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Tag: equity

  • Fed Govt weighs equity, non-interest models to fund projects

    Fed Govt weighs equity, non-interest models to fund projects

    The Federal Government is considering a shift from the traditional debt model to finance projects in favour of equity and non-interest alternatives.

    Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, dropped the hint in Abuja yesterday. He spoke at the first annual Securities and Exchange Commission (SEC) Nigeria- Islamic Financial Services Board (IFSB) Forum on Non-interest Capital Market.

    The minister emphasized the government’s commitment to environmental projects like reforestation and electric vehicle production in Nigeria.

    However, he expressed concern about the country’s reliance on debt for such projects, noting that “borrowing limitations constrain many nations.”

    Proposing the way forward, Edun championed the adoption of equity-based financing, an approach he said, will stimulate investors to contribute directly to projects in exchange for ownership stakes, fostering a sense of shared ownership and risk-reward dynamics.

    He said: “Equity finance presents a unique opportunity for participation. It allows stakeholders to actively contribute to projects and influence their outcomes.”

    The minister highlighted the potential of non-interest financing mechanisms like grants and impact investments.

    “These options”, he argued, “will free up valuable resources for development by eliminating the burden of debt repayment.”

    Edun’s vision for a new financing paradigm signifies a shift in the government’s approach towards sustainable development.

    By embracing innovative models like equity and non-interest finance, the government aims to achieve two critical goals – promoting green growth, by investing in environmentally conscious projects, the government seeks to address pressing climate concerns and foster a sustainable future for Nigeria and reducing debt burden, by transitioning away from debt-based financing, the government aims to free up resources for critical social and economic development initiatives.

    The minister’s call to action has ignited hope for a more sustainable and equitable future for Nigeria.

    By embracing innovative financing solutions, the government is paving the way for a future where environmental responsibility and economic growth go hand-in-hand.

    To this end, the minister said the recent Climate Change Summit (COP28) in Dubai, “one of the key conversations that we had was about the fact that we need to have a green economy.

    “In the last few days, it was not only people that were interested in investing equity in a re-afforestation project in one of the states in southern Nigeria that has huge mangrove-growth projects.

    “But there was also another important conversation regarding production of electric vehicles in the country in Nigeria, electric buses, mass transit vehicles in Nigeria.”

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    Both transactions he said “are ones that are not only green, not only in line with the agenda of the day, but of course, they do not involve borrowing, which is, as I say, one of the areas in which not only Nigeria, but many, many countries are constrained”.

    SEC’s Director-General, Mr. Lamido Yuguda, stated that “in Nigeria, the Islamic finance segment of the financial industry reached an estimated size of US$2.9 billion as at the end of 2022, with outstanding Sukuk forming the largest part at 57 per cent, followed by Islamic banks at 42 per cent (total assets), and the remaining 1 percent split between Islamic funds (total assets) and Takaful (total contributions).

    “This shows that the Nigerian market makes up just 0.9 percent of the global non-interest market, indicating the dire need for more growth. With the country boasting a large population and a significant proportion unbanked, the long-term potential for Islamic finance in Nigeria is immense.

    The Non-Interest (Islamic) Capital Market (NICM) in Nigeria he said has “undergone transformative growth, becoming an integral part of our financial framework, offering a distinctive platform for ethical and Shariah-compliant investments. The NICM contributes to the diversity of our financial markets in line with our revised capital market Master plan 2021 -2025”.

    Dr. Bello Lawal Danbatta, Secretary-General of IFSB stated that Change is imminent as the financial business model undergoes disruption more intensely than previously imagined.

    The rapid rise of climate finance and sustainable finance he said presents a significant opportunity for the non-interest finance industry. However, this opportunity comes with the need for robust regulations and standards to mitigate potential risks.

    A surge in interest in climate-friendly and sustainable investment options, Dambata noted, creates a vast new market for the non-interest finance industry.

    He described the growing diversification of capital market investors into non-interest finance products, particularly those related to green or climate finance, as a demonstration of the options.

