strong bond and affinity. He said if Nigerians could honestly find out about their history, they would discover the bond of unity and similarity among them and none would sincerely wish for a break.

    A participant, Malam Isa Usman, said the North had over the years had a negative impression of Awo. He said: “When I read about his laudable achievements in the West, I found him to be honest and dedicated to the welfare of his people. Had it been Awo was given a chance to rule this country, we won’t be where we are today. I am happy the suspicions between the North and Southwest are gradually disappearing and that explains the political alliance that brought about the formation of the All Progressives Congress (APC) and the election of President Muhammadu Buhari.”

    Usman said the youths should see beyond ethnic and religious boundaries and imbibe the virtues of past leaders, for the country to move forward. He added: “Awo was not a saint; he was a human being like us. Whatever his shortcomings, we should celebrate him. He towered above his contemporaries. Not only that all the leaders we’ve had since his exit from government and politics have not matched him. Awo served his people such that the Yorubas will never forget him.”

    Usman said Awolowo was born at the right time and that he lived his life in the right country. He added: “But whether our country was right for him is another question. His impact on the lives of millions of Nigerians is immeasurable. He lived his life for the people. Three decades after his death, he remains the yardstick by which greatness is still measured in the most populous and most important country in the Black world.”

    To Alex Nwokocha, Awo was truly a great man. He said: “Because of his brilliance and strength of character, he was very much misunderstood and envied; and because most couldn’t measure up to his expectation and greatness, they vilified him.  He was graceful; he was charismatic; he was purposeful. Most of all he had a clear vision of what he wanted for Nigeria and for humanity. Above all , he was a nice and decent human being.”

    Nwokocha said: “Awo never became the president of Nigeria, because he refused to compromise his principles; he refused to betray his constituent and his conscience; he refused to bow to the wishes of the colonialist. For these and other reasons, therefore, he was denied the ultimate political price and because he was denied his political aspiration, Nigeria has remained in the doldrums ever since.”

    On Awolowo’s unrealised wish to be president, Nwokocha said the country lost the brightest star it ever had and may have to wait another 70 years for a man like him to emerge and free the country from bondage.

    He added: “To say he was a statesman is an understatement. If he was an American or a European, the world would have placed him in the same league as Churchill, Roosevelt, Charles de Gaulle and many others. But, because Nigeria is what it is, we have no regards for our heroes. Any wonder then that no one wants to lay their lives for a country that does not appreciate her citizens?

    “I wonder what would have become of our country, if Awo had ruled this country. I think of how far we would have gone in terms of human and economic development. I think of all the possibilities and the dreams and aspirations we had as a nation; we missed a great man.”

     

  • Awo: 30 years after

    Awo: 30 years after

    Thirty years after the death of the first Premier of the defunct Western Region, the late Chief Obafemi Awolowo, his admirers still hold him in high esteem. This was demonstrated at a lecture organised to mark his 108th posthumous birthday in Lagos. Assistant Editor LEKE SALAUDEEN reports.

    Nigerians from all walks of life converged on the auditorium of the Nigerian Institute of International Affairs (NIIA), Lagos, last week, to witness the 2017 Obafemi Awolowo Memorial Lecture. It was one of the activities put in place to mark the 108th posthumous birthday of the late sage.

    Despite the fact that the programme was held on a Monday — and it rained in the early hours of that day — the turnout was highly impressive. The auditorium was filled to capacity such that some guests had to hang around.  An octogenarian, Pa Isola Adeniran came all the way from Oyo town, because of the lecture. He said: “I attend the lecture every year as a mark of respect I have for the late Chief Jeremiah Oyeniyi Obafemi Awolowo.”

    Adeniran, a retired permanent secretary in old Oyo State Civil Service, said: “Every year, I gain a lot from the exemplary life of Awo; his dedication to serve humanity and his legacies as a family man and a public officer.”

    There is no doubt that Awolowo was a great Nigerian who was probably not appreciated in his lifetime. At considerable expense, he introduced free primary education for all and free health care for children in the defunct Western Region. He established the first television service in Africa in 1959, and the Oduduwa Group; all of which were financed from the highly lucrative cocoa industry which was the mainstay of the regional economy.

