The Nation Newspaper

Tag: golden

  • When silence is not golden

    Various atrocities have been rocking our tertiary institutions since the beginning of this year. Some of the atrocities have been exposed, while some have been swept under the carpet by repressive authorities that victimise students. But, the big question to ask ourselves (students) is whether keeping silent in the face of decadence and victimisation is golden.

    I was reading through an article by a fellow campus journalist, who is a student of the Obafemi Awolowo University (OAU) in Ile-Ife, Kabir Adejumo, in which he highlighted some of the victimisation being meted out to students by managements of some institutions. The victims are our colleagues but none of us seems bold enough to speak up for them.

    The case of sex-for-mark in OAU, Lagos State University (LASU) and University of Lagos (UNILAG) are just a few of the numerous cases that are happening on our campuses day by day. A lot of students have been emotionally beaten to keep quiet when faced with molestations, harassment or victimisation because of the fear of being denied their certificates.

    Let me go straight to the main issue in this piece. The recent suspension and expulsion of students by school managements, especially campus journalists who are doing their work is appalling. School managements are seeing student-journalists and writers as threats to their unlawful acts.

    A final year Law student, Kunle Adebajo, was suspended by the management of the University of Ibadan (UI) over an investigative report that was published by The Guardian in 2016. Being a final year student, Kunle observed the poor facilities in UI’s hostel and saw the need to expose the rot in line with his role as a campus journalist. His action was informed by the need to bring about change and see the fortune of the school’s Halls of Residence change positively, but the reverse was the case. Was he expected to keep silent in the face of such rot?

    Daniel Osula, a student-writer at the Delta State University (DELSU), was expelled for exposing the evil act of his Head of Department. He was a final year student of Engineering. The HOD was said to have demanded money for a project. In addition to that, the HOD had asked everyone in the final year level to contribute a certain amount of money for the project presentation. But of the two times he requested for the money, nothing was done and the money wasn’t traceable.

    Daniel was just one of the few outspoken persons and decided to expose the matter. Fortunately, an anonymous student, who also felt the pain of the extortion, wrote a petition against the HOD and submitted it to the necessary quarters. Daniel, on his own part, only showed his pain on Facebook, which went viral on the Internet.

    He was summoned and expelled for posting the matter on Facebook. Despite being expelled, Daniel received unabated threats from the HOD fingered in the extortion. Was the student expected by the school to keep silent on such issue?

    Another painful incident is the purported suspension of Ijeoma Caleb, who exposed the Students’ Union President over cases of fund diversion. Caleb was the Public Relations Officer of the union and he was in the right position to expose the mismanagement of funds by the union president who forged the General Secretary’s signature to withdraw unauthorised money from the union’s purse. Why should Caleb be suspended for exposing such an evil act? The union president fingered in the sleaze was never suspended for his illegal act neither were his accomplices expelled.

    What ridiculous acts going on in our tertiary institutions. Shall we continue like this? Some school managements are not ready to take to correction. Therefore, anyone who blocks their way will be shown the way out of the school.

    Is this the period to say silence is golden? No, I guess. We hope those who are speaking will continue to speak up. We must resist the threat to keep shut while decadence flourishes in our tertiary institutions.

    Like Kabir pointed out in his article, the world does not celebrate cowards. Let us rise up to mobilise against students victimisations.

     

    • Adesola is a student of Adekunle Ajasin University, Akungba-Akoko (AAUA) in Ondo State

  • When silence is not golden

    Various atrocities have been rocking our tertiary institutions since the beginning of this year. Some of the atrocities have been exposed, while some have been swept under the carpet by repressive authorities that victimise students. But, the big question to ask ourselves (students) is whether keeping silent in the face of decadence and victimisation is golden.

    I was reading through an article by a fellow campus journalist, who is a student of the Obafemi Awolowo University (OAU) in Ile-Ife, Kabir Adejumo, in which he highlighted some of the victimisation being meted out to students by managements of some institutions. The victims are our colleagues but none of us seems bold enough to speak up for them.

    The case of sex-for-mark in OAU, Lagos State University (LASU) and University of Lagos (UNILAG) are just a few of the numerous cases that are happening on our campuses day by day. A lot of students have been emotionally beaten to keep quiet when faced with molestations, harassment or victimisation because of the fear of being denied their certificates.

    Let me go straight to the main issue in this piece. The recent suspension and expulsion of students by school managements, especially campus journalists who are doing their work is appalling. School managements are seeing student-journalists and writers as threats to their unlawful acts.

    A final year Law student, Kunle Adebajo, was suspended by the management of the University of Ibadan (UI) over an investigative report that was published by The Guardian in 2016. Being a final year student, Kunle observed the poor facilities in UI’s hostel and saw the need to expose the rot in line with his role as a campus journalist. His action was informed by the need to bring about change and see the fortune of the school’s Halls of Residence change positively, but the reverse was the case. Was he expected to keep silent in the face of such rot?