  • American equity firm stakes N77b on Resort Savings

    Milost Global Inc-an American private equity firm is staking $250 million, about N76.5 billion, on Resort Savings & Loans Plc in another major acquisition after the American firm entered into a binding commitment to invest $350 million in Japaul Oil & Maritime Services.

    Milost, combining its traditional equity and debt approach, will be staking $100 million as equity capital and $150 million as debt capital. Already, Milost Global and Resort Savings have signed a commitment letter, giving the private equity firm the mandate to proceed with due diligence and other regulatory issues. The board of Resort Savings had approved the proposed transaction at its meeting on February 26, 2018.

    In a regulatory filing at the Nigerian Stock Exchange (NSE) yesterday, the board of Resort Savings indicated that the mortgage bank has executed a $250 million deal with Milost Global. The regulatory filing was signed by Managing Director, Resort Savings & Loans Plc, Mr Olayemi Rabiu and Chairman, Resort Savings & Loans, Senator Sunday Fajinmi.

    With the signing of the commitment letter, Milost Global will conduct due diligence on Resort Savings after which substantive agreement and other documentations will follow. The Central Bank of Nigeria (CBN) has been notified of the proposed transaction.

    The board of Resort Savings indicated that the transaction will be executed in phases through private placement to Milost Global and another local investor, which is currently undergoing approval process at the apex bank.

    “It is the belief of the board and management that the proposed investment will assist the bank in no small way in recapitalising the business, growing capacity and in becoming the leader in the mortgage finance industry. With this, we expect to be able to deliver impressive returns to our shareholders and satisfy the expectations of our other stakeholders in the very near future,” the board stated.

    The Nation had reported that Milost Global is seeking to invest more than $8 billion or about N2.6 trillion on Nigerian investments as a demonstration of the New York-based firm’s confidence in the Nigerian economy.

    Headquartered in New York City, Milost Global Inc is at the intersection of creative investing and value creation and has more than $25 billion in committed capital. Milost provides alternative capital, mezzanine finance, and alternative lending to a broad range of industries across the world including technology, transport, cannabis, education, distribution, mining, oil and gas, financial services, healthcare, pharmaceuticals, real estate, alternative energy and infrastructure development.

  • CBN chief: banks fail to disburse N26.4b equity cash to SMEs

    CBN chief: banks fail to disburse N26.4b equity cash to SMEs

    Banks have failed to lend N26.4 billion Agriculture-SMEs fund to customers, eight months after the cash was made available through equity contributions by the lenders, Central Bank of Nigeria (CBN) Governor Godwin Emefiele said yesterday.

    Speaking at the ninth Bankers’ Committee retreat in Lagos, he said the banks were mandated last year by the CBN to contribute five per cent of their total assets as equity funds for lending to agriculture and Small and Medium Enterprises (SMEs).

    Last year’s contributions which stood at N26.4 billion were released in April. They were meant  immediate disbursement to those who applied for loans.

    This year’s contribution is expected to hit N30 billion, bringing the total fund to N56.4 billion by the end of this year.

    Emefiele said: “The first of the issues that we looked at, you all recall this time last year, we said we were going to create an Agric SMEs fund. And in the month of April this year, we were able to put together about N26.4 billion.

    “But, as we speak even at this time, not a penny of that fund has been disbursed. It ‘s a shame that we will have N26.4 billion sitting in the CBN whereas there were people who needed access to the fund”.

    Emefiele said the committee is now determined to ensure that the fund get disbursed as loans to the customers to boost job creation and grow the economy.

    He said: “Since 95 per cent of businesses in Nigeria are SMEs, it is crucial if the economy must grow, the SMEs and small manufacturers must not be ignored.”

    According to him, financial access will lead to improve job creation and growth in the economy.

    The CBN chief said the fund will now be disbursed to over 100,000 SMEs by February next year to enable the beneficiaries to grow their businesses or stimulate agricultural production.

