The Nation Newspaper

Tag: ease

  • Ease of doing business: Cautious optimism over fresh reforms

    Nigeria has moved from 169 to 145 in the World Bank’s 2018 Ease of Doing Business Index. Encouraged by the 24-point jump, the highest in the history of the rankings, it is planning to move 45 steps up in the next two years, with the ultimate goal to hit the top 100 by 2020. But the real sector is sceptical about the realisation of this target, via intensified reforms, to make the business environment more conducive. Assistant Editor CHIKODI OKEREOCHA examines the sector’s fear.

    The Federal Government’s renewed push to move 45 steps upwards in the World Bank’s ‘Ease of Doing Business Index’ in the next two years is both timely and legitimate.

    The move, which seeks to haul Nigeria to the top 100 by 2020, came at a time real sector operators are screaming blue murder that various regulations and policies being implemented by the government are undermining the ease of doing business initiative.

    It also drew its legitimacy from the fact that Nigeria’s enormous opportunities and business potential due, in large part, to her population and abundant natural resources, have not translated to a better economic fortune as a result of the challenges to the ease of doing business. So, the aspiration, which harbours hopes of making the business environment more conducive and boosting Nigeria’s global competitiveness, was a welcome development.

    However, when the Senior Special Assistant to the President on Industry, Trade and Investment, Dr Jumoke Oduwole, spoke glowingly, almost convincingly, of the government’s plan, through reforms, to improve the country’s ranking by 45 places in the World Bank Ease of Doing Business Index in the next two years, it was received with measured optimism by real sector operators.

    Although the latest ambitious target, ultimately, hopes to propel Nigeria to the top 100 by 2020, many real sector operators are skeptical. Some of them argue, for instance, that while the new target is an impetus to the Executive Order on Ease of Doing Business earlier signed by Vice President Yemi Osinbajo, there is need to holistically address the plethora of challenges to the ease of doing business in the country beyond the confined prism of the executive order.

    In a bid to address some of the identified challenges to the ease of doing business, Osinbajo last year issued an Executive Order with the aim of creating an enabling environment for business and entrenching measures and strategies aimed at promoting transparency and efficiency.

    The executive order also sought to promote domestic and foreign investments, create employments and stimulate the economy. The initiative was also expected to promote made in Nigeria products and services by supporting local contents in public procurement by the Federal Government, and fast-track country’s transition to a non-oil economy.

    But the initiative has since come under intense scrutiny, with real sector operators pointing out, for instance, that their operations are hurting from multiple taxes and levies by government at all levels. They have been lamenting that the barrage of taxes and levies by various tiers of government, which came in the wake of the high revenue drive by the federal, state and local governments, is affecting their profitability.

    The Chairman of Manufacturers Association of Nigeria (MAN), Ikeja Branch, Otunba Francis Meshioye, put this in perspective when he said that the cost of the heavy tax regime propelled by the revenue drive by the three tiers of government was being borne principally by businesses, adding that it was threatening the manufacturing sector’s survival.

    Meshioye, who spoke at a breakfast meeting for MDs/CEOs organised by the branch in Lagos, recently, said the uncertainty arising from regulatory burden and complexities in government’s tax drive were undermining the manufacturing sector’s ability to successfully launch new businesses, expand existing ones, and create jobs.

    At the meeting with the theme, “The Impact of Legislation, Regulations and Policies on the Ease of Doing Business in Nigeria,” Meshioye lamented that these negate the objectives of the ease of doing business initiative and other reactionary interventions by the federal and state governments.

    However, the heavy tax burden is not operators’ only grouse. The Founder and Senior Partner of Paul Usoro & Co, Mr. Paul Usoro (SAN), also said lack of synergy among various government Ministries, Departments and Agencies (MDAs) was not helping matters and may hurt the realisation of the new target.

    The expert in Communication Law added that decrepit infrastructure, particularly, inefficient power supply remains clog in the wheel of progress. He said, for instance, that power supply in Nigeria still falls short of the megawatts required to power the economy.

    He said while the country reportedly generates about 7, 000 megawatts, this falls short of the required 10, 000 MW as envisioned in the Economic Reforms and Governance Project, which seeks to improve government’s economic and financial management systems and processes.

    As if lack of access to steady and reliable electricity to real sector operators was not bad enough, the unpredictability or lack of continuity of government policies, freeze in the lending activities of banks, lack of maintenance culture and macro-economic instability, among others, are raising the blood pressure of operators.

    For instance, many manufacturers have been agonizing over the high inflation, interest and exchange rates. For instance, many of them are unable to sustain or expand production at the prevailing interest rate of between 20 -27 per cent, depending on the borrower’s perceived risk level.

    As Usoro and indeed, other operators observed, the major source of capital for businesses in Nigeria still remains bank loans, which come at high interest rates. Inflation and exchange rate have also been trending upwards to the chagrin of real sector operators especially the Medium, Small and Micro Enterprises (MSMEs).

    The fear is that with the afore-mentioned issues largely unaddressed, the fresh target to improve the country’s ranking by 45 places over the next two years may not be realised.

    While admitting that in setting the new target, government drew its strength from Nigeria’s ranking for 2018, which placed it at 145th position out of 190 countries, with the nation moving up by 24 points from the 169th position on the 2017 ranking, they argue that there is need to first address these issues.

    Indeed, Nigeria’s rise by 24 places from 169 to 145 in the World Bank’s 2018 Ease of Doing Business Index was her highest jump in the history of the rankings, which provide a global snapshot of a country’s business environment in comparison to its peers.

    The feat is said to be fallout of the work of the PEBEC, which is the administration’s flagship initiative to reform the business environment, attract investment and diversify the economy. The council’s principal goal is to make it easier for MSMEs to do business, grow and contribute to sustainable economic activity, and create jobs.

    PEBEC was inaugurated in July 2016 and chaired by Osibanjo. Its reforms as well and the signing of the Executive Order on ease of doing business last year are said to earned Nigeria the rise by 24 places on the ease of doing business ladder.

    It was against this backdrop that Oduwole, said “All of the reforms introduced over the past 24 months are reversing decades of neglect and internal governance roadblocks, and improving Nigeria’s business environment.”

    The PEBEC scribe, who spoke after the Council’s recent meeting where it presented its “2018 Making Business Work Report,” however, said the ambitious target requires accelerated and focused execution of government Executive Order and National Action Plans (NAP).

    Although Oduwole, who doubles as Secretary of PEBEC, announced that the PEBEC will continue to work closely with the public and private sectors to institutionalise its reforms, cascade them to state level, and refine and improve the business environment,” real sector operators appear not particularly swayed.

    Not a few operators especially manufacturers have kicked their heels in, insisting that one of the critical starting points to achieving the new target and making the business environment friendly should be the immediate harmonisation of taxes and levies by the three tiers of government.

