The Nation Newspaper

Tag: brave

  • Adams a brave man, says Akeredolu

    Adams a brave man, says Akeredolu

    The Oluwarotimi Akeredolu administration in Ondo State has said the choice of Otunba Gani Adams as the 15th Aare Ona Kakanfo-designate of the Yoruba is a testimony to his bravery and broad-minded commitment to Yoruba nationalism.

    In a congratulatory message at the weekend by the Commissioner for Information and Orientation, Mr Yemi Olowolabi, the “government and people of Ondo State” described the title as “a rare honour bestowed on him by the great monarch, Alaafin of Oyo, Oba Lamidi Adeyemi”.

    Adams is an indigene of Arigidi Akoko in Ondo State.

    Olowolabi said: “I write to convey to you the good wishes of the people and government of Ondo State on your recent appointment as the Aare Ona Kakanfo of Yoruba land.

    “This is a rare honour attesting to your bravery and broad-minded commitment to Yoruba nationalism.

    “You have, in the last two decades, carved a niche for yourself as a courageous advocate of cultural renaissance and a frontline defender of the interest of your people.”

    The letter noted that “having come this far in your career as cultural revivalist and a leader of the famous Oodua People’s Congress (OPC), no one was surprised that you have been so honoured”.

    It added: “It is, therefore, our fervent prayers that God will give you the wisdom to succeed in your huge historic task of fostering unity, upholding integrity and development of Oduduwa sons and daughters.”

  • Brave new world

    It is a brave new world! Here isn’t speaking in the technological sense of Aldous Huxley’s famous 20th Century epic with that title, but in electoral terms. And the prompt in this instance is Euro star, Germany, which last week fell into rank with countries buckling under an upswell of nationalist fervour sweeping the world.

    Twelve years on in office, Chancellor Angela Merkel headed up with a fourth term win in the German elections held penultimate weekend. But the poll also marked the worst showing for her Christian Democrats (CDU)-Christian Social Union (CSU) bloc since 1949 when national elections were first held in the country after World War Two. And the poll as well threw up in power right-wing nationalists banded as Alternative für Deutschland, AfD (meaning: Alternative for Germany) for the first time in the country’s post-World War history. The catch is: with the country’s Nazi antecedents, that development triggers some alarm in the German establishment.

    AfD’s surge in German politics cozies up to the high tide of nationalism indexed by the United Kingdom’s Brexit referendum in June, last year, and the shock victory of narcissistic President Donald Trump in the United States in November. Even France momentarily reeled under the tide in its two-round presidential election this year as nationalist candidate Marine Le Pen gave the eventual winner, independent centrist Emmanuel Macron, his stiffest challenge.

    Germany’s electoral system is parliamentary, and the governments are conventionally formed from coalition deals. To get into the 709-seat federal parliament known as the Bundestag, a party must garner at least five percent of the votes cast in an election – obviously with the largest party in parliament holding the Chancellorship.

    AfD debuted in 2013 and had taken its chance with that year’s poll, but fell just shy of the stipulated threshold for entering parliament with 4.7 percent votes. In the latest election, however, the xenophobic party broke through into power with 12.6 percent of the votes cast. It only trailed Merkel’s CDU/CSU bloc, which netted 33 percent of the votes cast – a loss of 8.5 percent of voter support in comparison with 2013 results; and the current coalition partner in Merkel’s government, the Social Democrats (SPD), which came off with 20.5 percent votes – dipping 5.2 percent below its 2013 standing.

    My fascination with the recent German election is how totally voters’ will formed the reference point that guided politicians’ understanding of their mandate and dictated their next steps. While Merkel won another term, for instance, it was widely recognised that her victory was hollow and in real terms a defeat in disguise. She has a tough call ahead cobbling together a viable coalition government, and may be compelled to call another election if her efforts fall through. Meanwhile, she is fully on terms with her party’s loss being AfD’s gain, because it seemed sufficiently apparent that voters backlashed on her open-border disposition towards refugees and immigrants. In what was touted as her victory address last Monday, a crestfallen Merkel said she would listen to the “concerns, worries and anxieties” of AfD voters – one million of whom she noted deserted her party – so to win them back. “I want to look for the conversation in order to tackle hate and rage, but there are some people who don’t want to listen to anything at all at the moment. We have to accept that,” she added.