    The fund, he added, can also be used to buy machines and agricultural equipment and delivered to beneficiaries who will begin to payback.

    Emefiele said the committee had decided to reevaluate the conditions under which the facilities were to be made available.

    “It was meant to be just equity, but we found out that because of certain apathy on the part of people who have businesses and would have wanted to be part of it, most people shied away from the equity fund. So, we decided to amend it.  We decided that the fund needed to be reviewed completely. It must me in a way that we must improve access for people who need the facility that it must be done in a very speedy manner, so that those who need it can get it in good time so that they can run their business,” he said.

    The committee, which agreed that the fund must be affordable, also amended the fund’s tenor It raised the tenor of the fund to a minimum of seven years, providing for certain moratorium that would make it possible for beneficiaries to have the fund at low pricing and at a tenor that would give them ample time to repay.

    “The Bankers’ Committee looked at the governance principles around the pricing and it was agreed that the fund must be development-oriented.

    Besides, the facility must not be a profit maximisation scheme with a professional and transparent management process around it to give everybody comfort. That way, banks will be happy to be contributing to the fund which is their contribution to job creation and economic growth of the country,” he said.

    The committee agreed that under the governance principles, the fund must be seen to be sustainable, have a life and be in perpetuity.

    The committee decided that it will no longer be equity fund but a sort of preference share arrangement or debt structure for easy access for applicants.

  • ‘Lagos conscious of electorate’s demand for accountability, equity’

    The Lagos State Government is aware that the electorate want a greater public sector transparency, accountability and equity, Governor Akinwunmi Ambode, has said.

    He made this known at the flag- off of a two-day Capacity Building Programme For Public Office Holders on, Deepening Capacity of Public Office Holders for Good Governance, which  held in Lagos. It was  facilitated by Festey Associates Limited.

    Governor Ambode, who was represented by the Commissioner for Establishments, Training And Pensions, Dr. Akintola Benson, said he also recogni sed that governance arrangements in the public services are keenly observed and often criticised.

    He said significant governance failings attract huge attention as they should and one significant failing can taint a whole sector.

    According to him, these  have necessitated his resolve to train and re-train public office holders in the state for the realisation of a lofty objective, which is to expose them to the practical application of various instruments and techniques of good governance, financial and funds management, sustainable revenue mobilisation models as applicable to the business of government as against traditional process of defining what the instruments and techniques are.

    Other reasons the governor recognised the enormous value that knowledge and skills training bring to bear on the attainment of the strategic objectives of the government is that public sector organisations are big businesses and are important to tax payers and service users.

    He stressed that the recent Federal Government’s initiatives to curb corruption, restore due process and respect for government procedures, rules and regulations, improve security by strengthening anti-terrorism, anti-kidnapping and anti-robbery, have shown the need to ensure that they meet the highest standards and that governance arrangements are sound.

    He said: “The Lagos State Government continues to demonstrate its total commitment to transforming the public service into an effective organisation that is repositioned to deliver value to the electorate by developing and deepening the competencies of public officers in order to take on additional and higher responsibilities.

    “At the end of this programme, it is our hope that delegates will also get the opportunity to understand the following elements of good governance and financial controls in public service”, he noted.

  • ‘Immortalise Ojukwu for justice, equity’

    ‘Immortalise Ojukwu for justice, equity’

    The Willie Obiano Support Group (WOSG) has said the late Chief Chukwuemeka Odumegwu Ojukwu should be immortalised for the virtues of good governance, justice and equity.

    Chairman of the group Chief Jude Emecheta spoke with News Agency of Nigeria (NAN) in Awka at the sixth memorial of the former governor of Old Eastern Region.

    He said: “The best immortalisation anyone can do for Ojukwu is to uphold those virtues he believed in. These are good governance, justice and equitable distribution of common resources.

    “He was a national hero who desired the best for all and that was what he lived for. We need such at the federal, state and local government levels.’’