    It was Awolowo that crafted the strategic policies that ended the three-year civil war. But, the hero of the war on the rebel side, the late Chukwuemeka Odumegwu-Ojukwu, was gracious and truthful enough to describe him as “the best President Nigeria never had”.

    Observers say this year’s Obafemi Awolowo Memorial Lecture is unique, in the sense that it is the first time it would involve the youth. The organisers apparently heeded the advice of Professor Ladipo Adamolekun who chaired the 2016 lecture that the youth should be involved in subsequent editions. The lecture took place under the theme: The Awolowo Legacy and its Message to Nigerian Youths.

    Besides, Mr Segun Awolowo (junior), the grandson of the late sage, featured at this year’s event, unlike before. He served as programme co-ordinator. Observers say it may be the beginning of devolution of responsibility in the Awolowo dynasty.

    The guest lecturer, Professor Banji Akintoye, advised the youth to take over the struggle for the restructuring of Nigeria. He challenged them not to allow the struggle to be championed by politicians. He classified the youth as those within the age bracket of 18 and 40, who, he said, constitute about 55 per cent of the nation’s population.

    Akintoye said any youth who wishes to leave an indelible mark on the sands of time must emulate the Awolowo ways. He said: “Do not leave the struggle for restructuring of Nigeria to politicians. They are playing with your future.

    “Any youth who chooses to learn from Awo stands a chance to live a life that influences others, enriches and builds for themselves respectable images all over the world. Though things are tough in Nigeria today, but things will eventually work for those who are given to learning and who continuously strive to learn new ideas. This is the Awolowo way.

    “Papa Awolowo relentlessly put himself in search of knowledge. Therefore, anyone of you can also start from somewhere in search of knowledge. At 37, Chief Awolowo had stepped into greatness, by forming the Egbe Omo Oduduwa, a feat that was followed by the publication of his first book, which was channelled towards Nigeria’s greatness two years later.

    “This is a reminder that we can achieve anything we set our minds on. This is a message to our youths in these terrible times and history of our country.”

    On the state of the nation, Akintoye believed that Awo would not be happy with the present situation of things in the country, especially when considering his dream of a Nigeria where the rights of any tribe, irrespective of population or location, would be respected. This, he said, could be hinged on the gross neglect of individual ethnic rights under the guise of building of a central government system.

    The professor of History noted that over concentration of power in the Federal Government is the root of all evils threatening Nigeria.  He warned: “Except room is given for proper restructuring of Nigeria, where no single tribe’s right is subsumed by another, Nigeria is heading for disintegration. If you deny any nation such as the Igbo or Yoruba nation or others of their nationality, then we are piling more problems for the future.”

    Akintoye said: “Awo remains alive because his legacies continue to impact the lives of Nigerians. There are thousands of Yoruba professors scattered in different universities and other parts of the world. Majority of these are products of the free education programme introduced by Awolowo.”

    In his opening remark, the Chairman of the occasion, General Yakubu Gowon, noted that Awo never did anything by half measure, adding that his life would forever remain a reservoir of knowledge for all Nigerians, especially the youth. According to the former military Head of State, the youth need at this time to benefit from the wisdom of the sage.

    He recalled the immense contribution Awo made when he was Vice Chairman of the Federal Executive Council (FEC) and Federal Commissioner of Finance, particularly during the civil war of 1967 to 1970, thus: “Awo worked with me at a difficult time in the life of this country, but throughout this time, he kept sharing ideas for the development and survival of Nigeria. Together, we succeeded in keeping Nigeria one without borrowing a kobo

    “Awolowo was not for Yoruba nation only, but for entire Nigerian nation. We can call him ‘Father of Nigeria’.  So many things stood him out like loyalty, perseverance, hard work and sacrifice. We were relatively young when we assumed leadership of Nigeria in 1966. We listened to the elders like him in the cabinet. We took decisions in the best interest of Nigeria. I appreciate Awo, because he always made sure we got it right and did it right.”