    Her current coalition partners, the Social Democrats, for their part considered their poor showing in the election a mandate to opt out of government and block the prospects of AfD becoming the main opposition party. SDP leader Martin Schulz said the party had been given “a mandate to be a strong opposition in this country, a mandate to defend democracy against all those who question and attack it.”

    AfD naturally sees its mandate differently. The party understands its propulsion into power to be a vote to fight “invasion by foreigners.” The co-leader, Alexander Gauland, told a news conference after the vote: “One million people – foreigners – being brought into this country are taking away a piece of this country and we as AfD don’t want that. We say, ‘I don’t want to lose Germany to an invasion by foreigners from a different culture.’ Very simple.”

    Even prospective new coalition partners of Chancellor Merkel, who incidentally were rear guarders in the election, are sounding off on their accountability to voters. There is the talk of a “Jamaica coalition” being the most feasible scenario: so-called because of the likely partners’ official colours, which are the colours of Jamaica’s national flag. There is black of the CDU/CSU; yellow of the Free Democrats (FDP), which got 10.7 percent of the votes; and the Greens with their 8.9 percent vote harvest. But the FDP and the Greens differ fundamentally on a number of issues in nationhood conversation and insist on staying true to their voters, making the feasibility of their becoming coalition partners in government a tall rule. “Whoever gets into bed with this Chancellor (Merkel) will perish there,” FDP’s Thomas Kemmerich said.

    The moral in all these is that the fixation of the German political elite with what they considered the will of voters is what makes democracy pulse. It is instructive, for instance, that none of the political actors cried foul over the outcomes, blame their showing on vote stealing by co-contenders, or ply conspiracy theories that loop the election managers in with devious riggers. And neither, as it seem apparent, do they consider getting a hold on power an end in itself; it all boils down to what the voters want done with their country.

    Nigeria marked its 57th year of Independence yesterday and the country is 18 years into the present political republic, and we could well fantasise on what it would be like for us to step into the electoral brave new world. There is little question our political culture here is light-years away in the antediluvian axis, and it should be the day when we come round to the civilisation of voter supremacy as we glimpsed in the German poll. Of course, I must acknowledge that in climes like ours, that supremacy is contingent on the conduct of the political class and just as well the election managers. But where we observe progressive efforts on the part of election managers to upgrade the system, does onus not devolve back on the political elite to likewise recalibrate?

    A present indication of the charade that is the Nigerian democracy is the humongous duel being fought by Dino Melaye, representing Kogi West senatorial district in the Senate, to frustrate a bid by his constituents to recall him. The senator sees the imprint of his political enemies all over the bid, and he is perfectly entitled to the view. But he would not even allow the petition seeking his recall to be reality-checked by the Independent National Electoral Commission (INEC) in accordance with statutory provisions. Only last week, he resorted to playing the artful dodger when the commission assayed to serve him a notice of the petition and signatures of aggrieved constituents. And so, even though he attended the day’s Senate plenary, he was nowhere in sight to receive the documents when INEC officials called at the National Assembly.

    Melaye’s obvious endgame is to stall the recall bid with complexified litigation that would outlast the lifespan of the current legislature. But you could well ask whose mandate he is fighting to protect, and from who.

    Please join me on kayodeidowu.blogspot.be for conversation.

