Tag: Experts

  • ‘Buhari needs experts to drive economic agenda’

    Textile and Garment Workers Union has called on President Muhammadu Buhari to appoint capable hands if his agenda of growing the economy and creating over 100 million jobs is to be achieved.

    The union praised the Central Bank of Nigeria (CBN) for initiating creative monetary policies to finance businesses geared towards the creation of jobs.

    At the interactive enlightenment session with stakeholders, organised by the  Central Bank Nigeria (CBN) in Owerri, the Secretary-General of union, Comrade Issa Aremu, commended Buhari for setting the  agenda.

    “President Buhari has made a commitment that he will work towards the creation of 100 million jobs and what it means for us is to compliment his effort in achieving that objective. But he must ensure that he appoints capable and tested hands into his cabinet if he is to achieve this ambitious agenda,” he said.

    Read Also: Social investment key to stronger global economy, says IMF

    The Labour leader commended the CBN Governor, Mr. Godwin Emefiele, for banning importers of about 43 items, which could  be produced locally, from accessing  foreign exchange.

    “Items, such as rice, tomatoes and textile fabrics are things we can produce locally and with the creative intervention of target financing by the CBN we have already seen the impact on our economy. Today, we talk about Anchor Borrower for rice production and through it, a lot jobs have been created.  CBN has also been engaging critical stakeholders on this  vision  and they are doing it both vertically and horizontally and we need other agencies to do same,” he said.

    Responding, CBN Director of Corporate Communication, Mr. Isaac Okoroafor, said besides its core mandate, the apex bank‘s  new emphasis was on growth to unlock the creative energy of Nigerians.

    “At CBN, our emphasis is on growth by funding the  cotton/textile value chain by providing cotton farmers the input, including high-yielding seedlings. We have given loans to textile manufacturers to enable them to re-start production which will  create Jobs.

    “We are also doing the same with the palm oil value chain across the Eastern Nigeria /Southsouth . It is the same for the creative industry by providing finance to help creative arts by building of film academy, music production centres.”

  • Experts urge entrepreneurs on skills acquisition

    A cross-section of experts has impressed on small businesses the need to get additional skills set in order to be able to achieve their set objective.

    Firing the first salvo, Nnena Jacob-Ogogo, the Head, Women in Business, First City Monument Bank (FCMB), specifically advised women entrepreneurs to seek for more knowledge, improve their skills and leverage on good networks for them to scale up their businesses.

    Ogogo spoke at the Financial and Investment Opportunities for Women Conference organised by Women Helping Women Initiatives in Lagos.

    The event had in attendance women in career and businesses which feature financial literacy, building lasting wealth, securing loans for expansion, investment club membership, access to credit facilities and investment opportunities for women.

    She said that a lot of women think that taking loan in a commercial bank will not solve their business challenge but leveraging on relevant information and building once capacity and effective collaboration is the best way to go.

    She noted that starting a business requires careful planning and putting into consideration other factors which include the right business idea, a great team, right mindset, integrity, competence, financial discipline, and consistency.

    Ogogo added that we are partnering with Development Finance Institutions (DFIs) and women can now access loans at 15% which is much lower than the existing interest loans.

    She added that 40 women today have access zero interest loans from FCMB today and the next seasons of beneficiaries will be in May as the process has started.

    Also speaking, the Lead Coach Smart Strewards, Sola Adesakin charged women to developed culture saving and investment because when someone is faithful in little, such a person will be faithful in much

    Although she asserted that some investments are risky but noted that when a starts-up investors follow due diligent and the right principles, they will get it right.

    “As a start-up investor, have an investment that falls into security pocket, those investment that are conservative that will guarantee capital and income which is fixed,” she said.

    In her words, the convener of the conference, Winifred Ayanda said that the programme is aimed at providing innovative and dynamic framework for the development of financial literacy skills, wealth generation, management and investment opportunities.

  • Experts seek reforms in capital market

    Financial and policy experts have called for concerted efforts to encourage Nigerians’ greater participation in the domestic capital market. They called for reforms to enhance the global competitiveness of the Nigerian market to attract more investors.

    The experts, who spoke at the 2019 Capital Market Summit, hosted by the Association of Securities Dealing Houses of Nigeria (ASHON) in Lagos, brainstormed challenges militating against the growth and development of Nigerian capital market and proffered workable solutions to re-position the market for the benefit of all stakeholders. ASHON also used the summit to announce its name change from Association of Stockbroking Houses of Nigeria to Association of Securities Dealing Houses of Nigeria.