    Emecheta said the victory of All Progressives Grand Alliance (APGA) in the last election was an acknowledgement of its good governance principles in Anambra State.

    Emecheta, who congratulated Willie Obiano and the Deputy Governor, Dr Nkem Okeke, on the party’s victory, hailed President Muhammadu Buhari for providing a free atmosphere for fair poll.

    He enjoined Obiano to continue with his positive leadership, advising him to deliver on his campaign promises.

    The WOSG chairman appealed to the Federal Government to reinburse Anambra State for its intervention in federal roads, to enable Obiano carry out his policies and projects.

    “I know the governor has his eyes on the ball.

    “He has promised continuity, which is completing and beginning new roads and other infrastructure projects, especially the dilapidated ones built by the previous administrations.

    “We expect him to fix them for the good of the people of Anambra State,’’ he said.

  • ‘Kwara ‘ll promote merit, equity’

    ‘Kwara ‘ll promote merit, equity’

    Kwara State Governor Abdulfatah Ahmed has promised the people that his administration will promote merit and equity.

    Speaking at a dinner in honour of the Attorney-General and Commissioner for Justice, Mr. Kamaldeen Ajibade, on his elevation to Senior Advocate of Nigeria (SAN), at the Banquet Hall, Ilorin, the governor said recognition of merit and hard work were ways to guarantee service to the people.

    He said: “The celebration is also in line with keeping the tradition of recognising and rewarding dedication and loyalty to the cause of the state.

    “Ajibade (SAN) has proved beyond any doubt that he is a competent legal officer. As the chief law officer, our new SAN has ensured that Kwara State government is guided in legal issues. It is now a rare occurrence for the government to lose a case on technical grounds.”

    Ajibade thanked the governor for the opportunity to serve the state and pledged to do more for the benefit of the state and humanity.

  • Anambra election and charter of equity

    The November 18 governorship election in Anambra is fast approaching and the major political parties have produced their candidates. The candidates of major political parties contesting the election are, Osita Chidoka (UPP), Godwin Ezemo (PPA), Oseloka Henry Obaze  (PDP),Tony Nwoye (APC), and Governor Willie Obiano (APGA). It is a good omen that the party primaries have been concluded and ndi-Anambra are now faced with the opportunity of choosing their next governor. If they make a good choice, it will be for the betterment of our beloved state and if they make a bad choice, it will end in regret.

    Already some selfish politicians have started telling anybody that cares to listen that there is nothing like zoning and that they don’t mind the consequence of working against zoning. They don’t give a damn about public interest; rather they are devilishly scheming to subvert public interest for their own selfish interest. But one thing that is certain is that public interest will always over-ride personal interest. Our people are now politically aware and cannot be misled by selfish politicians. I remember vividly that in 2013 when Mr Peter Obi was leading the campaign for power shift to Anambra North, it was being aired on radio stations across Anambra State that anybody that was not in support of power shift to Anambra North is indirectly supporting Igbo marginalisation in Nigeria. I concur with the referred opinion. We Igbo cannot be crying of marginalisation in Nigeria and back home in our various states, we are supporting marginalisation. Some people are attempting to shift the goal post in Anambra State and they must be stopped for the betterment of the state.

    Dr. Chris Ngige governed Anambra State for three years. Peter Obi governed Anambra State for eight years and Governor Obiano will complete his first term on March 17, 2018.

    Osita Chidoka hails from the same Anambra Central Senatorial zone with Ngige and Peter Obi. Tony Nwoye is from the same local government and senatorial district with Governor Obiano. Oseloka Obaze hails from Ogbaru and the same Anambra North senatorial zone with Obiano. Godwin Ezemo hails from Aguata in Anambra South senatorial zone. Among all these governorship candidates, Governor Obiano is the only person that is constitutionally bound to go for only one term in completion of his mandate for the people of Anambra north. The rest are constitutionally eligible to go for two terms.

