Tag: 54

  • Custodian and Allied grows net profit by 54%

    Custodian and Allied grows net profit by 54%

    Custodian and Allied Plc has announced an unaudited profit before tax of N3.8 billion and profit after tax of N3.2 billion for the nine months period ended 30 September 2014.

    The result represents an increase of 54 per cent over the N2.06 billion profit after tax recorded in the corresponding period of 2013.

    Similarly, Shareholders’ funds increased by 11 per cent to N21.2 billion from N19.1 billion as at 31 December 2013, while total assets stood at N49.9 billion compared with N45.6 billion reported as at 31 December 2013. It will be recalled that the company recently paid an interim dividend of six kobo per 50 kobo share after paying a total of 16 kobo per share on the preceding year’s results.

    Chief finance officer, Custodian and Allied Plc, Ademola Ajuwon, noted that favourable underwriting income from the insurance subsidiaries and remarkable efficiency gains were factors that contributed to the improved result.

    According to him, the performance is a concise representation of Custodian and Allied Plc’s unrelenting commitment to its corporate ideal of exceeding customer and other stakeholders’ expectations at all times as demonstrated daily through customer focus, comprehensive systems, processes and operations integration.

  • Nigeria’s unexploited potential at 54

    Students reflected on the state of the nation, especially the insecurity and the state of education during the Independence Day commemoration. OLUWAFEMI OGUNJOBI (Language Arts, Obafemi Awolowo University, Ile-Ife) spoke to some of them.

    The commemoration of the nation’s 54th Independence was an opportunity for students to reflect on the state of education and the insecurity ravaging a part of the country. Was the day worth celebrating? Some students believe there is more to be done, rather than rolling out the drums to mark the anniversary.

    What is the reason for celebration? Alex Ojekunle, who recently graduated from Public Administration Department at the Obafemi Awolowo University in Ile-Ife, Osun State, asked. He noted that the situation in the country demanded sober reflection and not celebration.

    He said: “For four consecutive times, the independence anniversary has been solemnly observed in the safe premises of State House, instead of the Eagle Square, where such events are held. This tells us that all is not well with the nation. This is not what our founding fathers struggled to leave as legacy to us. They all toiled to build a nation where every citizen will be free and live anywhere in peace.

    “But this is not the story today. We now live in a society that is placed at the mercy of criminals and blood-thirsty terrorists. It is a tragic narrative of our national life.”

    Rather than spending billions on celebration, Alex said the government could invest the money to fund tertiary institutions. He said: “In Ghana, we have eight public universities and all of them are well-funded. Nigeria should focus on how to mobilise resources for the operation of established universities.”

    Independence is seen as an opportunity for citizens to determine their collective destiny and channel people’s energy to pursue development. Compared to its peers on the continent, Nigeria is said to be endowed with human resources, which it can harness to its advantage. But, 54 years after its freedom from colonial rule, many said the country was yet to explore its potential to achieve growth.

    Benedict Inyang, a student of the University of Uyo (UNIUYO), said: “We don’t need a soothsayer to tell us that the country is still wandering in the wilderness. The poor state of everything in the country is an indication that all is not well with the nation. There is more to do, instead of celebrating.”

    Oyiza Sanni, a student of Political Science at the University of Ilorin (UNILORIN), said: “The Independence Day is not a day to celebrate. This has been my position over the years, and I dare say that the situation in the country has got to the point where everyone needs to begin to look at our challenges from a new perspective.”

    She added that the nation’s education system remained in the doldrums. While other British former colonies such as Ghana, with which Nigeria faced the same challenge, have been able to reform its education system, she said Nigeria was yet to achieve any meaningful development. “Why celebrating when education is in bad shape?” she queried.

    To Odunola Oladejo, a final year Law student at the University of Ibadan (UI), there was no substantial reasons for Nigeria’s independence, because, according to her, the country is yet to become a free nation. “Nigeria can really be worth celebrating when there is a stop to the incessant killings and bombings, and when no corrupt politician would get a hiding place,” she said.

    She added that Nigeria has a strange value system in its public education system. “Quality of education is on the decline. With the reports of high-profile corruption still screaming on the pages of newspapers, the march to nationhood remains a mirage,” she added.

    There is still an atmosphere of fear in the country, why should people celebrate independence? Damilola Okin, a student of OAU, asked. “If there must be celebration, our leaders must come out of the safe Aso Rock Villa to hold the anniversary on an open field where the masses can participate. Since they cannot do this, why tell citizens to smile in their hopelessness?” she said.