    The keynote speaker, Chairman and Chief Executive Officer, Susman and Associates (S and A), Dr Shamsusdden Usman, in his paper titled: “Driving Financial Inclusion through the Capital Market “, explained that unlike other markets that had fully recovered from the global financial crises of 2007-2008, Nigeria’s capital market continue to suffer from investors’ apathy and other sundry issues.

    Usman, a two- term Minister of Finance and National Planning, advocated a complete review of the market in line with the current realities in the global financial market in order to re-address the issue of investors’ confidence and leverage the market for financial inclusion. He advocated a one-stop financial centre in line with some foreign markets.

    “In China, Interbank bond markets offer special financial bonds for the purpose of increasing size of loans to the SMEs. Capital Market Business Hubs (CMBH) are established in small cities to expand outreach of capital market institutions. In Mexico, the farmer mutual insurance funds provide insurance to their members by pooling together resources to pay for future indemnities and reinsures itself from major systemic risks that could hurt simultaneously all their members,” Usman said.

    He stated that he instituted a project called Voice and Voting Power(VPP) in which major stakeholders are involved with the aim of finding lasting solutions to the challenges facing the capital market.

    Usman identified some of VPP’s recommendations as development of the commodities exchange ecosystem, encouraging more trading through tax incentives, deepening of Islamic finance and other non-interest products,  development of bond market, reduction of the average costs of issuing equity and debt securities, relaxation of complex legal, regulatory and listing requirements and greater use of simple and innovative technology, among others.

    ASHON Chairman,  Chief Patrick Ezeagu said the association was committed to activities aimed at ensuring that every citizen participates in the financial industry and enjoys its benefits.

    “The Association has been engaging in various advocacy initiatives in line with our objectives. We recognise that the world is fast undergoing some evolution, especially in the way of doing things, which is being propelled by the fast pace of technological innovations. The recognition of the retail investor and expansion of the scope of our business to the hinterlands are key to stimulation and sustainable growth of the capital market. We believe that we should work in tandem with all regulatory institutions to promote financial inclusion,” Ezeagu said.

    According to him, ASHON decided to make a slight change in its nomenclature to Association of Securities Dealing Houses of Nigeria, with a new logo as brand identity, to reflect the expanded scope of the members’ operations.

    He also noted that some eminent Nigerians presented with awards were those recognised for outstanding contributions to the growth and development of the market.

    The panelists, who spoke on the perspective of the capital market on financial inclusion, underscored the need for financial literacy for all categories of investors, strong advocacy for the market in the government institutions, introduction of simple and affordable market products and deployment of simple technologies.

    They included Nigerian Stock Exchange’s (NSE) Chief Executive Officer, Mr Oscar Onyema; NASD Plc Chief Executive Officer, Mr Bola Ajomale; Director-General, Debt Management Office, Mrs Patience Oniha; Central Securities Clearing System (CSCS) Limited Managing Director and Chief Executive Officer, Mr Haruna Jalo-Waziri and former Chairman, Nigerian Economic Summit Group (NESG), Alhaji Bukar Kyari, while the Vice Chairman, Capital Bancorp Plc, Mr Tola Mobolurin was the Moderator.

     

  • How to end building collapse, by experts

    Professionals and other stakeholders in the building industry have called for the collaboration of all in the built sector.

    They said: “All of us and related government agencies should be involved in putting up buildings to prevent collapse in Lagos State.”

    They spoke yesterday at a one-day public hearing on the collapsed building at 63, Massey Street, Ita-Faji, Lagos. It was organised by the Ministry of Physical Planning and Urban Development, at the Bagauda Kaltho Press Centre, Alausa, Ikeja.

    The seven institutes in the industry and some government agencies were represented.

    Read also: Buildings collapse: Buhari vows to punish offenders

    They include Nigerian Institute of Architects (NIA); Nigerian Institute of Building (NIOB); Nigerian Society of Engineers (NSE); Nigerian Institute of Town Planners (NITP); Nigerian Institution of Estate Surveyors and Valuers (NIESV); Nigerian Institute of Quantity Surveyors (NIQS) and Nigerian Institute of Surveyors (NIS).

    The professionals said most of the collapsed buildings were handled by quacks, who used substandard materials, without the involvement of the government agencies.

    The stakeholders called for synergy professionals, the government agencies, and owners or developers, to ensure that right things were done before, during and after construction, to end building collapse.

     

  • Experts seek youth involvement in industrial, agric sectors

    Experts have urged the Federal and state governments to ensure that youths are adequately informed of the available opportunities in the industrial and agricultural sectors of the nation’s economy.

    The experts stated that there is need for the Federal and state governments to get more youths involved is the nation’s ongoing industrialisation drive aimed at boosting productivity, attracting massive investments and creating jobs.