    They also argued that the nation’s decrepit infrastructure must be fixed to unleash the potentials of the productive sector if the target must be achieved. They also pointed out that the concerns of operators earlier mentioned must be holistically addressed.

     

    PEBEC promises

    fresh reforms

    To boost the confidence of real sector operators and other stakeholders in the Federal Government’s push to move to the top of the rankings, Oduwole said the government would introduce an omnibus bill on business facilitation in the second half of this year and early 2019.

    The Council, she added, will consolidate gains for the economy through the deepening of the sub-national ease of doing business project. She also said the government was putting measures in place with the aim of making the reforms sustainable, as well as provide support reforms with a robust operating model to accelerate change and build capacity within the MDAs.

    On operators’ outcry over lack of synergy among MDAs, Oduwole said: “The Council is also fostering cooperation between the MDAs and across states, the National Assembly and the private sector; ensuring effective coordination among all the relevant agencies to provide a unified view of implications and improvements; and ensuring proper planning to eliminate the critical binding constraints.”

    The PEBEC secretary stated that Nigeria has come a long way over the past two years, bouncing back from significant macro-economic distress, and is on the way to becoming a textbook example of how an African country can turn its business.

    According to the “2018 Making Business Work Report” presented by Oduwole, the current reform cycle is focused on three pillars to accelerate and expand the impact of completed reforms.

    The first one is deepening  existing reforms through the completion of pending initiatives and ensuring implementation of completed reforms launched last year, including communication and consequence management.

    The second is making the reforms sustainable through several measures being put in place to ensure progress is sustainable, while the third is providing support reforms with a robust operating model to accelerate change and build capacity within MDAs.

     

    PEBEC’s reforms

    The PEBEC on February 21, last year approved a 60-Day National Action Plan, an inter-ministerial and inter-governmental plan drawn by the Enabling Business Environment Secretariat (EBES) for implementation by various MDAs.

    The EBES was set up in 2016 with the mandate to implement the reform agenda of the PEBEC. The EBES identified six broad challenges affecting the ease of doing business in Nigeria, all of which were to be addressed within the 60 days implementation timeframe.

    According to the “2018 Making Business Work Report,” in 2017 the PEBEC through EBES implemented the first 60-day NAP that contained reforms across seven World Bank indicators and one home-grown indicator.

    The indicators include Starting a Business; Registering Property; Dealing with Construction Permits; Getting Credit; Getting Electricity; Paying Taxes; Trading Across Borders; and Entry and Exit of People.

    Although The Nation learnt that the Council’s reforms have, indeed, yielded positive results, the consensus of operators is that consolidating the reforms and achieving the new target require that the government must muster the political will to match words with action by addressing the challenges facing the real sector.

  • Fed Govt moves to improve ease for doing business

    The Federal Government  drive to improve the ease for doing business  has received a boost as investors and would-be-business owners now have a handbook on how to obtain licenses and permits when doing business in selected sectors in the country.

    Publishers of the handbook, A&E Law Partnership, in a statement on Wednesday in Abuja, said it was part of their contribution to improving the environment for doing business in Nigeria.

    The foreword to the hand book written by Peter Ntephe said the guide is “a one-stop-shop handbook on the rules for entry into various sectors of the Nigerian economy. Key processes and procedures are outlined in as much a succinct way as possible, along with the fees for obtaining licences and registrations.

    This handbook which is a product of the knowledge gained by the law firm over the years in “its core competences” is a praiseworthy compendium and guide to the rules and regulations for doing business in the ‘commanding heights’ of the Nigerian economy.”

  • ‘How to ease process of acquiring C of O, others’

    •3,000 certificates awaiting collection in Lagos

    Stakeholders in the land and housing sector in Lagos State have applauded reforms put in place by the state government.

    At the quarterly interactive stakeholders’forum organised by the Lagos Lands Bureau in Alausa Secretariat, Lagos, the participants lauded the Permanent Secretary, Land Bureau, Mr. Bode Agoro, for the reforms.

    These reforms include the deployment of professionals to achieve optimum performance, minimising abuses, especially those relating to corrupt practices and red tape; reforming mode of payment, placement of templates for the conduct of business in the Bureau, and introduction of the Electronic Document Management System (EDMS).

    Others include the reduction from  30  days to 21 days at the most, the processing of Governor’s Consent; digital mapping of the state to complement the effect of EDMS; reduction of payments on consent fees, capital gains tax, stamp duty and registration fees; and the establishment of the Directorate of Land Regularisation to eliminate the defective ratification procedure, among others.

    A participant, Mr. Olusola Ayeni, however noted that to make land registration easy, tax requirement should not be a prerequisite.

    He   said  not many land owners, especially those in rural areas, pay tax.

    “I believe that the government would make more money from land registration if tax is not part of the requirement. The issue of tax is a difficult thing all over the country, but if this is removed, people will be ready to come forward, knowing full well the benefits that accrue to a land with title document,”Ayeni explained.

    Another participant, Samson Alade, suggested that a letter of allocation and a certificate of occupancy (C of O) could be issued together. He said its adoption would erase the practice of issuing letters separately, and crash the processing fee.

    “I am of the view that the certificate of occupancy alone is enough to serve the needed purposes, instead of subjecting the people to double payment,” he said.

    But the stakeholders were unanimous that the Bureau should have field workers who will inspect land before registration, instead of the situation in which government officials wait at the Lands Bureau office for land owners.

    “Many people have a wrong notion about civil servants. They see them as being hard, extortionists, and overly officious with many negative impressions. More than that, people lack financial wherewithal to be coming repeatedly without successfully getting their transactions done, particularly those that are not residing in the metropolis. So, if officials can be visiting them and make the charges as low as possible, the government revenue will increase and people will have value for their property,”said Kayode Oyedele, another participant.

    Agoro assured that the Governor Akinwunmi Ambode-led government was determined to make life easy for the people.

    He said the government had introduced proactive policies on property perfection and registration to develop to make life easy for the people. These policies, he noted, led to some reviews, which has helped in preventing abuses in town planning and urban protection laws.

    The Permanent Secretary said in line with Governor Ambode’s commitment to prompt issuance of C of Os to property owners, more than 3, 000 of the document were already signed, waiting for collection by their owners. Fifty-six of the documents were collected at the forum.

    “Some documents that don’t qualify to be registered find their way for registration, creating a lot of hiccup in Land Bureau, thereby making it possible for illegal land acquisition by fraudulent persons. But with quality control department that has now been put in place, every application will now be filtered to determine their originality,” he added.

    Also, Land Regularisation Director, Mr. Taofeek Adenuga, said every survey must reflect the reality on site; hence the government would incorporate surveyors, town planners and others, to assess the status of land.