    Chairman, Selection Committee, Obafemi Awolowo Prize for Leadership, Chief Emeka Anyaoku, announced that there is no award for this year. According to him, the committee considered seven names of intellectuals submitted to it by the Technical Committee. He said, regrettably, while some of the names were able to demonstrate some of the Awo’s attributes, they did not combine those attributes with what Awo represented in his life. He named such qualities lacking in the nominees as: cerebral capacity, pro-people attitude, impeccable patriotism and love for the country without counting inconvenience. It was the combination of these attributes and qualities, he added, that singled out Professor Wole Soyinka and former President of South Africa, Thabo Mbeki, to become the first and second winners respectively.

    On the state of the nation, Anyaoku said if Chief Awolowo and other founding fathers were alive today, they would be full of lamentation and disappointment for the state the country has found itself. He said: “I have often wondered how Nigeria’s founding fathers

    — Nnamdi Azikiwe, Chief Obafemi Awolowo and Ahmadu Bello — would have felt today, if they were to rise up to see Nigeria as it is today.”

    The former Commonwealth Secretary General said he had no doubt that lamentation and deep disappointment would fill their minds, especially Chief Awolowo, who championed the cause of true federalism and, as premier, brought about very effective rule in the old Western Region. He added: “Chief Awolowo would be disappointed that, instead of having viable federating units in which effective human and economic development could thrive under a peaceful atmosphere, the country has non-viable federating units with an all-powerful centre.”

    According to him, it was this situation that gave rise to the do or die politics prevalent today, among other things. He said the lopsided federal structure is equally to blame for the worsening ethnic and religious divisions in the country, which has weakened its national unity. Anyaoku urged Nigerians, particularly media practitioners, the youth and political leaders, to invoke Awo’s attitude and assimilate them.

    Governor Rauf Aregbesola of Osun State shares Anyaoku’s view. He wondered what statements Awolowo would make on the state of the nation were he to be alive today. Aregbesola said however that he does not believe in restructuring, because it is not the real problem facing the country.

    He said the real issue is that Nigeria cares less about how its income is being distributed. This, according to him, is the root of poverty in the country. He cited the case of Europe that was redeveloped after being ravaged by war and Britain in particular that suffered hunger for months with no food being allowed into the country, but still came out of the problem.

    His Lagos State counterpart, Governor Akinwunmi Ambode, said: “The gathering here today is a testimony of the special place Awo occupies in our heart. It is to remind ourselves about our old leaders like Awo. We should learn from their ideas; the physical development experienced in the old Western Region when he held sway was a testimony of his great ideas.”

    Ambode, who was represented by his deputy, Dr. Idiat Adebule, said the gathering was an opportunity for both the new and old leaders to rob minds. He added that there was the need to exemplify Awolowo’s characters, not by the relationship people had with him, but by putting into practice what he stood for and demonstrated.

    The Ooni of Ife, Oba Enitan Ogunwusi, urged the political leaders to be mindful of what would be said about them after they must have died. According to him, it is not about wealth and estates left behind, but the positive impact one would make on the lives of the people.

    Oba Ogunwusi said: “They would not remember the estates. They are ephemeral. All those things will leave you when the separation comes. Separation will come; death is the price that all of us will pay; it is unavoidable and inevitable.”

    Earlier, the Executive Secretary of the Obafemi Awolowo Foundation, Dr Tokunbo Awolowo-Dosumu expressed her appreciation and delight at the support the Foundation had been enjoying from Nigerians since it was set up in 1992.

    Other dignitaries present at the event  were the Obi of Onitsha and Patron, Obafemi Awolowo Foundation, , Igwe Nnaemeka  Achebe, former  governors Olusegun Osoba (Ogun), Dr  Emmanuel Uduaghan (Delta), former Editor, Daily Times, Chief Areoye Oyebola, Chief and Mrs Adekunle Ojora, Chief Ayo Adebanjo, Arch Bishop George Amu, General Alani Akinrinade, Chief (Mrs) Nike Akande; former Chief of Naval Staff, Admiral Akin Aduwo, Lady Maiden Ibru, Professor Adebayo Williams and Ayo Opadokun.