    Speaking with The Nation, an industrialist, Mr. Funso Ayeni, said there was an urgent need for the Federal and state governments to ensure that many Nigerian youths are allowed to play major roles in driving growth and progress in the country.

    The President Muhammadu Buhari-led administration, Ayeni said, needs to draft a National Policy on Youths Engagement in Investment and Development (YEID) to reduce the high rate of unemployment and boost the economy.

    He said the high number of youths that can be engaged in agricultural and industrial development justifies the need to create an enabling environment that will catalyse the engagement of many Nigerian youths in the investment market and trade.

    He noted that youth entrepreneurship and investments are often seen and hailed as drivers of economic growth and development and positive change in the world so, Nigeria should not be an exception.

    Ayeni further said: “The Federal and state governments must look into developing techniques and models that will enhance the rapid and positive involvement of the Nigerian youths in their industrial, agricultural and economic development programmes.

    “The government must realise that youths have a large stake in our economic growth because they are the engine room of every nation; this could be supported by their large number and the figures provided by the National Population Commission and the United Nations.”

  • How to enhance maritime litigation, by experts

    The Nigerian Maritime Administration and Safety Agency (NIMASA), in collaboration with the Nigerian Institute of Advanced Legal Studies (NIALS), has held a seminar for Federal High Court judges on strategic admiralty law. JOSEPH JIBUEZE reports.

    There is the need for “high level diligence” by lawyers and judges in maritime litigation due to the critical nature of the sector to the economy, according to a maritime law expert Chidi Ilogu (SAN).
    He said where the court and counsel are committed to ensuring expeditious hearing and determination of maritime cases, it would save time and cost of litigation.
    Besides, he said there is the need for the court to be equipped with requisite knowledge and expertise in order to adjudicate on maritime matters competently.
    Ilogu, president of Nigerian Maritime Law Association and a master’s degree holder in Maritime Law, reiterated that courts are obliged to interpret the statutes on admiralty matters to reflect the intention of the legislature and not defeat or frustrate it.
    “The court should not assume jurisdiction at all cost. The court should carefully apply the law, the rules of court and effectively consider the agreement between the parties in assuming or declining jurisdiction,” he said.
    Ilogu was one of the speakers at the strategic admiralty law seminar for judges jointly organised by the Nigerian Maritime Administration and Safety Agency (NIMASA), in collaboration with the Nigerian Institute of Advanced Legal Studies (NIALS).
    He listed the role of judges in settling maritime disputes, namely: upholding and preserving the rule of law, the duty to do substantial justice, the need to master statutes, rules, laws, conventions and procedures governing admiralty matters; and the the need to interpret the statute to reflect the intention of the lawmaker.
    He said judges must also ensure consistency in judgment, must not speculate, must properly evaluate evidence, prevent abuse of court process, must not be biased, must only rely on admissible evidence, encourage amicable settlement/alternative dispute resolution and refrain from granting reliefs not claimed.
    Ilogu said they should avoid determination of the substantive suit while ruling on interlocutory applications, must not descend into the arena, and should administer justice with mild temperament.
    For lawyers, the SAN said their role is to assist the court, diligently prosecute cases, not to abuse court process, to desist from prosecuting frivolous actions, to comply with the rules and orders of the court, and to be consistent in the presentation of cases (not taking a stance in the trial court and another on appeal).
    “Lawyers are also to ensure that pleadings are well drafted with clarity. They must maintain proper decorum while exhibiting sound knowledge of the law,” he said.
    Ilogu continued: “The apparent declining level of maritime litigation in Nigeria can be attributable severally to delays in the adjudication process, unpredictable decisions of the courts and poor handling of cases by counsel.
    “As has been observed, maritime litigation is highly international in nature and there is every need for maritime jurisprudence in Nigeria to be relatively consistent and uniform with the norms and customs in maritime business, shipping, international trade and conventions applicable in other jurisdictions.
    “As such, maritime litigation in Nigeria should keep pace with international best practices to avoid a ‘run’ on Nigerian courts.
    “Though much statistics may not be available to buttress the point, it would appear that arbitration of maritime matters is gaining grounds over and above maritime litigation in Nigeria.
    “This may be seen as an ‘unhealthy’ development which may not be in the best interest of counsel and the courts.
    “It is the primary duty of the court to ensure that substantial justice is done to the parties before it and the corresponding duty of counsel is to assist the court in ensuring that substantial justice is done in all cases.
    “This, coupled with quick dispensation of justice, should be able to sustain the confidence of litigants in our judicial system,” he said.