    “It’s time we are seeking cooperation and suggestion from all stakeholders, especially those of you who will need our services. We would want all of us to be on the same page so as to make land administration fast, cheap and less cumbersome,” Adenuga said.

  • Ebonyi, no longer at ease over Umahi’s political moves

    Ebonyi, no longer at ease over Umahi’s political moves

    Ebonyi State Governor, Dave Umahi’s alleged friendly relationship with the Presidency is not only a source of concern to his political party, the Peoples Democratic Party (PDP), but also the root cause of the speculation that he is poised to dump PDP for All Progressives Congress (APC). Associate Editor, Sam Egburonu reports that the development has pitched Umahi’s supporters with the followers of former Secretary to the Government of the Federation, Senator Anyim Pius Anyim, and may redefine political alignments in the state.

    In Abakaliki, the Ebonyi State capital, and its environs, it is still possible today to see Governor Dave Umahi and Senator Anyim Pius Anyim, the former Secretary to the Government of the Federation (SGF), sharing warm jokes in public places. Just recently, when Anyim buried his mother- in- law at Isiagu and Umahi graced the occasion in style, the handshake was warm enough to create doubts in the minds of anyone suspecting a possible rupture in the relationship of the two political leaders.

    This show notwithstanding, insiders in the politics of the South-East state confirmed to The Nation during the week that all is no longer the same between Anyim and his political grandson, Umahi. We gathered that some PDP chieftains in the state, especially close associates of Anyim, who allege that the governor is shifting his allegiance to the new lords in Abuja, are no longer at ease with his political overtures.

    “All is no longer the same here because we have reason to believe that Governor Umahi, who is always passionate to be his own man politically, is poised to dump our leaders here. This is unfortunate because it is these same leaders that made him who he is today. We hear and have seen concrete moves that confirmed to us that he may no longer be a PDP loyalist”, alleged a top PDP member in the state who pleaded not to be named.

    Although Umahi has reportedly denied any move to dump PDP for APC, the allegation had literally placed iced water on the hitherto warm relationship between him and the other leaders of PDP in the state. Sources said some Anyim supporters, who accuse Umahi of not deferring to the former SGF any longer, are however helpless as Umahi’s control of PDP in the state and indeed the politics of the state today seems near total.

    According to Chief Uzoubi Uko, “Whether he chooses to remain in PDP or to defect to APC will make little or no difference in his control of the politics of Ebonyi. The governor is fully in charge here. If you understand the politics of this state and the dynamism of Umahi, a grassroots leader, you will understand that he is not and will never be threatened even if he chooses to defect to APC. But he has said he is not planning to dump PDP but have seen the need to give President Muhammadu Buhari the support he needs to succeed. Now, tell me, what is wrong with that? I do not know why some elements are just desperate to create tension where none exists.”

    In fact, since Engr. Dave Umahi, then as the Deputy Governor, first declared resolve to pursue his governorship ambition in Ebonyi State in spite of the then Governor Martin Elechi’s open refusal to offer the ticket of the Peoples Democratic Party (PDP) to him, the tempo of the politics of the South-East state has remained in the upward swing. The same, it seems, could be said to be the case with the political image of Umahi himself. He has always displayed uncanny ways of winning the stiff political battles he chose to fight.

    Bookmakers had given him little chance when he battled with Elechi, his boss, over the soul of the ruling party in the state. But he won and not only emerged the party’s flag bearer but also the governor of the state notwithstanding reports that most of the associates of the then Governor Elechi had teamed up in the Labour Party to raise the carpet off his feet at the grassroots level.

    Abuja connection

    When Umahi hijacked the leadership of PDP from serving governor Elechi before the last general elections, in what some commentators described as one of the most dramatic political coups of the Jonathan era, close observers credited the feat to his strong Abuja connections. Though the major actors in the Wadata Plaza headquarters of PDP in Abuja then and in the Dr. Goodluck Jonathan-led Presidency have all taken the back seat, his close associates confessed that Umahi is still highly connected in Abuja and is poised to utilize that connection to enhance both his political fortunes and the fortunes of his state.

    Ironically, it is this attempt by the governor to cultivate friendship with the Presidency and chieftains of the ruling APC at the centre that is allegedly heating up the politics of the state.

    The rumour about his alleged plan to dump PDP garnered steam when he held a closed-door 45 minutes meeting with former President Olusegun Obasanjo in Abeokuta. Stepping out of the meeting, Umahi had said to the new leaders at the centre, “We also came here to thank you for the manners and the ways you have been using the wisdom of God to assist in piloting the affairs of our nation. I thank you very greatly sir. I believe very strongly that what transpired during the election is actually the will of God. And we have the opportunity to right the wrong.

    “There is no administration that wouldn’t have some ills but the most important thing is the ability and the knowledge and wisdom to identify them like you just advised me here; all those good ones continue with them, the bad ones you can always right them,” he said.

    He did not stop there but openly pledged support for Buhari, saying of him: “And I use the opportunity to thank Mr. President Sir and to say one of the greatest things that will move this nation forward is forthrightness and Mr. President has displayed that. In our meetings, the governors, we are very pleased with him. It’s not a question of being in this party or being in the other party.

    “He displays rare sense of humility, honesty and the willingness to carry this country forward. And that’s what we are looking for. We are not interested in which party or the other party. We are interested in the man who has the welfare and the interest of the nation at heart. His directive to stop many accounts of NNPC, I’m sure you are gladdened because I had discussed that with you and you complained bitterly about the way NNPC was being run; when they keep more money than what they give the federal government.

    “So, we thank you and I want to say Sir that you continue to support Mr. President, General Buhari, and I’m very sure with you sir by his side, he is going to deliver in his promises,” Umahi said.

    Coming from a PDP governor, these comments have been interpreted to be a confirmation that the governor may be on his way out of PDP.

    Umahi’s interest in APC dates back to July this year, barely a month after his swearing in as governor, when he paid a well publicized visit to Buhari at the Aso Rock Villa though he defended then that his support for the programmes and policies of the President, especially the anti-corruption stance, does not translate to plans to defect to APC.

    But most political watchers could not believe him because not only has he gone out of his way to associate closely with Buhari and Obasanjo, he has also been seen consolidating his stake in the leading political platform by associating with and sending special gifts to some powerful Emirs who allegedly wield enormous influence in APC.

    We also gathered from top political leaders from the state, especially federal lawmakers who have held several meetings with him that he is zealous about the need to collaborate with Buhari’s government, notwithstanding how some elements in PDP will interpret it. An earlier report had quoted one of the Ebonyi State federal lawmakers as saying that Umahi actually advised them in a meeting to ensure that they align their bills with the vision of the Buhari-led government.