  • Nigeria @ 54: A chequered history

    Some 54 years ago, after much agitation and struggle for political, racial, economic, social and financial freedom, Nigeria attained got independence. Imperialism and Western domination by our colonial masters prior to the attainment of independence was fingered as the cause of the many challenges facing the nation at the time. Then, Nigeria was chafing under rule of Her Royal Majesty, the Queen of England and her emissaries, who took the best of the nation to England and left us with little or nothing to fend for ourselves.

    Then, Nigerians were slaves in their own country. We laboured, while the colonial masters ate from our sweat. Our situation could be likened to a case of a farmer with all the sophisticated farming tools but still with a poor harvest despite the fertility of the farmland.

    Then, racism was a major determinant of social status and political relevance. Majority of the black race at the time believed that it was ordained by God for them to be inferior and thus accepted the tag and behaved as subordinates in their thoughts, actions and decisions; we were contented with being servants of the white. The white, on the other hand, expanded their civilisation to the fullest and lived as ‘gods’ of the black in their own continent.

    It is no wonder that a few well-informed and brave Nigerians then, who are today, regarded as nationalists, fought to a standstill, the continuous enslavement of not just Nigerians but also our brothers in other countries on the continent.

    After sustained agitation for independence, Nigeria finally got freedom with much expectation and hope. Relief finally came the way of the country and its citizens as people of same colour and with identical cultural origin were expected to understand themselves better.

    In the early years of independence, Nigeria and its citizens were in a hurry to develop and experimented with various forms of government to see which suits the country the most.

    One military intervention after another did not allow stable democratisation. Men in uniform neglected their primary role of defending the territorial integrity of the nation and chose rather to become insatiable potentates in their quest for power, which was evident in the way they threw away esprit de corps and overthrew one another to assume leadership.

    With the exception of the Olusegun Obasanjo and Abdulsalami Abubakar regimes, men in uniform clung tenaciously to power; they were booted out by aspiring military dictators.

    Rather than continue with the policies of the previous administration, successive juntas preferred to start afresh and jettison previous developmental strides, if there was any.

    Thus, after years of independence and struggle for freedom, Nigeria was still virtually in the same place. Men in uniform made a mockery of civilian rule for the total emancipation of the people as they were more concerned with enriching their pocket rather than developing the country. Corruption had already reared its ugly head at that age of Nigeria’s growth.

    The advent of the 4th Republic in 1999 brought a lot of hope and reprieve to the people. Almost 16 years of democratic experiment, the much desired reprieve is yet to happen. Civil rule came with it a lot of agitations and more ways in which citizens could express their fundamental human rights as enshrined in the Constitution. Perhaps, this could be said to be the beauty of democracy as people sought for more ways to be relevant and contribute to national discourse.

    While a school of thought is of the opinion that the Nigeria remains a dream after 54 years as independent nation, others point to the fact that major world powers took hundreds of years to attain their current status and that the country could not be an exception.

    However, some of the indices to which one could use to measure a country’s growth as a yardstick for its progression such as the standard of living, education, health care, employment opportunity etc are nothing to write home about.

    For instance, prior to the discovery of oil in Oloibiri in 1958, much emphasis was laid on agriculture as a major source of revenue generation for the country but since the discovery of oil, agriculture, which had the capacity of employing millions was relegated to the economic backyard and this could be said to be the genesis of the high unemployment rate ravaging the country.

    Nowadays, agriculture is seen as an occupation for the poor and less privileged even though it could be the solution to the ever growing unemployment challenge of the country.

    Furthermore, corruption has now become a norm in virtually all segments of our national life. These days, everybody believes that all those at the corridors of power steal with the pen and the younger generation is already buying into this idea that is being implanted in them. Thus, corruption has eaten deep the fabric of the public sector to the extent that there is hardly any job, admission, promotion, transfer or salary increment that does not come with one form of inducement or the other. This scenario has made our service rendering system questionable.

    Hunger and starvation are fast becoming part of life in Nigeria, even as our population is exponentially growing beyond our imagination. No additional infrastructure is being put in place to prepare for the escalating population. The number of sick people is rising daily without the corresponding medical facilities and personnel to cater for their need.