    ‘Why fines are needed’
    Highflyers Solicitors Principal Partner, Matthew Egbadon, whose paper dwelled on the use of administrative fines and penalties in the enforcement of legal instruments, urged regulatory agencies to be firm.
    He said: “The dominant view is that imposition of fines and penalties are legitimate and desirable administrative tools used by agencies of government, including maritime administrators, to enforce their mandate, globally.
    “Their use, in most cases, saves time and resources as well as promote efficiency and harmony.
    “The powers to impose fine and penalty where and when necessary, which are vested in some government agencies (including NIMASA), by the various enabling statutes and instruments, are very clear and unambiguous and logically, are in the overall public interest.
    “They should not been seen or regarded as an infraction on, or a derogation from, the constitutional provisions on the separation of powers.
    “The agencies must, therefore, be supported in the use of this tool, since inherent in the use of this tool, are requirements of due process principles,” he said.
    Egbadon, however, warned regulatory agencies against abuse of power.
    “It must be emphasised, however, that the agencies must be firm, fair and predictable in the use of fines or penalties as a tool of enforcement of their mandate.
    “The powers must not be capriciously deployed, otherwise any agency who does that may be held liable for wrongful use of the tool, with the attendant consequences,” he said.

    Managing maritime security

    A Senior Associate at Olaniwun Ajayi LP, Dr Chukwuechefu Ukattah, noted that various acts that are inimical to maritime security have continuously posed a threat to safety and security of shipping activities on Nigerian waters and security in port facilities.
    These threats, he said, underscore the need for not only a robust legal framework for combating maritime security threats but a robust maritime security management framework that would ensure continued economic growth.
    He identified some of the threats as armed robbery, sea piracy and illegal fishing, among others.
    According to him, cyber-attack on ships and port facilities is the most recent menace in the shipping industry and is gradually becoming a huge threat to the global maritime sector.
    “Nigeria’s maritime domain continues to be one of the hotspots of maritime crimes, especially armed robbery at sea and the attendant inimical effect of this menace on Nigeria’ socio-economic fabric underscores the need for concerted efforts by all maritime stakeholders in combating the menace.
    “Maritime security management though not a complete panacea for maritime crimes plays a critical role in the maritime security architecture of states and helps ensure that inimical acts in states maritime domain are detected and deterred.
    “The Nigerian legislature has made commendable efforts over the years to enact laws to combat acts of violence on Nigeria’s waters, though the extant laws are not sufficiently comprehensive to cover all acts of violence on Nigeria’s waters.
    “However, the provisions of some of the extant laws that have hitherto not been ‘tested’ in combating acts of armed robbery at sea in Nigerian waters need to tested by the State through the ‘fire’ of legal interpretation.
    “This underscores the role of all stakeholders, especially our courts, in growing our jurisprudence on maritime security and maritime security management by ensuring the organic interpretation of our laws towards not just giving effect to the legislative intent behind the enactment of statutes but ensuring that lacunae/flaws in extant maritime security enactments are identified.
    “In domesticating international conventions, our legislature must take cognisance of our local circumstances and peculiarities as a nation and discontinue the current trend of ‘cutting and pasting’ international laws in our domestic law by reference and ensure that extant laws are periodically reviewed to take cognisance of developments in the local and global maritime space.
    “Nigeria occupies a pivotal place in the comity of maritime nations and ought to be at the vanguard of enacting laws that would serve as model laws (which will fill the gaps in international conventions) to be emulated by other maritime nations,” Ukattah said.

    Enforcing maritime labour
    conventions
    Olisa Agbakoba Legal Maritime Unit Head, Dr. Oluwole Akinyeye, said the judiciary has a critical role to play in compliance and enforcement of maritime labour conventions.
    To him, the judiciary cannot play its role in ensuring compliance with the Maritime Labour Convention (MLC) 2006, if Nigeria fails to domesticate it.
    “The claim of crew wages loses its status as a maritime lien and can no longer be enforced by arresting the ship that is connected to the cause of action.
    “The claim of crew wages loses the crucial advantage of ranking over other competing maritime claims that do not fall within the class of maritime liens.
    “The claimant-crewman is deprived of ship-security for the satisfaction of the judgment obtained in respect of the maritime claim, as the judgment debtor might be insolvent.
    “The loss of admiralty flavour of the claim of crew wages, renders its enforcement strictly based on an action in personam, entirely dependent upon the claimant being able to properly serve a summons on the defendant, who could be in some distant land.
    “Claims on crew wages arising in Nigeria cannot be enforced in other maritime countries via the action in rem, as it is no longer a maritime claim. Likewise, maritime litigants cannot come to Nigeria to enforce their claims in respect of crew wages.
    “While it is true that the claimant-crewmen can approach the NIC for the enforcement of their claim for wages, it is also true that such enforcement is bedeviled by the shortcomings of stripping the FHC of its jurisdiction over crew wages, as earlier considered.
    “There was no need for the 1999 Constitution (as amended) to strip the FHC of its admiralty jurisdiction over crew wages, as this affects the role of the judiciary in effectively enforcing the claims that could arise from the maritime labour convention, specifically in respect of crew wages.
    “Consequently, it is hoped that the legislature will take cognisance of the far reaching effects of stripping the FHC of its admiralty jurisdiction and take steps to remedy the position,” Akinyeye said.