    Daniel Osula, a student-writer at the Delta State University (DELSU), was expelled for exposing the evil act of his Head of Department. He was a final year student of Engineering. The HOD was said to have demanded money for a project. In addition to that, the HOD had asked everyone in the final year level to contribute a certain amount of money for the project presentation. But of the two times he requested for the money, nothing was done and the money wasn’t traceable.

    Daniel was just one of the few outspoken persons and decided to expose the matter. Fortunately, an anonymous student, who also felt the pain of the extortion, wrote a petition against the HOD and submitted it to the necessary quarters. Daniel, on his own part, only showed his pain on Facebook, which went viral on the Internet.

    He was summoned and expelled for posting the matter on Facebook. Despite being expelled, Daniel received unabated threats from the HOD fingered in the extortion. Was the student expected by the school to keep silent on such issue?

    Another painful incident is the purported suspension of Ijeoma Caleb, who exposed the Students’ Union President over cases of fund diversion. Caleb was the Public Relations Officer of the union and he was in the right position to expose the mismanagement of funds by the union president who forged the General Secretary’s signature to withdraw unauthorised money from the union’s purse. Why should Caleb be suspended for exposing such an evil act? The union president fingered in the sleaze was never suspended for his illegal act neither were his accomplices expelled.

    What ridiculous acts going on in our tertiary institutions. Shall we continue like this? Some school managements are not ready to take to correction. Therefore, anyone who blocks their way will be shown the way out of the school.

    Is this the period to say silence is golden? No, I guess. We hope those who are speaking will continue to speak up. We must resist the threat to keep shut while decadence flourishes in our tertiary institutions.

    Like Kabir pointed out in his article, the world does not celebrate cowards. Let us rise up to mobilise against students victimisations.

    • Adesola is a student of Adekunle Ajasin University, Akungba-Akoko (AAUA) in Ondo State
  • Elusive Golden Fleece

    Elusive Golden Fleece

    Too many candidates chasing too few slots: UNILAG as case study

    Considering the number of candidates seeking admission into universities in the country and the number subsequently admitted, it is obvious that it is easier for the camel to pass through the scriptural eye of the needle than it is to secure a place in the country’s Ivory Towers. I was touched to write this piece when on Friday, I read the report that of the 32,000 applicants who applied to further their studies at the University of Lagos (UNILAG), only about 8,000 will be offered admission. About 24,000 others will have to wait till another year, or try their luck elsewhere.

    This is pathetic, especially for those of the candidates who already have the requisite five credits in the school certificate examinations, including English Language and Mathematics. I say it is pathetic because the Unified Tertiary Matriculation Examinations (UTME) marks scored by those of the candidates who have the requisite papers are perishable; they cannot be carried or rolled over till another year. If they are not utilised in a particular year, they expire. Last year, the Senate took a positive step to extend the validity of the UTME result to three years; but this is yet to take-off. This will save the parents the unnecessary expenses of having to pay every time their children sit for the examination as well as save the candidates the unnecessary headache of sitting for the exams yearly. However, since this has not yet become law, candidates who failed to secure admission because they do not have the requisite qualification have to sit for UTME again, and there is no assurance that they will always scale the cut-off mark when they do. Indeed, I have seen so many such candidates who have made several attempts without success and have therefore had to stay at home doing nothing for years. This is because, as they say, examinations are not always a true test of one’s ability.

    Some candidates have been able to pick the pieces of their lives together again several years after their initial attempts, but there is no doubt that many others never recovered from the experience. This is why I have always asked myself if this is the way things are made difficult for the children of our elite who study abroad.

    A few weeks ago, my wife had to go to my daughter’s school over the so-called education policy that wants students to be categorised either as science or arts student in the secondary school. She went to tell them that we would not accept such two-caps-fit-all for our child. These are children who today would tell you they want to become journalists and tomorrow, doctor, or lawyer, or engineer, or artistes. Meanwhile, how many of these schools have guidance and counselling facilities to guide the children in taking informed decisions about their future? The point is; most of them are just too young to know what they want to be in future. I was well over 18 years when I sat for school certificate examinations. Today, you would be considered an ‘elder’ in the class at that age, as most of those who sit for the exams are between 14 and 16, despite the fact that they spend six years in the secondary school now as against five that we spent.

    The problem is that the moment such children are railroaded into either arts or science and they flunk school cert, they become stranded.  People whose children went abroad (after in most cases their parents destroyed our educational system) and had it so easy, studied at their own pace, are the ones now erecting all manner of barriers against hapless children whose parents cannot afford to send to school abroad. That was how the other time; one of the country’s presidents banned History in our schools. People just sleep and wake up on the wrong side of the bed only to begin to formulate policies that cannot work or are absolutely uncalled-for.

    Some of these wrong-headed policies are at the root of why many of the candidates who want admission into our universities find it extremely difficult to enter. Admission into the university should be highly competitive, no doubt. That is one of the things that make it a university. And that competitiveness did not start today. I remember in 1981 when I gained admission into UNILAG, about 10,000 students applied while only about 3,000 were offered admission. I hope I quoted the then vice-chancellor, Prof. Akin O. Adesola, right because he gave the figure during our matriculation, to let us know how lucky we were to have secured admission into one of the best universities in the country. That more than 32,000 candidates want to be there even now shows it is still a highly preferred university.