    As at 2013, when ndi-Anambra voted for zoning, it was done with the understanding that power can only stay in Anambra North for eight years and return to Anambra South by 2022. It is said whatever that is worth doing is worth doing well hence the reason behind my advocacy for the entrenchment of sense of belonging in Anambra State political system. Anybody trying to wave Anambra charter of equity aside in the forthcoming November 18 governorship election is an enemy of progress because anybody that wants the progress and betterment of his state will support the implementation of good initiatives in his state.

    Ndi-Anambra will make a regrettable mistake, if they fail to return Governor Obiano for second term because the governor’s candidature represents equity, fairness and justice. Outside this, Obiano has performed beyond the expectations of ndi-Anambra and keen watchers of events in the state. He assumed office when Nigeria economy went into recession and he deployed his private sector wealth of experience in navigating ndi-Anambra out of recession. Other states in Nigeria felt the effects of the national economic recession but in Anambra, Governor Obiano cushioned its effect with the rolling out of tax stimulus package for our people. He did this as a leader that knows when his followers are in pain.

    Today Anambra is being referred to as the safest state in Nigeria, courtesy of Obiano administration’s zero tolerance for criminality in Anambra State. His administration received applause for doing well in the agricultural sector.

    Tony Nwoye and Oseloka Obaze are candidates of godfathers. Our people will not forget in a hurry the horrible experience our state passed through in the hands of godfathers in between 1999 to 2006. That era of brigandage and lawlessness is gone for good and must not be allowed to return to our state. It is very painful seeing Peter Obi, the man that led the struggle for power shift to Anambra North, plotting to shift the goal post at the middle of the game. His support for Obaze’s governorship ambition is fraught with a vendetta mission against Governor Obiano because of Obiano’s refusal to be at his beck and call. He wants to be the political alpha and omega in Anambra State with the sole power to make and unmake a governor in the state.

    The Bible made me to understand that only God crowns kings and not humans. So I am of the belief that God made Obiano governor and claiming otherwise is tantamount to the arrogation of God powers to Peter Obi thereby making him to play god. No reasonable Anambra southerner should support the ambition of Obaze, Nwoye and Chidoka because their candidature violates the Anambra equity charter. The best option for the people of Anambra South is to support Obiano’s re-election for the shift of power to their zone in 2022.

    Anambra as light of the nation must lead by example, if truly we want the actualisation of Igbo Presidency in Nigeria. We cannot be advocating for rotational Presidency in Nigeria whereas we are doing otherwise back home. Nigerians are watching us to know if we are going to do the right thing and our failure to do the right thing will have a dire and regrettable consequence on us politically. Peter Obi enjoyed the opportunity of second term because ndi Anambra thought it wise to vote him for a second term, so that the people of Anambra Central will not feel short-changed. An adage says that “when you treat children well and equally they will be happy “. In the case of Governor Obiano, the general public and ndi-Anambra acknowledges his performance in all sectors of governance and the people of Anambra North don’t want to feel short-changed hence the reason why voting him is a necessity for the betterment of our State.

    Nwoye is contesting to retire old politicians in Anambra State. When he emerged APC candidate for the November 18 governorship election, his supporters while jubilating in social media were saying that his victory at the APC primary is tantamount to the political retirement of Andy Ubah and that when they win the main election, they will retire other prominent politicians from Anambra State.

     

    • …Obigwe is National Co-ordinator APGA Media Warriors Forum.

  • Case for Edo charter of equity

    SIR: The political absurdity going on in Edo State in which the Speaker of the House of Assembly from Edo Central, Justin Okonoboh, has just been impeached and replaced with Kabiru Adjoto from Edo North, should worry well-meaning stakeholders, political actors and those who crave the unity and stability of the state.  The development has, also, forcefully brought to the fore, the issue of lack of equity and the whimsical accommodation of the minority Esan tribe (Edo central) in the fluidity of power sharing by the ruling All Progressives Congress (APC) in the state.