    Review compensation regime

    A resource person, Mrs S. N. Asagwara, said the Civil Liability Conventions (CLC) govern the liability of the shipowner with respect to any spill or discharge of relevant oil from a ship.
    She said the need to develop an international compensation regime was established after the 1967 Torrey Canyon incident which caused vast environmental damage.
    “The need for deep knowledge of the provisions of the compensation regime and other International Conventions to which Nigeria is a Party is paramount,” she said.

  • Experts seek truly ‘independent’ electoral umpire

    Eminent lawyers, scholars and rights activists gathered in Lagos last week to celebrate one of their own, the late Chief Gani Fawehinmi (SAN).

    The occasion was the 15th edition of the Gani Fawehinmi Annual Lecture, instituted by the Ikeja Branch of the Nigerian Bar Association (NBA) in memory of the erudite lawyer, LEKE SALAUDEEN reports.

    THE 15th edition of the Gani Fawehinmi Annual Lecture was held in Ikeja last week. The event was initiated and sustained by the Nigerian Bar Association (NBA), Ikeja branch, in honour and remembrance of the late legal giant, Chief Gani Fawehinmi. He died on September 5, 2009.

    The topic of this year’s lecture, “Securing the Independence of INEC: A Panacea for Free, Fair and Credible Elections in Nigeria”, is very apt, given the fact that the general election is fast approaching. Apart from being a lawyer and human rights activist, the late Fawehinmi made an impact on the political landscape.  He floated a political party, the National Conscience Party (NCP). He contested for presidency on the platform of the party in 2003.

    In his welcome address, Chairman, NBA Ikeja Branch, Prince Dele Oloke, stated that we must not forget that the late Fawehinmi assiduously fought for the independence of the national electoral commission in Nigeria and the rights of Nigerians to form a political party of their choice, as against those foisted on the people by the military regimes of Gen. Ibrahim Babangida and the late Gen. Sani Abacha. He said Fawehinmi’s struggle and sacrifice led to the formation of plural political parties in Nigeria, contrary to the wish of the then powers that be.

    Oloke believed that if Fawehinmi were to be alive, he would have challenged the refusal of President Muhammadu Buhari to sign the amended Electoral Act proposed by the National Assembly in court. Again, he said, if convinced that Mrs Amina Zakari was in any way related to the President, Fawehinmi would have challenged her appointment and the role assigned to by INEC on the ground that such role would compromise the independence of the electoral body.

    His words: “Several Senior Advocates of Nigeria (SAN), senior members of the Bar, Professors of Law and politicians of different persuasions have expressed their displeasure and near frustration about the refusal of the President to sign the amended Electoral Act as proposed by the National Assembly. But, very unfortunate, no one has stepped into the shoes of the late Fawehinmi, by challenging the refusal before a court of competent jurisdiction. By reason of this event, the late erudite lawyer has again made himself unforgettable in the Nigerian political landscape.”

    The guest lecturer, Professor Akin Oyebode of the Faculty of Law, University of Lagos (UNILAG), spoke on the role of INEC towards achieving free, fair, credible and transparent elections and what needs to be done to uphold the independence of the electoral umpire.

    In his paper entitled, “Securing the Independence of INEC: A Panacea for Free, Fair and Credible Elections in Nigeria”, Oyebode said: “For as long as democracy entails equality of access to political competition, there remains a felt need for an independent body to ensure a level-playing field, fairness and equity among competing rivals. If this was not the case, then the entire exercise becomes a charade and pre-determined game of musical chairs where the winner is, more often than not, predictable. Although in modern times, opinion polls, exit polls and social research tools have made political forecasts less precarious, they are not altogether foolproof.

    “This is why the field is thrown open to all and anyone ready, willing and able to stake a claim to political power in consonance with the assumption of free enterprise and tenets of liberal democracy. Hence the role of the enforcer of the constitution, electoral laws, regulations and guidelines is expected to be a rigorous and impartial one such that at the end of the day, it would be clearly manifest to all and sundry that justice had been done.”