    Of course then, there were very few universities in the country. Unlike today, there were no private universities; unlike today when virtually all state governments have their universities, with some having more than one which they do not have the capacity to run. As at the last count, there are about 152 universities in the country today. In spite of the high cost, especially of the private ones, we continue to witness the establishment of more. Yet, many candidates cannot gain admission into any of the universities.  For instance, there are only about 850,000 spaces for the more than 1.8 million candidates who registered for the 2017 UTME. This means about 850,000 admission seekers will be left out.

    But, the Joint Admissions and Matriculation Board (JAMB) registrar, Prof Is-haq Oloyede, has shed some light on the matter to correct the earlier impression. He said the same thing last year, and he has restated it this year that about 40 percent of candidates who annually write the UTME do not have the requisite qualification to do so, meaning they are mere wishful admission seekers. They are like people whose demand, according to economists, is not backed by the ability to pay. So, it is not effective. This is because they sat for UTME without obtaining necessary O’ Level requirement of credit passes in five subjects, including English and Mathematics.

    This has made some people to argue that candidates without the requisite qualifications should not be allowed to sit for UTME. This will save parents some money and the candidates’ time and energy. I naturally should oppose such suggestion because I was awaiting my Higher School Certificate result when I applied for direct entry into UNILAG. But that was then. With JAMB results now released within 24 hours after concluding the examinations, there may be some sense in this advocacy.

    It is true that there are about 152 universities in the country; 40 federal, 44 state-owned and the rest private universities. But it is not all of them that candidates see as universities properly so called. Here, we are talking of standards. That is why some universities have so many candidates ready to do anything to gain admission into them, and others are like Australia that many people are aware of its existence but a few are willing to go to. We may therefore have to expand some of the existing public universities or have multi-campus system to absorb some of the qualified admission seekers.

    Moreover, the National Universities Commission (NUC) should be more thorough in its assignment by insisting on the appropriate things being done before accrediting courses for universities. Too many Nigerians are hungry for the Golden Fleece, yet it would appear the opportunities are not enough.  There should be no basis to deny any qualified Nigerian the opportunity of acquiring university education. Not even financial difficulty because, ordinarily, there should be scholarship schemes to take care of indigent but brilliant students. This is the only fair thing to do since we have refused to accord technical education its due respect and our polytechnics’ graduates are still treated as third-class graduates.

  • Sukuk bonds …Grassroots investors’ golden chance

    Sukuk bonds …Grassroots investors’ golden chance

    In Nigeria, 40.1 million adults, representing 41.6 per cent of the adult population do not have access to financial services. COLLINS NWEZE. examines the N100 billion seven-year debut Sovereign Sukuk offer by the Federal Government through the Debt Management Office (DMO) aimed at getting a large number of the financially-excluded individuals into the financial services net. 

    The need to get more people into the financial system- financial inclusion- is becoming a priority for policymakers, regulators and development agencies globally.

    In Nigeria, getting people and businesses to access affordable financial products and services that meet their needs- including investment in bonds– remains a priority for the government and the private sector.

    Financial access facilitates day-to-day living, and helps families and businesses plan for everything from long-term goals to unexpected emergencies. It also contributes both to economic growth and wealth creation, and remains a key factor in tackling poverty.

    Creating new investment opportunities is seen as the easiest route to get more people connected to the financial sector, boost capital market liquidity by offering new investors an opportunity to participate in Nigeria’s growing capital market. It is also an opportunity to raise huge capital for government and private sectors to meet their financial needs.

    A good example was the N100 billion seven-year debut Sovereign Sukuk offer by the Federal Government through the Debt Management Office (DMO). It was an opportunity to get more Nigerians into the investment net and boost capital market liquidity. The offer, concluded September 22, was over oversubscribed, with over N105, 878,320,000 realised.

    The Sukuk Bond issuance, remains part of government’s plan to fast track the development of infrastructure and engage in project-tied capital raising given that Nigeria has challenges with road, railway and power infrastructures. It was a project-tied investment facility and attracted investors from across a broad spectrum of the public comprising pension funds, banks, fund managers, institutional and retail investors.

    In the run up to the offer, Nigerians developed tremendous enthusiasm as they embraced the investment instrument advertised nationwide through roadshows by officials from the DMO, Ministry of Power, Works and Housing, and Central Bank of Nigeria (CBN) in Lagos, Port Harcourt, Kano, Abuja and Kaduna.

    The awareness campaign which drew attention to the projects Sukuk aim at, the construction and rehabilitation of 25 roads across the six geopolitical zones, aroused in the investors the patriotic fervour that led to the oversubscription.

    Investment experts pointed out that Sukuk, as a novel investment platform, achieved one of its aims which is to offer new investors an opportunity to participate in Nigeria’s growing capital market.  A look at the investors that subscribed for the Sovereign Sukuk revealed that another significant objective was achieved through the participation of over a thousand retail investors from across the nation who accounted for over four per cent of the total subscription.