    No matter how Umahi may try to justify his resolve to praise and work with Buhari’s government in the interest of Nigeria, he can no longer deny the fact that this decision may have pitched him against PDP purists who see him as a betrayer. Umahi, it seems, is not perturbed. But there is some unease even amongst his associates, who are wondering if it is necessary for him to encourage this brewing political battle and if the governor stands a chance of coming out of it without sustaining some fatal political bruises?

    A top government official in Abakaliki, explaining the situation in the Government House said on Friday, “We are not worried here by the rumour because the governor is not afraid of political battles. He thrives from it. Recall that his political rise into the Ebonyi State Government House began when the then Governor Martin Elechi, who had assured him that the governorship of the state would be zoned to his old Afikpo bloc of Ebonyi South Senatorial district, suddenly shifted interest from him to the former Minister of Health, Prof. Onyebuchi Chukwu.

    “Many had thought the shift would mark the end of Umahi’s dreams but it ironically marked the beginning of a new tempo, a more radical and realistic tempo. Immediately the former Health Minister was named as the consensus governorship candidate, Umahi dished out his campaign posters. You know the rest of the story. So, he is not afraid to do the right thing,” he said.

    It is on record that in that political battle the official recalled, Umahi was backed by political heavyweights in the PDP like former Governor Sam Egwu, whose friendship with the then National Chairman of PDP, Adamu Muazu, gave enormous influence and the then Secretary to Government of the Federation, (SGF) Senator Anyim Pius Anyim, who literally oversaw Nigeria then, among others.

    With the help of these people, Umahi defeated Elechi and effectively took over control of PDP in the state.

    Now that his new steps would imply dumping these same PDP lords, it remains to be seen how it would impact on the politics of the state. Already, some supporters are saying that the weak economy of the state makes it wise for Umahi to relate well with the federal government. But the question his critics are asking is if he must dump PDP and his political godfathers before working with the Buhari-led federal government?

    The chess-like game has just commenced and it remains to be seen how it will ultimately affect common Ebonyi people and Governor Dave Umahi.

  • Carter: At ease and ready for radiation treatment on cancer

    Carter: At ease and ready for radiation treatment on cancer

    He had lost one-tenth of his liver to a surgery he underwent on August 3 to remove a tumor. But, that was not all for 90-year-old Jimmy Carter, United States (U.S.) 39th President. The former President had the first radiation treatment yesterday to deal with four spots of melanoma that were found on his brain.  Carter is, however, prepared for the worst. He told a news conference yesterday that he is “at ease with whatever comes”. 

    Former United States (U.S.) President Jimmy Carter announced yesterday that his cancer showed up in four small spots on his brain and he will immediately begin radiation treatment, saying he is “at ease with whatever comes.”

    “I’m ready for anything and looking forward to a new adventure,” said Carter, appearing upbeat and making jokes as he openly talked about his cancer at a news conference.

    So far, the pain has been “very slight” and Carter said he hasn’t felt any weakness or debility. Still, he will dramatically cut back on his work with the Carter Center and will give the treatment regimen his “top priority.”

    His first radiation treatment was set for Thursday (yesterday) afternoon.

    Carter, in a dark blazer, red tie and jeans and surrounded by friends and family, said at first he thought the cancer was confined to his liver. He thought an operation on August 3 had completely removed it, “so, I was quite relieved.”

    But that same afternoon, an MRI showed it was on his brain.

    “I just thought I had a few weeks left, but I was surprisingly at ease. I’ve had a wonderful life,” the 90-year-old Carter said. “It’s in God’s hands. I’ll be prepared for anything that comes.”

    He didn’t give any prognosis, but spoke about receiving three months of treatments and cast doubt on the possibility of traveling to Nepal in November to build houses for Habitat for Humanity, a Georgia-based organisation he has worked with for decades. He said other family members may have to represent him there.

    A small cancerous mass was removed August 3 along with about a 10th of his liver and doctors believe they got rid of all the cancer there, Carter said.

    It’s still not clear exactly where the cancer originated, although with melanoma, he’s told that 98 per cent of the time it develops first in the skin. He also said that the rest of his body will be scanned repeatedly for months to come and that more cancers may show up elsewhere. The cancer spots on his brain are about two millimetres in size.

    His father, brother and two sisters died of pancreatic cancer. His mother also had the disease. Carter, who had been tested for pancreatic cancer, said no cancer has been found there so far.

    What the former president has, he said, is melanoma, and experts say his lifelong activities may have increased his risk for skin cancer.

    He lives in the South, is fair-skinned and freckled, and through Habitat for Humanity and travel, has  spent a lot of time outdoors, noted Dr. Anna Pavlick, co-director of the melanoma programme at NYU’s Laura & Isaac Perlmutter Cancer Center.

    Carter said the radiation will focus on the tumors in his brain and he has already begun receiving a drug to boost his immune system.

    Dr. Patrick Hwu, a melanoma expert at the University of Texas MD Anderson Cancer Center, said the key immune system cells needed to attack the tumor can get into the brain, so the treatment gives Carter a fighting chance.

    “Every patient is going to be different,” he said.

    President George W. Bush and Bush’s father called him on Wednesday, Carter said, and he has received well-wishes from President Barack Obama, Bill and Hillary Clinton and Secretary of State John Kerry.

    “It was the first time they’ve called me in a long time,” Carter said to laughter.

    Carter’s health has been closely watched this year. He cut short an election monitoring trip to Guyana in May. A spokeswoman said he did not feel well and Carter later said he had a bad cold.

    Carter was U.S.’ 39th President, advancing as a virtual unknown on the national stage to defeat President Gerald Ford in 1976. But several foreign policy crises, in particular the Iran hostage crisis, crushed his bid for re-election and Ronald Reagan swept into the White House.

    He said yesterday that he still regretted not being able to rescue the hostages.

    The native of tiny Plains, Georgia, rebuilt his career as a humanitarian guiding the center focused on global issues. Carter earned a Nobel Peace Prize in 2002, helped defuse nuclear tensions in the Koreas and helped avert a U.S. invasion of Haiti.

    He and his wife, Rosalynn, still make regular appearances at events in Atlanta and travel overseas. When the couple is in Plains, Carter frequently teaches a Sunday School Class before services at Maranatha Baptist Church. He plans to teach this weekend as scheduled.

    “No matter where we are in the world, we’re always looking forward to getting home to Plains,” Carter said.

    He and his wife have thought for many years about cutting back their work at the Carter Center, which he established in 1982 to promote health care and democracy.

    “We thought about this when I was 80. We thought about it again when I was 85; we thought about it again when I was 90. So, this is a propitious time I think for us to carry out our long-delayed plans.”

     

    What counsellors say

    Genetic counselors say one thing is for sure: Many families are cursed with cancer and it can be absolutely terrifying.

    “Many of them think it’s not a matter of if they get cancer, but when,” said Joy Larsen Haidle, President of the National Society of Genetic Counsellors.