    The professor of International Law and Jurisprudence added: “While institutions are an important element in a democracy, the independence of mind, moral integrity of the functionaries of the electoral body and non-partisan disposition could well be decisive in ensuring a free, fair and credible electoral process, especially in an emerging democracy such as ours. Accordingly, scrupulous efforts should be made to ensure that only persons of impeccable character and unquestionable moral probity are appointed into the critical office of election managers.”

    Oyebode said “the acid test of electoral democracy can truly be said to lie in the sanctity of the laws governing the process and untrammelled fidelity to laws guaranteed by a fearless and decisive umpire who enjoys the confidence of the population.” Without this, he added, “things can very easily descend into chaos, street riots, murder and mayhem, perpetrated through self-help arising from loss of faith and confidence in the system and perceived injustice by those who believe they have been done in and are holding the wrong end of the stick of political and social injustice”.

    The Chairman, Planning Committee of the lecture, Mr. Monday Ubani, said there were institutional defects that made it difficult for INEC to be truly independent. The defects, he said, include the appointment of INEC Chairman and funding of the electoral body by the Federal Government.

    Ubani said in a situation where the President of the Federal Republic is empowered by the constitution to appoint INEC Chairman and  the same executive arm of government controls its funding, definitely the commission cannot be 100 per cent independent of its employer and financier.

    Ubani regretted that President Buhari refused to sign the new electoral act passed by the National Assembly, adding that the act would have made INEC truly independent. He noted that the reason given by the President for withholding his assent was that the election was too near. He said the day Nigeria gets its electoral act right, the country would have leaders that would have the interest of the people at heart.

    The immediate past National Vice Chairman of the NBA said the way forward for Nigeria to get it right on electoral matters is to go back to the Justice Muhammed Uwais panel report on electoral reform, because the panel made a comprehensive recommendation that would make INEC an impartial umpire.

    For instance, the panel recommended that the position of Chairman of INEC should be advertised. A committee made of up of retired judges and eminent professionals would short list the candidates; interview them and take decision on who among them should be appointed chairman.

    He added: “This recommendation, if implemented, would remove the power to appoint from the President and insulate INEC from executive control. The report also recommended that INEC should get its fund direct from Consolidated Account. In this case, INEC would stop going cap in hand to beg for fund from the Executive. I pray that one day, we shall have a government that would have the courage of implementing the Justice Uwais panel report.”

    Read also: Does the CJN personify the judiciary?

    The Resident Electoral Commissioner (REC), Akwa Ibom State, Mr Mike Iginni, is worried by the growing number of registered political parties in the country. He said many of them want to contest at the federal level, despite the fact that they lack the spread and resources to compete favourably with the major political parties. He advised smaller parties to concentrate on winning elections at the local government level, or field candidates for state Houses of Assembly.

    Iginni said if they start from local level, the parties will win seats and grow from strength to strength and later contest for seats at the national level. He said after 2019 elections, most of the parties would go underground and resurrect in another election year.

    On what needs to be done to uphold the independence of INEC, Oyebode said “it has become necessary for all concerned to bear in mind that INEC is a creature of law and, therefore, should always evince strict compliance with the country’s law and constitution”.

    The professor added: “In constituting its membership, the appointing authority should exercise due diligence and ensure compliance with both its constituent law, as well as the constitution in order to obviate the hue and cry as was recently seen regarding the pedigree of one of the National Commissioners. Like Caesar’s wife, all INEC’s functionaries should be above board and if when found to have compromised their status, should be immediately disciplined and, or have their services dispensed with. A situation should not be allowed where there is distrust or mistrust between it and the stakeholders.

    “Undoubtedly, INEC is empowered to issue necessary and proper guidelines to facilitate its activities. However, INEC’s power should be exercised with discretion in order not to bring the roof down on anyone. For example, the registration of 91 political parties however well-intentioned is today reminiscent of a case of the medicine being worse than the disease. INEC is well advised to remember the dictum that the road to hell is paved with good intentions, and therefore, in the application of laws, it should not wreak greater injury on the polity.

    “In the same vein, INEC should cease and desist from anticipatory implementation of laws. For example, why the use of Smart Card Readers or electronic transmission of election results might appear justifiable on account of their enhancement of the electoral process, it is untenable to do so without an effective legislation thereto.

    “Admittedly, the executive arm can influence INEC proceedings by delaying or withholding budget allocations to it. INEC should be able to solicit the assistance of civil society organisations, professional groups and the people generally to bring pressure to bear on the Executive to compel it to do the needful in order not to impede or frustrate INEC activities.”