    The strategic offices of deputy governor and speaker of the House of Assembly are, by implication, now ceded to Edo North with the governor domiciled in Edo South, leaving Edo Central out of the tripodal arrangement for balancing  the sharing of the three topmost offices among the three zones. Even if this resonated with previous administrations, Governor Godwin Obaseki should not allow it to continue.

    I am worried that this is the kind of misguided development and political injustice that have made agitations to rise to boiling points in different parts of the country.  I believe it is high time genuine effort was made to work on and birth a charter of equity that will, henceforth, irrevocably underpin political interactions and power sharing among the three senatorial zones that make up the state sans the factor of voting population.

    Edo State does not need distractions caused by agitation from political marginalisation. It is common knowledge that peace cannot be guaranteed in the absence of justice.  Overtime, the marginalised people of Edo Central are bound to react.  We can really avoid this insensitive action by ensuring fair arrangement for all.

    The charter should benefit from the buy-in of political leadership and the people as it will go a long way to assure the minority and the majority tribes of their fair share and positions, at every intersection, in government in the state, as well as ensure that there is a seamless ceding of power as and when due.  This is necessary to give every side a sense of belonging.  A whole senatorial district, regardless of its minority status, is too big to be politically denied and enslaved in a state where everyone should be equal.

    It is a fact of our fourth republic history that Edo South produced the governor of the state in the person of Lucky Igbinedion from 1999 to 2007. The victory of Professor Oserhiemen Osunbor from Edo Central in the 2007 governorship election was short-lived, following the legal victory of Adams Oshiomhole in 2008. Oshiomhole was in the saddle from 2008 to 2016.  Should Edo Central not have been given the opportunity to produce the governor from 2016 to 2024 in the spirit of political equity?  What we witnessed was a collective pandering to the majority Edo South in the desperate bid to grab gubernatorial power.

    The early lesson to learn from the “grudge fight” in Edo House of Assembly is the attention that it has adverted to the chicanery and weakness in the power sharing arrangement that has rendered Edo Central easily subjugated and subservient to the majority Edo South and Edo North; and, the trigger to have a charter of equity that will assuage fears and feelings of marginalization, if conscientiously implemented. This is surely a good starting point for political renaissance in Edo. We must avoid needless political agitations that could unsettle the heartbeat of the state.

     

    • Sufuyan Ojeifo,

    Abuja.

  • Why Diageo aborted $130m equity increase in Guinness Nigeria

    Why Diageo aborted $130m equity increase in Guinness Nigeria

    There are fresh indications as to why Diageo Plc, the parent company of Guinness Nigeria Plc, failed in its bid to increase its share capital in the brewery giant.

    It may be recalled that Diageo had in mid September 2015 announced its intention to make an offer through its wholly owned subsidiary, Guinness Overseas Limited for up to 15.7% of the share capital of Guinness Nigeria Plc.

    The Nation gathered that everything seem okay as the different parties worked out the finer details of the deal.

    However, trouble began to brew when some local shareholders vowed to resist any move to sell more shares to the parent company under any guise.

    Convinced about what it considered the impropriety of the proposed deal, the shareholders set machinery in motion to thwart the plan thus leading to a stalemate.

    Not happy with the turn of event in spite of making several entreaties to pacify the aggrieved shareholders, Diageo naturally soft-pedalled and it subsequently communicated its decision not to go any further with the potential offer to Guinness Nigeria Plc.

    Further checks at the Nigerian Stock Exchange by The Nation revealed that Guinness Nigeria Plc had received a letter from Guinness Overseas Limited confirming that Diageo had taken the decision not to proceed with the potential offer.

    However the major reason Diageo adduced for its decision to back down was its fears over the seeming challenging market condition in the country over the past 12 months.

    But despite its inability to increase its shareholding in Guinness Nigeria Plc, Diageo assured that it maintains a positive outlook for Nigeria in the long-term just as it proposed to focus its resources on continuing to support Guinness Nigeria Plc.

    Thus to enable Guinness Nigeria Plc tide things over in the face of the strangulating economy already having a negative run on its operations, the company got the nod of its shareholders for a rights issue to raise at least N40billion fresh cash injection into the business from the capital market.