    Vice President and Treasurer, International Finance Corporation, Jingdong Hua, said deepening the capital market through bond issuance will help smaller companies raise funds that are key to economic growth. He said Nigeria’s capital market has huge potentials and should be tapped into.

    The Director-General of DMO, Patience Oniha said that the acceptance of the offer was an indication of the viability of the instrument as an investment option as well as a demonstration of utmost faith in the economy.

    She praised the Federal Government and, in particular, the Minister of Finance, Mrs. Kemi Adeosun, for the policy support that led to the success of this initial offer which industry watchers accept as another window that has opened for the government to raise funds to fill the nation’s yawning infrastructure gap.

    She explained that debut Sovereign Sukuk is an ethical-inclined investment in which rent is based on the investment bi-annually and the principal sum paid at the end of the seven-year tenor. She said the product was designed as a revenue source to fund the construction and rehabilitation of key economic infrastructure projects across Nigeria, such as roads.

    “It is intended to diversify the sources of government funding, offer ethical investors an opportunity to invest in government-issued securities, achieve higher level of financial inclusion and serve as a reference for pricing Sukuk issued by other bodies, especially private sector issuers,” she said.

    Oniha, at the various stops on the roadshow, assured potential investors that the Sukuk is backed by the full faith of the federal government and was one of the avenues it intends to raise funds for capital projects.

    “This is one of several efforts to raise funds for specific projects and this is backed by the full faith of the Federal Government. It is a rental product to cater for segment of our society that requires such services,” she said.

     

    Stakeholders speak

    Managing Director of Credit Bureau, Ahmed Popoola said in a lecture  delivered at the 10th annual lecture of Muslim Lawyers Association of Nigeria (MULAN) in Lagos with  theme: “Pulling Nigeria Out of the Economic Recession” that bond issuance is key to economic growth.

    He contended that Sukuk, also called non-interest bond, is an alternative option worth exploring to raise funds for  public works and to support the private sector access to finance. He stressed  that the options that altanative finance offers in  funding public infrastructure and empowering small business will help bail the country out of recession.

    He explained that worldwide, Sukuk bond is no more peripheral to conventional finance as  it is being operated in 75 countries, including western nations. “People think that the non-interest financial system is based on faith, but it is based on justice for the two parties. Besides, the system does not allow investments that harm people  or the environment,  thereby promoting sustainable finance,” he said.

    He emphasised the  need to a diversify the economy and invest massively in  infrastructure, stressing “ there needs to be a re-orientation of Nigeria towards  appreciating our products is imperative. Peace and stability has to be restored to all parts of the country as it is crucial and a pre-requisite for any economic development.  “Foreign direct investment needs to be nuances and the promotion of Small  and Medium Enterprises (SMEs) needs special attention  as there is a need to  separate SMEs development  from poverty alleviation programmes.

    A financial analyst, Abiodun Rasaq, said prospects for the Sukuk are very bright. He said the finance system has become necessary given a very significant proportion of Nigeria population strongly believe that based on the nature of the capital market and the dictates of their religion, they cannot invest in the market.

    He called for the development of products that is attractive to these set of investors to allow easy flow of their funds into the market.

    The Managing Director/Chief Executive Officer of the Islamic Banking and Finance Institute of Nigeria (IBFIN), Sani Aminu Dutsinma, stressed that non-interest banking and finance instruments have the potential to check greed, high handedness, selfishness and corruption, not only in the banking and finance industry, but also in the public sector.

    Dutsinma, explained that such financing option, being asset-based, should, in principle be less prone to financial crime.

    According to him, the industry had expanded rapidly over the past few decades, growing between 10 to 20 per cent annually, as shariah-compliant financial assets are estimated at about $2 trillion, covering bank and non-bank financial institutions.

    The banking assets have been grown faster than conventional banking assets, he said, adding that there has been an increased interest in alternative finance from countries such as the United Kingdom, Luxembourg, South Africa and Hong Kong.

    Within sub-Saharan Africa, he revealed that South Africa leads in terms of alternative finance, with one of the largest international non-interest banking conglomerates namely Al-Baraka Banking Group.

     

    Opportunities in Sukuk

     With dearth in regular deposits, finding alternative funding sources by government and private sectors remains critical to growth and development.

    The Sukuk finance development has in recent years, become very attractive to investors in many African economies. Specifically, Nigeria, Sudan, South Africa and Senegal, Kenya, Morocco and Niger among other countries have put in place necessary legal and regulatory frameworks to enable alternative banking offerings in their respective jurisdictions thrive.

    The Federal Ministry of Power, Works and Housing, listed 25 road projects spread across the six geo-political zones of the country which the fund will be used for. Some of the projects include the Loko Oweto Bridge, dualisation of a section of the Abuja-Lokoja road, dualisation of the Suleja-Minna road, the dualisation of the Kano-Katsina road (phase 1), rehabilitation of the Onitsha – Enugu Expressway, and the Enugu-Port Harcourt road (section one to three). Others are the Ibadan-Ilorin Road (Oyo-Ogbomoso), Kolo-Otuoke-Bayelsa-Palm Road (Yenegwa Road Junction), Kaduna Eastern By-Pass and Kano-Maiduguri Road (Potiskum-Damaturu).