    But just because family members had cancer doesn’t necessarily mean you’ll get cancer. There are many variables: Who in your family has had cancer — close or distant relatives? Were they from one side of the family or both? Did they get cancer at a young age, when cancer is rare, or at an older age, when cancer is more common?

    If you’ve noticed cases of cancer in your family, the first thing to do is speak with a genetic counselor. Certain family history patterns signal there might be a bad gene in the family, while other patterns might point to a fluke.

    If it does turn out you have a serious family history of cancer, the next step is to decide whether you want to go searching for a bad gene. In some cases, as with breast cancer, knowing you have a bad gene can help you make decisions, such as whether to have a mastectomy before cancer strikes. Other times, knowing won’t help you; it may not be worth looking for it.

    Whatever you do, Otis Brawley, the Chief Medical Officer at the American Cancer Society, has one piece of advice: Talk to a genetic counselor before you go searching for bad genes, even if it costs a few hundred dollars. Genetics is a tricky, complicated business, and doctors typically don’t know all the ins and outs.

    According to the American Cancer Society, only about 5 per cent to 10 per cent of all cancers result directly from inherited bad genes.

    “I’ve seen many people waste thousands of dollars,”Brawley said, and some who’ve been given inappropriate testing.

  • No longer at ease with weak mortgage banks

    No longer at ease with weak mortgage banks

    The revocation of licenses of over 25 mortgage banks unable to meet the new minimum capital requirement stipulated by the apex bank is an attempt to separate the boys from the men, reports Ibrahim Apekhade Yusuf 

    These are certainly not the best of times for a good number of the mortgage banks operating in the country presently.

    Reason: their attrition rate these days is becoming as rapid as they are fighting hard to survive the biting credit crunch in the system.

    For economic watchers particularly, the revocation of the operating license of over 25 mortgage banks by the Central Bank of Nigeria (CBN) is a pointer to hat fact that all is not well in the sector.

    The revocation was communicated by the CBN via its gazettes dated 14 and 19 November, 14 and 19, 2014.

    Specifically, among the licenses withdrawn is 16 Primary Mortgage Institutions that failed to meet CBN’s stipulated 30-days deadline to show proof of their existence and/or evidence of operations in the immediate past one year, recently.

    In the course of the recent examination of all licensed Primary Mortgage Institutions (PMIs) carried out by the CBN, 16 PMIs were not found at their last known addresses.

    The Nation however learnt that the firms most affected were those that have unexpectedly closed shops or have ceased to carry on the business for which they were licensed for a continuous period of six months, as well as failed to render monthly returns to the CBN for at least six consecutive months, in contravention of Section 58 (1) and (4) of the BOFIA, 1991.

    The NDIC has subsequently been appointed the provisional liquidator to wind up the affairs of the closed financial institutions, according to a public notice by the corporation, a copy which was made available to The Nation.

    The corporation said it would soon make public announcement and publication on the verification and payment of insured deposits for depositors, creditors and shareholders of the affected banks.

    Affected PMBs

    According to the CBN, among the affected institutions are Alliance and General Mortgage Limited, Benhouse Building Society, Consolidated Estate Building Society, Cymon Savings and Loans, Euro-Banc Savings and Loans, First Amalgamated Building Society, First Capital Savings and Loans, Global Building Society as well as Harvard Trust Savings and Loans.

    Others are Home Foundation Savings and Loans, Jubilee Building Society, Lagoon Homes Savings and Loans, Leverage Home Savings and Loans, Mid Land Mortgages, Mortgage PHB, MultiBlanc Savings and Loans and Mustard Seed Mortgage.

    Others include Omega Savings and Loans, Password Savings and Loans, Post Service Savings and Loans, TMC Savings and Loans and Crystal Edge Microfinance Bank.

    Problem of mortgage banks

    To many analysts, among the mortgage operators, it is known fact the sector is facing a harsh economic downturn, notwithstanding the global economic crisis as the scarcity of long-term funds is hitting them hard. The short-term funds are mostly sourced from the money market, where commercial banks also complete for funds.

    Their cash flow is also hampered by their inability to tap into the National Housing Fund (NHF) for their contributors through FMBN, and becoming a window for the collection of the fund, which has prompted umbrella body of the mortgage banks -Mortgage Banking Association of Nigeria (MBAN) to liaise with CBN and local financial institutions and international development agencies in planning to float a liquidity facility company.

    Official estimates show that about 65 PMBs were in operation before the recent withdrawal of licenses, which may have further dip the number of operators to about 40 banks. But operators say the figures are much lower than that number. About 292 PMBs were licensed between 1990 and 1998.

    In July 1997, the Federal Mortgage Bank of Nigeria (FMBN), which later handed over 195 firms to CBN in 1998, revoked the licenses of 97 of the firms. The initial minimum share capital for PMBs was N5 million, rising first to N20 million and later N100 million.

    Statistics released by CBN shows that loan and advances in the sector between 2008, 2009 and 2010 are N108, 531,488, N121, 290,217 and N124, 165,992 respectively; deposits for he same period are N166, 234,932, N151, 122,301 and N168, 577,083 respectively and shareholders’ funds are N70, 345,140,N86, 614,813 and N80, 341,095 respectively.

    Worries over new capital benchmark

    Under a new guideline, mortgage firms had been categorised into national and state mortgage firms. While the former are allowed to operate in any or all parts of the federation after the payment of a new N5billion minimum paid up capital, the state PMBs are restricted to only one state if they satisfy payment of N2.5billion capital requirement.

    Several PMBs were believed to be lagging in terms of meeting up with the new capital requirement, thus making them easy target for the CBN’s sledge hammer.

    Speaking exclusively with The Nation recently, Mr. Anthony Okechukwu Ewelike is the pioneer Managing Director/Chief Executive, AG Homes Savings & Loans Plc while noting that his firm is a fledging primary mortgage bank with an asset base of over N8billion, he also admitted that shoring up their capital base has been a rather herculean task.

    “The toughest challenge for me has been how we recapitalise the company. It’s quite a tough thing because it’s by government fiat, Central Bank fiat. You must capitalise or you go under,” he said.

    Expatiating, he said: “Today, it’s been difficult with the climate of investment we have. You see what is happening in the oil market, what the capital market is doing, as such, investors are very skeptical and we have seen a lot of banks shut down. So before you can convince someone to come, he must believe that you have something to offer him or her. So, the toughest challenge I have had as the CEO AG Homes Savings & Loans Plc is how to recapitalise the bank.”

    Nigerian Mortgage Refinance Company to the rescue

    It is however instructive to note that the federal government in its determination to turn the tide in the mortgage sub-sector had at last quarter conceived the idea of a special refinancing vehicle called the Nigerian Mortgage Refinancing Company (NMRC). The NMRC vehicle was set up by the government in collaboration with the Federal Ministry of Finance and the CBN, after several postponements in the past.