  • Ondo, land of brave and virtuous

    This is Ondo State, the land of the brave and virtuous. This is a geographical space richly endowed by nature. This is our collective haven; an impregnable fortress for the protection of the weak and the underdog, a place where everyone is held and treated as important. We are proud inheritors of this enviable heritage from our forebears. We are bold, yet not foolhardy, resourceful, pragmatic and hospitable, but far from being stupid. We show understanding, readily, but resist all attempts by the impetuous and naïve, who mistake the craving for collaboration for the much-needed progress as weakness. We must remain consistent and resilient in the defence of this collective heritage.

    I should, therefore, hasten to admonish that there is indeed little or no time for endless celebrations. These appointments must be seen as a call to service at this critical juncture in the life of our dear state. As our administration renews its pledge to the people to be accountable at all times, there is the urgent need for rededication by all those who serve the public.  We must encourage broad and massive participation of our people in the business of government.

    Government and governance should not be stultifying abstractions, distant and disconnected from the service to which these modern concepts evolved to proffer. Those who lay claims to legitimacy of representation, as deriving from the people, must always keep their focus on this time-tested objective. Governance should not be reduced to a circus show; specious, ostentatious and profligate exhibition of inanities. Any decision or action of acclaimed representatives of the people must be an answer to identifiable socio-economic challenge. Elected and appointed public officials must subject their individual preferences to the collective will. Performance must be measured in terms of its positive impact on the people.

    If development is about the people, all decisions and actions must be for the realisation of this lofty objective. Any opportunity offered for service must be understood in this context. Nobody must consider his/her choice, out of numerous other equally eminent candidates, as an invitation to primitive self-aggrandisement. This administration will not permit it. Any conduct which seeks to perpetuate the misery of the people will be discouraged actively.

    No appointment is “juicy”. Every ministry, agency and established public office is important. This administration shall extend equal attention to all offices. It would be a mistake, with grave consequences, for anyone to act in a manner which negates decency and decorum. There will be zero tolerance for all acts considered unbecoming of patriotic indigenes of this state.  We will simply not allow them.

    As the ship of this administration finally gathers steam to set sail, it is pertinent to acquaint the good people of this state with the true financial situation. We believe it is important that our people should possess this information. This must not be construed as politics and we plead with our media practitioners to subject this information to the crucible of serious scrutiny and analysis.  The knowledge of true financial status of the state government will guide and moderate the craving desires of all and sundry. Expectations of performance from the government must be anchored on reality. Government officials must bear this fact in mind, always.  It will be easy for the people to show understanding when they know the truth.

    The economic condition of this state is precarious, depressingly so. We expend virtually all allocations and the insignificant revenue generated internally on recurrent expenditure. The internally generated revenue is very low. The huge debts owed by the state have been worsened by infrastructural deficit on ground. Yet we strive to discharge our obligations to creditors whose exactions on our very poor revenue militate, significantly, against planning.

    The government is looked upon as the major provider of succour to the people. Times are indeed very hard.  Job creation is a cardinal policy of the administration. We are not unmindful of the cynicism of our political opponents who believe that engaging our youths productively is a tall order.  We are, however, convinced of not only the possibility of making this objective a reality, but our activities will erase the doubts as we progress.  All hands must be on deck.

    This administration at inception met a staggering debt totalling N220,588,125,731.00 (Two hundred and twenty billion, five hundred and eighty-eight million, one hundred and twenty-five thousand, seven hundred and thirty-one naira).

    With a total inherited debt of over N220 billion, it should not be difficult for anyone to know that the government’s capacity for seeming elastic adjustment to cater for the people has been stretched to its limit. There is no gain asserting the obvious; our administration is not in any position for frivolities. All of us must gird our loins for the great task ahead. The picture is not good. Therefore, all acts with the potential of pushing us deeper into economic crisis must be jettisoned. We earnestly promise to provide the needed leadership.

    Despite the challenges encountered by our administration since assumption of office, we have approached governance with resilient determination. Paucity of funds has been a major encumbrance as explained earlier. To put out this quagmire, we have already commenced the process of re-engineering our Internally Generated Revenue (IGR) efforts which will soon begin to yield the desired results.  The administration has, however, been able to embark on projects which impact positively on the lives and general well-being of our people. We are beginning to register our presence in the consciousness of the people through our activities in virtually all sectors.