    Experts said the offer will boost investments flows based on trends already witnessed in the Federal Government of Nigeria (FGN) Bond, savings bond among others issued by the debt office.

    Benefits of investing in the Sukuk, according the DMO, include safety of investment, regular income which are tax free and liquidity as they will be listed and traded on The Nigerian Stock Exchange and the FMDQ OTC Securities Exchange Plc.

    The debut Sovereign Sukuk is for N100 billion with a tenor of seven years at N1,000 per unit. The offers were certified as ethically compliant by the Financial Regulation Advisory Council of Experts of the CBN. The product is also useful as collateral to access loans from banks.

    Also, the minimum subscription is N10,000, that is, 10 units at N1,000 per unit and in multiples of N1,000 ( per unit) thereafter. The rental payment is semi-annually while the redemption involves a bullet payment of invested funds at maturity.

    “Sukuk is different from Convention Bonds in the sense that it represents ownership interest in assets while bonds represent a pure debt obligation due from the issuer. The funds raised from Sukuk issuance must be used only for ethical purposes. Bonds can be issued to finance any legal purpose. The sale of Sukuk represents the sale of the holder’s interest in an asset. The sale of a Bond is the sale of a debt,” the DMO said.

    It said all categories of investors, including retail investors, high net worth individuals, institutional investors such as commercial banks, insurance/takaful companies, pension funds, asset managers, private banks and others. Also, ethically inclined investors, cooperative Societies, religious bodies, state investment companies and foreign investors will find it really attractive.

    Assessing the benefits of the financial instrument, the president of Federation of Muslim Women in Nigeria, Rivers State Chapter, Hajia Maimuna Bello, described it as a bold initiative to cater for a critical segment of the country and urged the DMO to deepen its awareness drive.

    In Abuja, a former executive director of the Nigeria National Petroleum Corporation (NNPC), Ibrahim Waziri, expressed the hope that the raised funds would be deployed to the listed projects. He stressed that as an ethical financial instrument, investors are assured of timely rental returns.

    The offer will be listed and traded on The Nigerian Stock Exchange and the FMDQ OTC Securities Exchange Plc.

     

    CBN speaks on the offer

     The CBN said the offer was geared towards infrastructural development and a worthwhile investment. Speaking at a one-day investors’ forum in Kaduna, CBN’s Deputy Director, Financial Markets Department, Demenongu Yanfa, said the the Sukuk will not only allow Nigerians take ownership of the roads with half yearly rental incomes, but will fast track the building of road infrastructure in the country.

    “The world is looking for new areas of investment. As of today, South Africa, Malaysia and some other countries of the world have embraced Sukuk to fund some of the construction and rehabilitation of key sectors of their economies,” Yanfa said.

    The International Monetary Fund (IMF) links the rapid growth of alternative banking in developing countries to its relative resilience to financial crises as compared to conventional banking. The sukuk is based on an ijara structure, a common leasing arrangement in the type of finance, which bans payment of interest.

     

    How it started

     Osun State issued a N10 billion sukuk yielding 14.75 per cent, bankers said. The bond, issued in October 2013, was the first Sukuk issuance from a major economy in sub-Saharan Africa.

    The cocoa-producing, southwestern state of Osun received N11.4 billion in total subscriptions for its seven-year paper, from asset managers, bankers said.

    The sukuk bond was issued in accordance with enactment of the Osun State Bonds, Notes and Other Securities Law 2012 and setting up the Osun Sukuk Company Plc. Though non-interest in nomenclature, the sukuk bond was a conventional bond and coordinated by the regular investors in the nation’s capital and money market. The bond was issued in accordance with the Security and Exchange Commission’s rules and regulations.

    The bond, being used to finance roads and school constructions across the state, is due in 2020. While authorising and approving the offer at the board meeting for the Sukuk Company, the Osun State Governor, Ogbeni Rauf Aregbesola, said his government took the Sukuk bond as an opportunity for the development of the state. He appealed to the people to see the bond as an avenue to attract development to the state for the benefit of all and sundry.

    Other African countries including South Africa, Kenya and Senegal have been laying plans to issue a sukuk and Gambia has been selling small amounts of non-interest debt for several years.

    Managing Director of Cowry Assets Management limited, Johnson Chukwu, said the basic thing is that it provided opportunity for people that do not want to invest in interest-bearing instruments to participate.

    “The Sukuk bond will meet the investment need of large population of Nigerian that do not want to invest in interest-bearing instruments. It will attract funds from people that have refused to invest in other debt instruments because of their values. It will bring more people into the financial system,” he said.

    He said sukuk can play an important part in the development of an non-interest market and banking system.

     

    CBN’s regulation

     

    The CBN had in 2015, issued guidelines for an advisory body that will oversee non-interest banking in the country.