    Justifying the topic of the lecture, Ubani said the committee was guided by the fact “we are holding our general election this year and we were compelled to look towards that direction in the choice of our topic”. He said the committee was aware of the role played by late Gani Fawehinmi in the development of Nigeria’s political space, especially when INEC refused to register some political parties.

    Ubani added: “He was the one who pursued the matter in the judiciary to a logical conclusion and got a reprieve that opened the space for other parties and for that singular act most of these ‘Not Too Young to Run’ advocates have found homes in some of them to emerge as presidential candidates. That would not have been possible in an era when two major political parties were the big league players in the country.”

    In conclusion, Oyebode said the central position of the electoral umpire in the optimal functioning of the electoral process within a democracy can hardly be over-exaggerated.  He said: “Where and when the independence of the electoral body cannot be taken for granted, one can as well bid goodbye to free, fair, credible and transparent elections.

    “However, an unbiased and non-partisan electoral body does not drop from the sky. It has to be created and nurtured by law and driven by men and women of unimpeachable character and the right disposition for it to effectively perform its ascribed role. More important, the independence of the body must be safeguarded and guaranteed by a conscious and vigorous civil society, in a position to defend it from any and all attempts to whittle down its ability to function without let or hindrance.”

     

  • Experts seek end to land grabbing, others

    A workshop on Free Prior and Informed Consent (FPIC) by the Friends of the Earth Africa (FoEA) has put the spotlight on land grabbing and informed consent policy to safeguard communities in development projects across the continent, writes OMOLARA AKINTOYE.

    Participants at a two-day workshop organised by the Friends of the Earth (FoE) and Africa Regional Exchange on Free Prior and Informed Consent (FPIC) have drawn attention to the problems of land in some parts of the continent.

    With the theme, Reclaim FPIC democratise development, the event was held in collaboration with member-groups from Liberia, Nigeria, Togo, Uganda and other relevant stakeholders across Nigeria.

    It focused on enhancing knowledge, building capacity and common understanding on the principles of FPIC, its applicability and how it can be used to influence practices and policies at various levels of advocacy work.

    Dr Maurice Olory, from Cross Rivers State, said:  ‘’The international legal instruments and standards on FPIC in connection with its success stories, loopholes and prospects relevant to  Africa were examined. The community was relatively peaceful until multinational companies came many years ago.

    “Instead of them to dialogue with the community leaders, we were not being carried along at all. Initially, these companies came in the name of development, but at the end, what you hear is revocation of our land. In Nbarakon community in Cross Rivers State where I hail from, land grabbing has been the order of the day by multinational companies, our means of livelihood has been taken away from us, our land is polluted,” he said.

    The story of Cheo Johnson of Jogban clan from Liberia, was not different.

    “When the multinational company came to our community, divide and rule was the order of the day coupled with financial inducement of the community leaders, but some of the leaders refused to be bought.

    “Large-scale land acquisitions are widespread in Africa. Africa, many years ago became a ‘grabbers’ hotspot’, following global concerns over food security and fuel supplies. Land, with its available water potential, was acquired by a wide range of private and public actors, including sovereign governments, on African soil.’’

    Also, Sustainable Development Initiative (SDI) Co-ordinator, Ali Kaba, from Liberia, said: “Ineffective legal, political and institutional processes have permitted large-scale land acquisition to the detriment of local communities. There are increasing tensions with local communities who suffer from dispossession of land and natural resources and lack power, made worse where there are no mechanisms for relocation or compensation.

    The issue of land ownership in Liberia, Kaba added, is being managed by people in Counties (aka states) in Liberia and not the government any longer.

    He said while Liberia is a late comer in land reform, countries, such as Kenya, Mozambique, Uganda and Togo, had been executing policies on it.

    He said: “The land reform was made possible as a result of collective efforts, the battle of rural Liberians, community members who fought for their land rights, the efforts of civil societies to expose the land rights and the abuses in the sector to the international community and the goodwill of the international community to pressurise the government to open up to reforms in the land sector. Liberia was just lucky because it recognised the rights of communities with or without document. We have FPIC in some of our domestic laws, and it really helped. Nigeria can also emulate this.”

    Forest and Bio-Diversity Programme of Friends of the Earth, Africa Co-ordinator Rita Uwaka observed that FPIC could be used to challenge unfriendly processes.

    “As CSOs, we need to domesticate this issue and hold our government accountable.The concept of development, she said, must involve everybody. People must be carried along. It’s wrong for the government and companies to get to a community and take over their land without any understanding. There is need for community to give their consent first before their land is taken from them.’’