    It can be said, without fear of contradiction, that the combined effect of hunger, terrorism and lack of adequate medical facilities in the country is worse that the effect which the civil war had on the Nigerian economy.

    As we marked 54th independence anniversary, we must first look within ourselves and bring back the “can do” spirit that is in all of us. The notion that everybody at the corridors of power is corrupt is not completely true as the nation still has men and women of impeccable character, who have not soiled their conscience and who still believe in the progress of the nation.

    Efforts must be made to ensure that young people follow in the footsteps of the few patriots who are still in positions of authority to bring Nigeria back on track towards achieving its objective of becoming one of the top 20 economies of the world in the year 2020.

    Yes, Nigeria has had a chequered history since independence but all hope is not lost. Effort must be made by those in authority to implement good policies that will touch the lives of average Nigerians and those seeking to aspire to key offices must endeavour to continue projects that they inherited from their predecessors.

    At 54, it is high time the people changed their orientation about the country. We only have one country and we must work as a team to ensure that it is great again. This can only be done if we, in our own little way, ensure that the needed change begins with us. We cannot remove a speck from someone else’s eyes without first removing what is preventing us from seeing clearly with our own eyes.

     

    Philip, is a graduating student of Electrical, Electronics and Computer Engineering, DELSU

  • 54 years in wilderness

    Yesterday, Nigeria was 54. As usual, the Federal Government rolled out the drums to celebrate yet another National Day anniversary. The sceptics among us may ask: what are we celebrating? Is it to show that another year has gone by since we turned 53 last year? It is good to celebrate, but it is better to have good reason to celebrate. To celebrate for the sake of celebration is a waste of resources. And as we all know these resources are scarce to come by these days.

    It is in our character to celebrate; we are good at that. We celebrate just anything when  we have easy access to the resources to do so. Those in government are  most guilty of this since  they have access to our common wealth which they can use the way they like. They know how to spend the people’s money on their behalf without the people benefiting from such jamborees.

    The life of a nation and  a man is comparable. Though age may tell on a man and not tell on a nation, but where a nation has nothing to show in terms of growth and development, its age becomes mere number.

    Since our independence from Britain in 1960, Nigeria, many believe, has been moving round in circles. Its leaders have not done anything to help the country achieve its potential. They are more interested in themselves than in what they can do for the country. Nigeria has the capacity to be great, but sadly, the kind  of leaders it has been saddled with all these years, does not have what it takes to take it to the promised land. Unlike the children of Israel, who spent 430 years in bondage in Egypt, God was so kind to us that we did not spend that long under British colonialism.

    What then is delaying our progress after surmounting the odds of colonialism? Where did we miss our way? What is the problem? As Shakespeare said, the fault is not in our stars but in ourselves that we are underlings.  The problem of Nigeria is simply that of leadership. We have been unlucky in the type of leaders we get. They are those who do not care about the nation but themselves and their families. To them, as long as it is well with them and their families, the country can go to blazes. They come to office, promising heaven and earth, but they end up doing nothing.

    They lack vision and are clueless. The Bible put it succinctly, where there is no vision, the people perish. Nigerians are suffering for the lack of vision of their leaders. The vision they have is to loot, loot and loot. Where do we go from here? Must things continue like this? Why is a nation so blest suffering lack? Why are the people of a nation  suffused with oil living  in poverty? God wanted us to attain greatness without breaking much sweat and so allowed us to be liberated from Britain without a fight with our colonial masters. Even, the 30-month civil war could not stop our march to greatness.

    But, we missed our way by not following God’s plan for our nation’s life. Many are asking today whether it would not have been better to remain under British colonial rule than the self government we have been practising in the past 54 years.  With what we are witnessing now, we cannot even say that the future is bright. How can the future be bright with those at the helm of affairs today? Yes, the Jonathan apologists will say that he did not get us into this mess. Ask them, what has their man done to get us out of it? You will shudder at the tissue of lies that will  come out of their mouths in their bid to defend the indefensible.

    They will tell you that their benefactor has confronted terrorism frontally, yet Boko Haram continues to run rings round the Northeast states of Adamawa, Borno and Yobe. Their  man has ”fought terrorism to a halt”, yet the Chibok girls are still in captivity, 171 days after their abduction from their school in the wee hours of April 14. Indeed, have Nigerians not   been enjoying stable power supply since the privatisation of the Power Holding Company of Nigeria (PHCN)? Have companies which relocated to Ghana, Benin, Cote d’ivoire and Togo not returned? Are the textile mills not running efficiently again? Have generator distributors not packed up and moved to other countries since Nigeria is no longer good for their business?