    Imbued with the unshaken belief that an environment with a developed infrastructure is that which is ready for progress, we have been able to intervene to bridge the very wide gap in infrastructural deficit.

    Our intention is to turn our dear state into a hub of socio-economic activities. We are determined to stimulate the economic space for the benefit of our people. The commencement of regular flights from Akure to Lagos, and continuation of Akure to Abuja has been a tremendous boost to the state. Businessmen and women, traders and all those who take investment seriously are trooping into our state with ease. Ondo State is indeed a veritable destination for investors. Air Peace Airline is making this possible. The transparent conduct of this administration and its insistence on discharging its mandate sincerely and courageously make good things happen.

    We promised to make life more abundant for our people. We will continue to strive to keep that vow within the available resources. We can turn things around positively. We only need men and women imbued with the necessary patriotic zeal and determination to do things differently. I enjoin us to make our appointments impactful on the generality of the people in the State. We must approach issues touching on their lives with seriousness.

     

    • …Excerpts of speech delivered by Ondo State Governor Oluwarotimi Akeredolu at the swearing-in ceremony of commissioners and Special Advisers.
  • ‘Property boom only for the brave’

    ‘Property boom only for the brave’

    On one of the most exclusive streets in Abuja sits a crumbling mansion with an unwelcoming message painted at its entrance: Beware! This house is not for sale.

    The warning refers to a popular property scam. In the most elaborate version, robbers break into your house while you are away, change the locks, and then produce multiple copies of fake title deeds. Posing as estate agents, they show buyers around your house and sell as many copies of the deeds as possible. When you get back, your house belongs to six people.

    This sort of deception epitomises the tricky nature of Nigeria’s real estate business, but despite the risks, there are huge returns to be had in a market where around 16 million homes are needed just to meet current demand.

    Navigating through opaque land laws, corruption, a lack of development expertise and financing, a dearth of mortgages and high building costs will take courage and influential local partners.

    “There are sizeable challenges to overcome but in many ways Nigeria represents the perfect storm for real estate investment; huge population, rapid urbanisation and a growing middle-class,” said Michael Chu’di Ejekam, Director of Nigerian Real Estate at Actis, a London-based private equity firm.

    Actis has $5.2 billion under management, including two sub-Saharan Africa real estate equity funds totaling $434 million, which it says are attracting United States and European investors.

    The country’s population of nearly 170 million is bigger than Russia’s and its economy is growing at six per cent, a combination which is producing a new wave of property buyers from bankers and airline staff to mobile phone and fast food shop owners.

    “I see demand from the middle-class higher than ever before,” said Deolu Dara, Associate Vice President at Nigeria-based Avante Property Asset Management, which manages several multi-million dollar residential projects in Lagos.

    A successful real estate investment in Nigeria can earn an returns as high as 30-35 per cent, while rental income yields in cities such as Lagos and Abuja can easily reach 10 percent, developers and estate agents say.

    Property in Lagos, a heaving metropolis of around 20 million people, can be among the most expensive in the world with two-bedroom flats costing more than $1 million in upmarket areas.

    However, the top-end range is dominated by well established players and developers should target middle-income workers in major cities, such Lagos, Abuja and the oil-hub Port Harcourt. The most popular units fall in a price bracket of N20-35 million ($123,000-$214,100), developers and estate agents say.

    Nigeria’s middle class make up around 23 per cent of the population and earn around N80,000- N100,000 ($490-$610) per month, according to report by investment bank Renaissance Capital.

     

    In smaller cities and rural areas, a lack of information about land and regulation is off-putting, while a violent Islamist insurgency has made the north of Nigeria unattractive, despite huge unmet demand in cities such as Kano and Kaduna.