    An essential governance structure and element of regulatory oversight for institutions offering non-interest financial services is the establishment of an advisory body at the level of the Central Bank. The bank is to provide assurance that the strategic direction and conduct of financial transactions of Non-Interest Financial Institutions (NIFIs) are in compliance with the rules and principles underpinning their operations.

    Also, section 9.1 of the CBN Guidelines for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria provides for the establishment of an advisory body at the CBN on non-interest banking and finance.

    CBN Director, Development Finance, Mudashiru Olaitan, said financial inclusion can help people step out of poverty and address long term growth  challenges.

    The CBN has overtime, emphasised the need for Nigerians to embrace savings culture to bridge the huge gap between the banked and unbanked.

    The demand is in line with the its National Financial Inclusion Strategy (NFIS) meant to reduce the percentage of adults excluded from financial services from 40.1 per cent to 20 per cent by 2020 with specific targets for payments and promotion of savings culture.

    The CBN believes that  having at least 80 per cent of all adult Nigerians have access to affordable financial services as well as the right environment within which to invest and  flourish economically will boost the country’s  development profile.

     

  • The Rivers run golden: (Concluding Part)

    I can authoritatively say that it was only when the PDP defectors joined the APC that victory was finally secured at the centre.

    Before continuing with successive indigenous governors, this column will briefly look at how women have been faring in Rivers.

    Rivers had its only woman ruler of Bonny Kingdom, Queen Kambasa in 1500 AD. A warrior Queen, she personally led her well-trained army to conquests.

    …Forward several centuries to the present; today 2 women sit as Rivers Representatives in the National Assembly, Abuja.

    Chief Melford Okilo appointed Mrs. Constance Saranwiyo as the first female state Commissioner. And Rivers has had a female Commissioner of Works! She is Okpete Ovai (2003-6). She has a Master’s Degree in Engineering.

    Dr. Ipalibo Harry Banigo from Degema is a Nigerian gem and distinguished lady. She attended Queens College Lagos and UCH, Ibadan. She is a medical Doctor and has served various governments at high level, severally, with many UN projects executed as well. She is the Deputy Governor, the only female in the entire south-south.

    Sir Peter Odili (contd) as previously said, Odili constructed the ultra modern Government House Complex in Port Harcourt.

    A wealthy man, Dr. Odili had (has) flourishing private hospital in PH, and also married an Ibo lady from a wealthy family (the Nzenwas); a lawyer who is a Supreme Court judge today. Sir Peter is a loving and faithful husband to Justice Mary.

    Politically, Odili was hoodwinked and lied to by the then President to contest the presidency. One other thing is that political killings during his administration were too frequent for any comfort.

    He was a lover of the youth-I saw physically where women gathered crying loudly in the streets- tears of joy when, thanks to the amnesty program, militants ‘came out’ from the creeks in thousands. The youths, who were long assumed dead by their families, laid down their arms in Nigeria’s great amnesty program. It is just sad today to see that all glory for the amnesty program is given to late President Yar’ Adua.

    Odili rehabilitated and engaged thousands and thousands of youths. I daresay he brought some cure to Nigeria’s great problem of massive unemployment as well as restiveness, youth depression and even suicide.

    Odili reconstructed and modernized the Braithwaite Memorial Specialist Hospital – that was where a Princess was born, yes, I am a Port Harcourt person (Duncan Mighty’s Lyrics, too bad he ‘forgot’ to call my name in his song)!

    Finally, politically, Odili groomed a successor in his former aide and House Speaker, Rotimi Amaechi but like a number of other governors, he messed up the handover and bowed out on a sour note.

    Sir Celestine Omehia He lasted only 5 months but still initiated the Rumuwoji Market and Eleme roundabout flyover. These were redesigned and completed by the Amaechi administration.

    Chief Chibuike Rotimi Amaechi. Politically, he saw hell as result of fallout with the powerful President Dr. Jonathan. He was Chair of the influential Nigerian Governors Forum; it was split in 2 by the central government. In frustration he decamped from PDP to the APC and spearheaded the Buhari presidency campaign. That campaign had tried 3 times unsuccessfully for the presidency. I can authoritatively say that it was only when the PDP decampess joined, that victory was finally secured for the APC.

    Amaechi too had it rough from the outset. Months after the primaries President Obasajo had unilaterally foisted Sir Omehia on Rivers as Governor- a man who never even contested (the courts upturned the action). And even Sir Peter Odili had asked Amaechi to walk out of his house! Amaechi had to go on political exile to Ghana, his safety not being guaranteed at the time.

    Amaechi cannot be described as the most organized of people. Notwithstanding he did fantastic work in the educational sector, and his work in early childhood education was trail-blazing.

    The highlight of his achievements was initiating the Greater Port Harcourt City Development Program GPCDP. The former Garden City has become a mere shadow of itself. As governor, Amaechi correctly recognized that road transportation was not the modern transport solution, but his monorail project was overly ambitious by far, and it is at standstill right now, hanging over Port Harcourt city.