    In the past 54 years, we have been in wilderness because of lacklustre leadership. We are in the wilderness of corruption, mismanagement, failed public utilities and a comatose real sector. But things were never  as bad as they have been in the past four years. There is no hope of a better tomorrow because of  the insistence of some people that the same leadership must remain in place in 2015. The older generation of the Israelites did not get to the promised land because they doubted the power of God to deliver them. The promise of God to them was to move forward, but on the way, they questioned His power to deliver them, wondering whether His servant, Moses, actually heard from Him or had his own plan to kill them while in transit to the promised land.

    They taxed the Lord’s patience as our leaders have been doing in the past 54 years. God gave us freedom on a platter of gold so that we can come to ours within a few years. But see what our leaders have made of this freedom, which some countries went to war to attain. If after 54 years of independence we are still crawling, at what age will we then walk? At  70, which is just 16 years away? Those that started this journey with us have gone far. They have since left us behind in the race of life.

    Even Ghana, our next door neighbour is not the same Ghana we used to know in the 1980s when things were difficult for that country. Ghana whose citizens did menial jobs here in the 80s has since overcome its challenge and now has a thriving economy. This is why many companies are leaving Nigeria today for Ghana. Mind you, I love Nigeria because it is my country, but I would not be blinded by that love not to point out its ills. Our leaders have, over the years,  been our problem. Unfortunately, Jonathan is not making things better. All the same, happy anniversary, Nigeria.

  • Nigeria @ 54: The journey so far

    SIR: Upon our attainment of political sovereignty on October 1, 1960, Nigerians from diverse ethnic cum social backgrounds heaved a sign of relief and expected that Nigeria would become a better country as imperialists handed the baton of leadership to Nigerian leaders. Their belief was that the leaders were filled with nationalistic fervor and zeal, and that they would put the country’s interests above their selfish materialistic and ethnic interests.

    But, soon after our attainment of political freedom, our disunity that is traceable to ethnicity and religious intolerance became manifest with devastating implications. Political parties were formed along ethnic and religious lines. In the first republic, AG was to the western region what NPC was to the north; and, NCNC was believed to be an Igbo Party. Those parties were not nationalistic in outlook. So, clannishness and ethnic rivalry eroded the foundation of our country’s unity. Not surprisingly, the Nigeria-Biafra War erupted, which claimed the lives of millions of people, and caused the depredation of the south-east.

    Again, the June 12, 1993 presidential election imbroglio nearly caused another civil war in Nigeria. It took the deaths of Sani Abacha, a maximum military dictator, and MKO Abiola, the presumed winner of the June 12, 1993 presidential election,for Nigeria to be brought back from the precipice. General Abdusalami Abubakar hurriedly conducted a general election, which brought Chief Olusegun Obasanjo to power, and ushered in the fourth republic.

    Nigeria has not become a truly peaceful and united country, although we have enjoyed 15 years of unbroken democratic governance. We still view one another with hatred and ethnic distrust. In order to allay the fears of the minority group about their being dominated, and to erase the feelings of marginalization among them, the ruling PDP introduced the political formula of rotation of power among the six geopolitical zones in the country. Chief Olusegun Obasanjo benefitted from that unwritten political arrangement and initiative. He ruled for eight years.

    His successor, Alhaji Umaru Musa Yar’adua, died while in power. The doctrine of necessity was invoked, and it facilitated and paved the way for the emergence of Dr. Good-Luck Jonathan as president in 2010.

    President Jonathan inherited most of the problems that are afflicting us, today. But, has he done much to tackle them, effectively and decisively?

    Our educational system is in tatters with millions of unemployable university graduates roaming the streets.  Power supply, which is the chief driver of industrial development in any country, is erratic, here. Some major federal roads in the country are so rutted that they bring back memories of dilapidated thorough-fares in war-ravaged countries like Afghanistan, Cambodia and others. Now, well-heeled Nigerians seek medical treatment for minor ailments like headache and malaria in Europe and America.

    Nigeria needs fixing. But achieving national integration and unity and having a competent and patriotic political leadership are keys that will unlock our potentials and take Nigeria to a great height.

    • Chiedu Uche Okoye,

    Uruowulu-Obosi, Anambra State