    The majority of Nigerians live in poverty in shanty towns or in basic concrete block and iron-roofed houses they have built themselves, but building mass housing for the poor is not a popular investment.

    “If you know the market, the people, focus on middle class and cherry pick your deals, you can clean out,” added Dara, who said Africa’s biggest oil and gas industry is also driving demand. One foreign oil major bought 300 flats recently.

    Nigeria’s construction and real estate sectors are growing at more than 10 and 12 percent respectively, a boon for foreign and Nigerian construction firms, including UPDC, Cappa D’Alberto and Julius Berger.

    Yet, there is still not enough quality affordable housing because business is frustrated by widespread corruption, poor state infrastructure and a lack of expertise and financing.

    Constructing a block of flats costs three times as much in Nigeria than in South Africa, builders say, and many developments are abandoned when projects run out of money or become slums because they are poorly built.

    London-based estate agent Jones Lang LaSalle ranks Nigeria 96th out of 97 on its transparency index, just in front of Sudan but behind six other African countries.

    Having support from powerful politicians or business magnates will help to avoid terminal financial pitfalls.

    LOCAL PARTNERS

    “It’s a business that requires local partners and local knowledge or you’ll run into problems,” Dara at Avante says.

    Avante’s chairman is Wale Tinubu, the head of oil and gas firm Oando and a close relative of former Lagos state governor Bola Tinubu, who still wields influence there.

    London-based Actis has given directorships to Nigerian energy firm Seven Energy and local conglomerate UAC.

    Once the supply challenges have been overcome, there remains a problem with that huge latent demand. No mortgages. Unless you are willing to pay a 25 percent interest rate.

    The mortgage debt-to-GDP ratio in Nigeria is under 0.5 percent, compared with 72 percent in the U.S. and over 30 percent in Malaysia and South Africa, government figures show.

    “In places like America you seem to be able to buy property without a stress but it just isn’t like that here,” said Ike Ejekam, 31, who is about to buy a newly-built two-bedroom apartment for 20 million naira in a gated community in the popular Lekki district on the Lagos peninsula.

    Ejekam represents the new breed of buyers who expect well-built housing with all the modern conveniences. He works at a branch of a local bank and is using his life savings and funds borrowed from family members to buy his property outright.

    “I don’t like to think about mortgages because it scares me when I see how difficult it is for my friends to get a loan.”

    Nigerian banks don’t like giving out mortgages because reliable information about buyers and land is scarce, while there is no secondary market to offset the risks.

    MORTGAGE DENIED

    The government says it is trying to fix this by securing a $300 million loan from the World Bank to establish a mortgage refinancing company, which should free up some bank lending.

    A Federal Mortgage Bank was also launched this year, which government hopes will help build 500,000 new homes. The bank plans to float a 200 billion naira mortgage bond, the proceeds from which can be handed over to home buyers with the state guaranteeing against default for five years.

    The government is also discussing passing legislation to create a secondary mortgage market and to improve land laws.

    “With this sense of urgency we could have a significant improvement in the mortgage market by 2015,” United Bank for Africa CEO Phillips Oduoza told Reuters.

    This optimism is also being felt by developers as dozens of well-financed projects are underway, including the Eko Atlantic City – a multi-billion dollar project built from 9 square kilometers of land being reclaimed from the sea in Lagos.

    The billionaire Chagoury brothers, who are of Lebanese descent, are leading the mega-project, which will feature parks, swimming pools and skyscrapers with floor-to-ceiling glass. Banks, including France’s BNP Paribas, Belgium’s KBC and several Nigerian lenders are on board.

    In Abuja, UPDC has started its 228-unit ‘Metro City’, which consists of well-designed blocks with balconies built in palm-fringed private compounds. Privately owned Churchgate Group is building its ambitious $1 billion World Trade Centre, a series of skyscrapers housing offices, flats and upscale shops.

    “Nigeria is a huge real estate opportunity,” said Ejekam at Actis. “The story is getting out, slowly.”