    The company is also supported by the World Bank, which approved $300 million (about N48 billion).

    The NMRC is expected to help increase liquidity in the housing sector, provide secondary market for mortgages and thereby increase the number of people able to purchase or build homes at an affordable price in the country.

    A report by the Federal Ministry of Finance said 14 pilot states had been earmarked for the programme, adding governors of the states had agreed to provide and fast-track land titles, foreclosure arrangements and service plots.

    The company is also expected to help create more than 200, 000 mortgages in the next five years at an affordable interest rates.

    “To provide for those at the lower end of the economic ladder, there will be an expansion of mass housing schemes through a restructured Federal Mortgage Bank and other institutions to provide rent-to-own and lease-to-own options,” it said.

    The ministry said that the idea would help many Nigerian families to own a home.

    On the modus operandi of the NMRC, the Chief Executive Officer NMRC, Mr. Sonnie Ayere said mortgage loan applicants must provide 20per cent equity.

    “Right now, we say 20 per cent for a normal salary worker, and for payment, people have to pay through deduction at source for the public sector and even possible for the private sector.”

    According to Ayere, the criteria will be the guidelines that a mortgage lender will have to meet to be eligible for loan, adding that for a property to be eligible for refinancing, it must have tenure of 20years.

    Vote of confidence for NMRC

    In the view of Managing Director of ASO Savings and Loans, Hassan Musa Usman, he believes the NMRC will open a new vista of hope in helping developers in the country have funds to provide more housing units.

    He expects that the company would help in the quest to increase housing stock in the country.

    According to him, “it means that we as mortgage bankers can now create more mortgages for 10 to 20 years or so, knowing very well that whatever we create, we can sell up to the Mortgage Refinancing Company.

    “The NMRC will in turn issue long-term bond in the market, as it can afford to wait for the entire money (loan given out) to be paid. But we (mortgage banks) can pay up our own cash, go back and access new loans. What this means is that, for instance, with just N100 million, I can conveniently go and create loans worth N100 billion, package them, and after three months, sell them off to MRC. Then I can get loan worth N100 million from them and afterwards go back and create fresh loans. This can be done over and over again.”

    Echoing similar sentiments, Ewelike said the advent of the NMRC is a welcomed development for a sector in dire need of a lifeline.

    “I can tell you that the special purpose vehicle for mortgage which the NMRC is all about will help to boost the sector to a large extent, especially help achieve the federal government’s quest to improve housing delivery for the growing populace, ” he stressed.

    President, Mortgage Banking Association of Nigeria, Femi Johnson is also on the same page with Ewelike.

    According to him, the recapitalisation of mortgage banks was a pointer to a better mortgage finance system in the country and that with the NMRC, “loans at lower interest rates of 13 to 15 per cent for 20 years. So, definitely, there will be an improvement when all these monies come into the system. There will be new long term funds that are going to come into the system and so these banks will be able to finance mortgages for longer terms.”

    The NMRC, Johnson noted, already has loan of about $250 million at 0.75 per cent interest for 40 years and with a 10-year moratorium from the World Bank. The mortgage company will raise money from the capital market through government guaranteed bonds.

    He stated, “The NMRC will be able to raise money that pension fund will be able to invest in. Today we have about N4 trillion to N5 trillion of pension funds in the market, and once the fund is government guaranteed, Pension Fund administrators will be able to invest in it; so, this money will be channelled into housing.

    “So, definitely there will be a lot of money channelled into housing and housing finance this year; the outlook is bright.”

    A mortgage broker, Mr. Oloyede Obatoyinbo was also optimistic that the recapitalsiation of the mortgage sub-sector by the government in form of the special vehicle will help the cause of the sector tremendously, as more mortgage loans will be available as there will be more competition in the industry. “There may likely see a drop in interest rates, but the success of this whole thing depends largely on the activities and performance of the Nigerian Mortgage Refinance Company (NMRC),” he said.

    Defining moments for mortgage banks

    According to analysts, the new rule of engagement set by the apex for mortgage banks may be a good omen for the sector after all.

    It will be recalled that recently, following the recapitalization exercise of the CBN, 36 mortgage firms got licenses to administer mortgage portfolio in Nigeria. 10 mortgage firms were approved to remain in business with a national license having met the N5billion minimum capital; 26banks to operate with a state license for meeting up with only N2.5billion capitalisation, while others were delisted.

    A circular issued by the CBN revealed the following PMIs namely Abbey Platinum, Mayfresh, Jubilee Life, Aso, Trust Bond, Sun Trust, Infinity Trust, Haggai and Imperial Homes attained the National License status.

    On the list of the remaining approved 26PMIs by the CBN since only ten names were released, a source in CBN which asked not to be named because he is not authorised to speak on behalf of the bank said no list has actually been released to the public by the CBN for the 26PMIs and it will be incorrect for anyone to speculate.

    “There is really no official list from the CBN yet and it will be incorrect for me to say this PMI is on the list and that one is not there. We can only wait till an official list comes out from the CBN,” he said.

    As to whether the public should expect a significant impact now that the recapitalisation process seems to have been concluded and approved PMIs given the nod to start operations, the MBAN boss downplayed the expectations of market watchers about what had happened.

    “There can’t be any serious impact. The mortgage banks have recapitalised since December last year and if there has not been any serious impact on mortgage administration in the country since then I don’t think anything will change with just the national or state approvals given to PMIs,” the further explained.

    “Although it is expected that with the recapitalisation there will be more mortgage loans available, there will be more competition in the industry that may likely see a drop in interest rates, but the success of this whole thing depends largely on the activities and performance of the Nigerian Mortgage Refinance Company (NMRC).”

  • No longer at ease for Bureau de change operators

    No longer at ease for Bureau de change operators

    The N35million minimum capital base imposed on Bureau de Change operators by the Central Bank of Nigeria effective from Thursday, July 31, 2014 has remained a hotly debated issue with stakeholders, raising many questions and concerns as to the real intent of the new policy regime.  Ibrahim Apekhade Yusuf reports.

    SINCE the announcement by the nation’s apex bank that Bureau de Change operators would henceforth pay the sum of N35million as capital base as a prerequisite for setting up shop, the centre has refused to hold again as operators in the industry are crying blue murder over what they described as an “orchestrated plan by the powers that be to frustrate them out of business.”

    Crux of the matter

    When the CBN in mid June first mooted the idea of the new capital base and set aside July 15 as the deadline, not a few people were happy about the development.

    The CBN had recently increased the capital base of the BDC companies from N10m to N35m, among other guidelines. It gave the BDC companies until July 31, 2014 to comply.