    Amaechi completed the Ada George Government’s Okrika Ring Road and named it after Rufus Ada George. He completed Odili’s flyover at the Eleme roundabout. Today he serves as Nigeria’s Minister of Transport and his emphasis is on rail. That is the greatest irony, when practically no one living in the whole of the Niger Delta has ever seen a train even till today! Finally, politically: it is situational irony that he could repeat the mistakes of his predecessor. He battled his erstwhile chief of staff to a standstill. History repeats itself; that man is governor today. Worse, Amaechi is now battling everyone of note in Rivers APC. It is sad telling that his story today is also a sour one in Rivers State.

    Chief Nyesom Ezebunwo Wike Son of a reverend minister, the mantle is now on Nyesom Wike to lead Rivers State at this onset of its next 50 years. Wike is from Obio Akpor L.G.A-reportedly the richest one in Nigeria! At the onset of this 4th republic, Wike served as its L.G.A Council Chairman, from where he became Governor Amaechi’s Chief of Staff (2007-11).

    He was appointed Minster for Education. He is the 6th elected Rivers Governor.

    As Education minister, he established the federal polytechnic of Oil & Gas in Bonny. He also built the faculty of Law at Uniport. Vice President Osibajo has now named the man Mr. Projects. Dr. Jonathan has said that Wike has a large heart. However, his many and public fights with Rotimi Amaechi would not have many believe that! Beautifully though, the regime has taken upon itself the completion of all uncompleted but viable projects of its predecessor – notwithstanding their highly publicized political differences.

    Indeed Wike has completed more than 150 road projects statewide, including 3 federal roads; others are in various stages of completion. Just last week he commissioned the reconstructed General Hospital, Abua. The London based NewsAfrica says-Wike Works Wonders!

    Still, there are many challenges. The oil companies are flaring gas as mindlessly as ever. Just last month, Eleme road, a major highway was closed to traffic. Currently, Azumini road is in a bad state. Wike is completing the Andoni Opobo Unity Road. He is not leaving project monitoring to anyone, he does it himself (I’ve seen this myself, quite accidentally. I was returning to PH once from Yenagoa to take a flight. Then his convoy came quietly by. Shortly ahead, I saw him inspecting the road, no pressmen, just some aides).

    Wike is maintaining Amaechi’s Greater PH City Development!   Wike ran his ticket with, and has a female Deputy Governor, Dr. Ipalibo Harry Banigo, the first female Deputy in the Niger Delta! Well, some people may point out that there was a female deputy governor in the last days of a past administration in a neighbouring state. But I will stand by own opinion. Or is it correct to still call someone who likely shares a birthday with Chief E.K Clark; a woman!

    Methinks even in a biology test, such a one would not pass the requirement of being called a woman, No!!

     

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  • A golden weapon

    A golden weapon

    Of all the Muhammadu Buhari administration’s policies, none has been as popular – and effective, I dare say – as whistle-blowing.

    Not even the crippling of the infernal Boko Haram machine has matched whistle-blowing on the scale of popularity. Nor the Treasury Single Account (TSA) that has hauled into the public treasury funds that would have gone into private pockets.

    Where is Julian Paul Assange, the Australian computer programmer and WikiLeaks chief? Edward Snowden? Come over. The game is on here.

    Consider the sheer amount of cash that has been recovered. Mind-boggling. The $43.6m the Economic and Financial Crimes Commission (EFCC) found in Osborne Towers, Ikoyi, Lagos; the $9.8m former Nigeria National Petroleum Corporation (NNPC) boss Andrew Yakubu stashed away in a Kaduna slum; the N449m found in a Lagos bureau de change; the N250m dumped in a Lagos market; and the N49m abandoned at the Kaduna Airport. And much more.

    If anybody is still in doubt of the efficacy of this policy, the government has dismissed such doubts. The policy, it has announced with great confidence, will be extended to weapons recovery to reduce violent crimes. After that, I am told by a fellow who claims to know the thinking in the bureaucracy, it will be extended to prostitution, gambling, drug abuse and other ailments that trouble our society.

    No symposium or seminar is complete these days without young  participants, declaring that they would like to become whistle-blowers. All of a sudden, it is no longer fashionable to dream of becoming a lawyer, a doctor, a pilot, a soldier and a footballer.

    Why?

    The golden policy cedes five per cent of recovered to the whistle-blower. Imagine five per cent of $43.6m, probably tax-free.  A considerable fortune, recession or no recession, and without working up a sweat.

    Just before the National Intelligence Agency (NIA) came out to claim that the Ikoyi cash belongs to it, a neighbour of an uncle of mine had briefed an ogbologbo lawyer(apologies to former President Olusegun Obasanjo) to file on his behalf a writ compelling the Economic and Financial Crimes Commission (EFCC) to release the haul to him,  to enter an unreserved apology, and to desist from further invading his privacy.

    The learned attorney reminded the petitioner that it was an open secret that the mountain of cash was found in a luxury apartment in an elegant mansion in Ikoyi – the home of the rich and the powerful. “When did you become one of them?” the lawyer asked him.   The fellow then reluctantly dropped the idea.