    The rights issue is the first in 25 years.

    Justifying the need for the rights issue, Babatunde Savage, Chairman, Guinness Nigeria Plc, during its Extra Ordinary General Meeting in Lagos, said: “”Guinness Nigeria has been in this country for over 60 years and, in that time, we have continued to add significant economic and social value to Nigeria and Nigerians. We believe this Rights Issue will positively impact on the financial performance of Guinness Nigeria and help mitigate the impact of increasing finance costs in what continues to be a challenging economic environment in Nigeria.”

    Echoing similar sentiments, Peter Ndegwa, Managing Director/CEO, Guinness Nigeria Plc said that the company has good fundamentals and potentials for the future. “Guinness Nigeria is a company with excellent fundamentals and we have the right strategy and the right people to grow our business for the future. This Rights Issue in combination with our productivity and cost optimisation drive will help provide the fuel to continue to build this business for Nigeria and Nigerians.”

    On insinuations that the rights issue may be a further ploy to help Diageo raise its stake in the company, Ndegwa said such claims were totally unfounded.

    According to him, the rights issue allows every single shareholder to subscribe for rights based on their current shareholding. So if every shareholder in Guinness Nigeria Plc subscribes for their rights, everyone would keep their current shareholding. So, it is not that we are raising new capital by other means. There is no way if everyone subscribes to the Issue that we can increase the shareholding value of Diageo.”

    The rights issue, he emphasised, “Is meant to support the company to grow, it’s about bringing cash into the business therefore shareholders should feel that this is an opportunity to a business that has been very strong and has paid dividends for many years.”

  • Anambra 2017: For equity and justice

    Anambra 2017: For equity and justice

    SIR: It is the celebrated Indian anti-war activist and hero- Mahatma Gandhi who said: “An error does not become truth by reason of multiplied propagation nor does the truth become errors because nobody sees it”.

    I have read several advertorials and interviews in newspapers and listened to the views of some persons, who are from Anambra Central and Anambra South suggesting that they have perfected plans to snatch the right and turn of Anambra North and force themselves on Ndi Anambra when it comes to Anambra Governorship election in 2017. Neither these individuals nor the various faceless groups they are operating with have the support and authority of the kinsmen from those zones to start a quest that is morally and procedurally wrong. They are claiming that there is no zoning arrangement in Nigeria’s constitution and that as a matter of fact, neither APC nor APGA has zoning formula in their party constitutions.

    Let me for record purposes remind them that all Anambrians are aware that it is the turn of Anambra North to complete the initial agreement entered in 2013. I have not heard that the People of Anambra North are ready to sell their due for a full pot of porridge.

    My respect for Anambra North people is consequent upon the fact that over the years, when it was not yet their turn, they patriotically conducted themselves in a mature manner, supporting all other zones to enjoy their turns for the governorship. The zone has been fully supporting their brothers from the other zones, not minding the fact that they are well-endowed with numerous patriotic, affluent and civilized men and women, who have soared high in their respective callings. It was consequent upon their liberal-mindedness that the state has been enjoying a smooth transition from one administration to another, satisfying the sequence in which the turn had been running.

    Anambra North should be allowed to continue to enjoy this mandate.

    This is my position; it is the position of majority of Ndi Anambra and it is the position of the various laws of morals, godliness and mutual co-existence. To those men and women from other zones, whose thirst for power has almost snuffed life out of their conscience cells, I encourage them not to wear disappointing looks on their faces. This is because they will still enjoy their own turn at the right time.

    Topmost in all of these is that we all should live in peace and harmony. To the people of Anambra North, you are advised to remember that power is never given in any part of the world, not even in Anambra State. They must remember the worthy words of America’s President Roosevelt: “The future belongs to those who believe in the bearing of their dreams”. The hands of the clock are ticking.

     

    • Paschal Chi,

    Awka, Anambra State.