    Uwaka called on African governments to prevent and address the adverse human rights impacts of company operations on community peoples before concessions are made to multi-national corporations.

    She said: “We demand free prior and informed consent of community people before any development project commences by any company operating in community territories in Africa. Consent must be given without force, intimidation, oppression or coercion and according to the decision making processes of the communities.”

  • Experts to youths: embrace inventions to beat unemployment

    Experts have recommended business reinvention as the key to sustainable entrepreneurship, owing to global economic downturns.

    Led by Deputy Pro Vice Chancellor University of Sussex Prof. Richard Follett, the experts spoke at the Hot Topics Africa Forum with the theme: ‘Sustainable business, intrapreneurship and the future of work’, at the Access Bank headquarters, Victoria Island, Lagos.

    Others include the Senior International Relations Manager, University of Sussex, Tosin Adebisi; Managing Director of Serve Consultancy Deola Adejuyigbe; Executive Director of Leap Africa Femi Taiwo; Education Leader Microsoft  Sola Amusan; TVP Adventures Founder Funmi Oyatogun and  Co-founder Social Good Lagos

    Tobi Aigbogun.

    Follett said intrapreneurship was the key to addressing economic disruptions.

    He said studies had shown that corporations were becoming increasingly short-lived due to disruptions by newcomers.

    Follett said with accelerating technological change, innovating becomes critical if companies are to survive.

    “Research has shown that the most successful intrapreneurs and innovation-led organisations have supportive cultures and structures and are connected with external partners in extensive innovation ecosystems, including universities, research institutions and other companies,” he stressed.

    Addressing National Youth Service Corps (NYSC) members who attended the forum, Follett admonished them to take advantage of opportunities that will equip them with skills and make them independent of paid employment after the scheme.

    He said: “It is tough being an average unemployed Nigerian, but you have to understand that taking yourself out of that situation is your own responsibility and not the government’s or society’s.”

     

     

     

  • Experts call for innovative products to finance economic growth

    Capital market experts have called on stakeholders to make concerted efforts to create innovative products that could simultaneously serve as investment vehicles for the nation’s growing pension assets and financing for the huge infrastructure gap.

    Experts, who spoke at the 2018 Exchange Traded Products (ETP) conference organised by the Nigerian Stock Exchange in Lagos, said pension funds could help to stimulate long-term development.

    Managing Director, Meristem Wealth Management Limited, Sulaiman Adedokun, said the pension assets represent immense opportunity for national economic development if channeled properly through the capital market.

    According to him, government needs to ensure that there is a framework for Pension Fund Administrators to invest into long-term projects.

    “With the size of the pension fund, we should not have issues with infrastructure funding in the country. Pension fund, if paid attention to, will be a catalyst for enhancing economic performance generally,” Adedokun said.

    He called for enabling environment and improved investor education to increase the investment of pension fund in the market.

    He noted that every investor was seeking to achieve better investment returns pointing out that if the pension funds were invested in a short-term product, they would not achieve investors’ goals.

    He stated that the government ought to expand the platforms through which pension fund could be invested in the market.

    Managing Director, Crusader Sterling Pension, Niyi Falade, noted that the participation of PFAs in the market was still quite low.

    Head, Investment Management, Cardinal Stone, Tosin Ojo, stated that there was a need to create more products in the market as pension fund assets to accommodate the large growth rate of pension assets.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, noted that ETPs were one of the most significant financial innovations in recent decades that have shaped the financial markets.

    According to him, since the introduction of ETPs in 1993, they have gained widespread acceptance in most developed markets. Over the last 15 years, investors’ demand for ETPs -both retail and institutional has grown remarkably, which in turn has led to a greater variety of products offered by ETP sponsors.

    He noted that the cross-listing of ABSA’s Newgold ETF on the NSE in December 2011 opened up the ETPs market and it has since then, grown steadily by a cumulative average growth rate of 8.0 per cent over the last four years.

    Currently, there are nine ETPs listed on the Exchange – two thematic ETFs providing access to Pension-compliant and Shariah-compliant stocks, two broad equity market ETFs tracking the NSE 30 Index, three sector based ETFs, one commodity ETF, and one bond ETF tracking exposure to benchmark FGN Sovereign Bonds.

    “The introduction of ETPs is one of the Exchange’s strategies to enhance diversification as well as broaden the options available in the capital market to support the efficient implementation of investment strategies across diverse asset classes and instruments,” Onyema said.

    He urged ETP product issuers and intermediaries to expand their footprint by broadening distribution channels, introducing other asset classes and strategies, entering new markets, leveraging technology and data analytics to understand the market and demand.