    Among those who raised their voices above the din was the Chairman, Senate Committee on Finance, Senator Ahmed Makarfi.

    Makarfi had in clear terms described the whole thing as hogwash, saying that the N35m minimum capital base imposed on Bureau de Change operators was unfair.

    While addressing journalists in Abuja, he had assured then that both chambers of the National Assembly were already making moves to intervene in the matter.

    He said, “The House of Representatives has taken it up as a motion, but we in the Senate will adopt a different method to bring about dialogue between the operators and the regulators so that something more workable, more humane may emerge at the end of the day.”

    He maintained that the Central Bank of Nigeria could only justify the imposition of a huge capital base on the BDC operators if the regulatory agency had enough foreign exchange to sell to them at regulated rates.

    He advised that the apex bank should make the payment of the minimum capital base optional if it could not guarantee enough forex for all the operators.

    He said, “If the reason for raising the capital base is because of scarcity of forex, that means government does not have enough to sell. There is no harm in making such a policy. If it wants to raise capital base for those that are buying forex, it may do so, but the bulk of the operation of bureau de change should not be because they are going to buy from government.

    “In other countries, government can sell forex to bureau de change in order to regulate exchange rate through various means. But the day-to-day activities of the bureau de change are not like that, they sell based on what they buy.

    “With the minimum capital requirement, for you to open bureau de change, you should be allowed to operate and buy your forex where you can get them to sell and make a living but if the CBN is saying you need a minimum capital base of N10m or more before it can sell, then it must sell what is commensurate with what the capital outlined out. The CBN should make it an option, pay the minimum capital base if you want to buy forex from the CBN or ignore the directive if you have an alternative way of sourcing forex.”

    Makarfi asked the CBN to guarantee selling at minimum rate of exchange.

    “For me, a policy like that could make sense if they have much to sell but to slam such a standard on everybody, without an assurance of what they can sell, that will be commensurate with the capital you are asking the people to tie down. I think it is not just; it is not fair; it is not equitable.”

    Makarfi also cautioned the CBN Governor, Mr. Godwin Emefiele, against making sensitive statements that could affect his reputation.

    A breather

    In deference to the complaints by the lawmakers, last week, CBN swiftly amended the fresh capital requirements for BDCs unveiled on June 23 and extended the deadline to July 31, from the initial July 15th date.

    In a circular, Director, Financial Policy and Regulation at CBN, Kelvin Amugo, said interest would be paid on the mandatory cautionary deposit of N35 million, based on the savings account rate.

    The CBN, Amugo said, would on expiration of the deadline, cease to fund any BDC that fails to comply with the fresh requirements.

    Groundswell of opposition

    Expectedly, stakeholders in the sector are not happy with the so-called remedy offered by the CBN, and leaving anything to chance in their quest to ensure that the status quo is maintained.

    Specifically, the Association of Bureaux de Change Operators of Nigeria (ABCON), an umbrella body of operators, said the recapitalisation was an indirect attempt to empower few operators and force many into liquidation.

    Speaking on behalf of the group, ABCON President, Alhaji Aminu Gwadabe, said the amendments were far from the recommendations made by the association during a meeting with the CBN Governor, Mr Godwin Emefiele, on July 1.

    “We recommended that deadline for compliance should not be less than one year as it is the tradition of the CBN in the recapitalisation exercise for other regulated entities. This is because no organisation can meet the statutory requirements for recapitalisation, either by raising fresh capital or through mergers/acquisition, within the period stipulated as deadline by the CBN for BDCs to meet the new minimum capital requirements. By asking BDCs to recapitalise within one month, the CBN is probably asking them to disregard these statutory requirements, and hence commit illegality.

    “We also recommended that the mandatory caution deposit should be eliminated as there is no justification for such deposit. BDCs are not deposit-taking organisations, we operate on cash and carry basis. We pay for CBN dollars two days in advance. So there is no need for such deposits,” Gwadabe said.

    ABCON, he said, also rejected the CBN decision to limit the weekly dollar sale to BDCs that meet the new requirements by July 31. This, he said, would bring back the activities of black market and fake currency operation, which the BDCs were able to abolish following their emergence as monetary tool of the CBN in 2006.

    The policy, Gwadabe said, would give banks opportunity to hijack the weekly dollar sales to BDCs. “Before CBN started selling dollars to BDCs in 2006, banks were not interested in BDC business. But as soon as the dollar sale started, they saw it as an avenue to make cheap profit, and pressurised the CBN to categorise the sub-sector into Class “A” and Class “B” BDCs.”

    He explained that the minimum capital requirement for Class “A” BDCs, mostly owned by banks and money bags, was set at N500 million, adding that they were allowed to buy $1 million per week, while Class “B” BDCs, with N10 million minimum capital requirement, were allowed to buy just $50,000 per week. That was how the CBN allowed the banks and money bags to hijack the dollar sales to BDCs in 2009, he added.

    “This, we believe is what will happen once the CBN limits dollar sales to BDCs that meet the N35 million minimum capital requirement, and mandatory caution deposit.  It is an indirect way of handing over the weekly dollar sales to banks and money bags, which had no interest in BDC business until CBN started selling dollars to BDCs.

    “The savings interest rate on caution deposit should also be reviewed to reflect market reality as the chunk of deposits to be realised by the CBN would be placed in treasury bills that attract between nine and 10 per cent per annum presently,” Gwadabe said.

    Like Gwadabe, a patron, while not entirely against the initiative, however, appealed to the CBN to tarry awhile before full implementation of the policy.

    “Much as we want to appreciate the CBN for the initiative, I think the CBN should give BDCs adequate time to recapitalise or merge. For God’s sake, one month is not adequate except if you deliberately want to send many youths back to the labour market or into crime once again. The time is just too short,” Marcel Okeke, a BDC operator in Ikeja, Lagos, said in an interview with The Nation over the weekend.

    Blessed assurance from CBN

    The CBN has assured that the new policy on the regulation of Bureau De Change in the country was not a deliberate one to annihilate the business interests of any section of the country.

    Instead, the CBN governor, Mr. Godwin Emefiele, said the policy was directed at conserving the nation’s foreign reserves and strengthen its economy, just as he appealed to the House to support the policy.

    He said the CBN’s expectation is to have in place BDCs that are well-capitalised, properly structured and can effectively perform the roles of BDCs in the Nigerian economy.

    Relatedly, the CBN boss disclosed that over 200 Bureau de Change companies had met the new guidelines introduced by the bank recently.

    Emefiele, who stated this when he appeared before the House of Representatives’ Committee on Banking and Currency, said the time frame given to the BDC operators to comply was adequate.

    According to the CBN governor, the bank is committed to stemming the depletion of the country’s foreign reserves from unproductive transactions.

    Far from achieving the objectives for which BDC companies were set up, Emefiele said the operations of the BDC had been characterised by rent-seeking, weak operational structure, financing of illicit transactions, gradual dollarisation of the economy and multiple ownership of BDC licences.

    The governor, therefore, reiterated that the bank had resolved to sanitise the operations of the BDC companies, among other measures, to stop what he described as haemorrhage in the foreign reserves of the country.

    Contrary to the misconception that the policy was targeted at a particular section of the country, he noted that the central bank formulated policies for the good of the entire country.

    He appealed to the legislators to support the bank in its resolve to strengthen the economy for the benefit of all Nigerians.

    Notwithstanding the assurances b y the apex bank, operators are not convinced that the much touted initiative is a blessing after all because they are yet to see the big picture.

    Pray, would the CBN still be persuaded to shift grounds on the planned implementation of the new policy regime? Time will tell.

     

  • ‘At ease Major, at ease’

    ‘At ease Major, at ease’

    Many are yet to overcome the passage of Major Akinloye Akinyemi, an officer par excellence, who stood head and shoulders above his peers. Many believe that he was done in by the substance injected into his body while in prison during the late Gen Sani Abacha’s regime. Last Friday, family, friends and colleagues eulogised the late officer at his funeral in Lagos. ABIKE ADEGBULEHIN AND OMOLOLA OLAOLUWA were there.

     

    THE tears are yet to dry for the late major Akinloye Akinyemi despite the burial of his remains in Lagos last Friday. Those who knew him are still mourning the loss of this outstanding office, who stood out among his peers. He is being mourned more by his colleagues in the Army, some of who are generals today. Akinyemi’s remains were buried at the Victoria Court Cemetery, Lagos, after a funeral service at the Redeemed Christian Church of God, The Lord Central Parish, Lekki.

    The body was conveyed in a brown casket; part of it was covered with the Nigerian flag, a symbol of last respect for the retired soldier. His pair of shoes; cap and sword were on the casket.

    A military ovation was done by the National Chairman, Association 13Reg/SS5 intake 1973, Major Gen Abdul Malik Halidu-Giwa. This was followed by another by the Commandant of the Nigerian Army School of Signals, Brig Gen Donald Oji.

    The body was lowered into the grave at 1:45pm.

    An achiever, the late Akinyemi was the Best Army Cadet at the Nigerian Defence Academy, leading to his nomination to complete his training at the Royal Military Academy in Sandhurst, Surrey, United Kingdom (UK). There, he won the Cane of Honour as the Best Overseas Cadet. He proceeded to the Royal Military College of Science at Shrivenham in Swindon, UK, where he graduated with a First Class.

    At the church, decorated in brown and peach, the choir, dressed in black and blue suit, rendered solemn songs.

    A bevy of beautiful women ushered guests to their seats.

    Suddenly, military salutations drew the guests’ attention to the entrance.

    That signalled the arrival of Akinyemi’s remains borne by six uniformed men, who marched into the church and carefully placed the casket on the table.

    The late Akinyemi’s profile was read by Gen Halidu-Giwa. In his biography, the late Akinyemi, was described as an achiever.

    “He was a man of integrity, professionalism, thoroughness, selfless in service, a patriot who sacrificed his life, his marriage and all for a course he believed in. Indeed your name has been carved in the history of Nigeria and the Nigerian Army,” Gen Halidu Giwa read.

    The late Akinyemi was a product of the Government College, Ibadan. He later joined the cadet unit; he went to the Nigerian Military School Bush Camp before joining the Nigerian Army.

    The officiating minister, Pastor Olu Olusakin, sympathised with the bereaved family.

    The cleric spoke on Let Not Your Heart Be Troubled – John 14: 1.

    The late Akinyemi, Pastor Olusakin said, was a diligent man who worked for God.

    “He has definitely left a vacuum in our hearts and I pray that God shall help fill this vacuum, especially in the life of his family,” he said.

    He urged all to emulate the Akinyemi’s virtue.

    After the sermon, Pastor Kunle Ajayi sang Amazing Grace and It is well with my soul.

    The deceased’s elder brother, Prof Bolaji Akinyemi, described his exit as painful.

    Prof Akinyemi, a former Minister of External Affairs, wrote: “It is natural in schools for seniors to write character profile on their juniors. In real life, it is only natural for a younger brother to write an obituary- tribute on an older brother and not the other way around. But, since your death, so much has happened from unexpected sources that as unnatural and painful as it is, I just have to write this. I have been visited by retired and some serving Generals who had just broke down for reasons which I cannot fathom. For some, it probably was atonement for what happened to you, for some, it was the agony of what might have been not necessarily for you but for the nation. For some, I just don’t know. What I know is that your death has been a very painful experience for many and for me. And now, it’s time for me to say goodbye. At ease major, at ease. I will miss you and your indomitable spirit. If you, with all you went through, did not give up, why should I?”

    The late Akinyemi’s first son described his father as a role model.

    “My father was a great man; I’m honoured and proud to be his son,” the younger Akinyemi, a retailer with Game Store, Ogun State, said.

    The immediate younger brother, deceased’s Mr Akin Akinyemi, a businessman, said: “It is difficult today to say anything about my brother because it was when he died and I listened to what people said about him that I knew how great he was. There lies a man of integrity, a man that loved his country; he fought for his nation and believed in his country. He was candid and outspoken and will be greatly missed.”

    A friend of the late Akinyemi, Mr Olusegun Olubowale, the manager of K&K Event Management, Sagamu, Ogun State, described him as a fine officer and gentleman.

    “He was my school grandfather at the Government College, Ibadan. Nigeria has lost a very competent soldier and what more can I say. He was a very gentle and amiable man,” he said.

    Lt Col G.F. Majekodumi of the 13 Regular Course met the late Akinyemi, whom he fondly called ‘Bobbylenge’ in 1972 when in Nigeria Defence Academy (NDA), Kaduna.

    “The then Commandant in NDA, Major Gen Adeyinka Adebayo, asked who was candidate Akinyemi? Hearing the commandant asking of a candidate, I thought he wanted to influence your selection. Whereas, I never knew you were a self-made cadet right from the time you started attending the Nigerian Military School (NMS). I could remember when you would collect machine gun weapon from any of our course mates who got tired, additional load to your own, during rigorous routine march and endurance training. I will miss your deep knowledge and lecture on the British conquest of Nigeria and various inter-tribal wars. Your relentless struggle for justice for the inhuman treatment meted out to you by agents of darkness in uniform made you to cry out for justice. This led to your appearance at the Oputa Panel with me.

    “Your ideas and desires to promote justice, fair play, equity, productivity and national development in Nigeria were far ahead this generation. You were a star that was located but was not utilised. The feat you could not make in the military was made and manifested in the Kingdom. Adieu, my four-star general,” Majekodunmi wrote.