    Even the Senate (yes, the Senate of the Federal Republic of Nigeria) threatened to intervene in the matter if the EFCC would not speedily name the owner of the cash. The plan was to summon the leadership of the Commission to bring to the hallowed chamber all the documents relevant to the matter.

    Many have sneered at this legislative oversight being contemplated. Which EFCC, the one headed by Ibrahim Magu whom senators refused to clear for chairman? Is a senator planning to claim the cash?  Is a public hearing, one of those dramatic inquisitions, on the way? Or a town hall meeting?

    Before the Senate could carry out its threat, the Presidency sprang up to some action. It announced the suspension of the Secretary to the Government of the Federation (SGF), Babachir David Lawal, over the Presidential Initiative on the North East (PINE) contracts and NIA boss Ayo Oke, who had said that the cash was kept in the flat at the Osborne Towers for safety.

    Lately, some cheeky fellows, whose claim to being frontline estate surveyors, valuers and  property managers is as reliable as the Lagos weather, have been  erecting  billboards announcing that they had safe houses to let or lease. Such houses, they said, are available in any part of the country. The thinking, according to an Abuja sociologist who is researching into the wave of recoveries, is that the banks may soon become obsolete as more and more people will seek to hide their cash in the so-called safe houses.   There is now a wave of investments in such facilities.

    There will be no Bank Verification Number (BVN) issues. A depositor will not be required to state his or her personal details. No deposit slips. No cheques. No guarantors. And no withdrawal and deposit limits. No hidden charges whatsoever.

    But there are, despite the safety record of the safe house, those who have little confidence in the system. They now bury their cash in cemeteries. We were let into this secret the other day by no less a personality than the Minister of Information, Alhaji Lai Mohammed.

    Ah, if only the dead could talk! I can bet some would have risen in fury to smack and hack down these strange funeral corteges. “Isn’t this the cash you could have poured into building good hospitals and paying doctors to stop them from going on strike and thus keep us alive?   Why bring it all here now? Do we spend dollars here? Don’t you have no fear, no shame, and no respect?  Why come here to disturb  our peace?

    The ranks of  whistle-blowers is swelling by the day, I can report with confidence.  They now include elders, unpaid pensioners and angry civil servants, also unpaid.  And they  have decided to regulate the trade, albeit discreetly.

    They have asked a lawyer to register at the Corporate Affairs Commission (CAC)  the National Association of Chartered Whistle-blowers of Nigeria, hereinafter referred to as NACWON, for short. A notice has appeared in a national newspaper announcing the plan to register the organisation. Whoever has an objection should raise it within seven days or keep quiet forever. Members will be permitted to add after their names the title of “Fellow, NACWON”.

    In academic circles, a frontline scholar has told me, talks are going on about how universities can parlay the success of whistle-blowing into making their graduates job-creators and not job-hunters. They are busy drawing up courses that will lead to a Bachelor of Science degree in whistle-blowing.

    Trust Nigerians. Like so many other serious matters of national security and survival, the whistle-blowing policy has been the subject of insensitive jokes. There is one in which an angry woman scorns her FIFA-graded referee husband for not coming home with a fortune. “Which kin yeye whistle you dey blow for all these years? Your mates who don’t even wear any uniforms and are not running all over the place to catch some boys fighting over a ball are making billions just by blowing correct whistles,” she yelled at the confused man.

    Another spoke of how a trader boarded  a flight for China to get a customised whistle. He took the decision after all the major markets had run out of whistles. He was in Geri Kasuwa (Kaduna), Ariaria International Market (Aba), Balogun (Lagos) and others.

    There is also “a manual for whistle-blowers who want to be successful”. It lists the steps to take: “Locate where Ghana-must-go bags are sold. Identify anyone buying two or more bags. Follow the person discreetly. If he goes to a high class neighbourhood, you are on your way to being a millionaire. Hang around the neighbourhood and watch the movement of the bags. You can then blow your whistle.”

    “You can also hang around cemeteries to look out for what is being buried. It could be pound sterling, yen or dollar or all and more.”

    “Apply to be either a cook or a driver or a house help to a big man, a legislator or a Customs chief or any senior government official or a top military officer. If you land such a job with a governor, you are already a millionaire. Just shine ya eye.”

    “Slip into any place where a septic tank is being dug and find out what is going into the pit. Ditto for overhead tanks installation.”

    “If you do not succeed after trying these methods, blame it all on the old woman in your village.”

    Is whistle-blowing new? No. The problem is that we have all neglected our responsibility. Now that we get paid to squeal on suspected thieves, everyone wants a piece of the action. Should financial reward be the tonic for civic responsibility?

  • Golden jubilee for a teacher

    Golden jubilee for a teacher

    Arrangements have been concluded for the 50th birthday anniversary of Pastor Olaniyan Bolatito Christianah on Saturday. The anniversary will feature church service at the Redeemed Christian Church of God (RCCG), Sanctuary of Divine Favour, Ilupeju Estate, Gbagi Olorunda Abaa Road, Akobo Ojurin Ibadan Oyo State at 11:00 a.m.

    A reception will follow immediately at the Mayor’s Place Centre, Gbagi Olorunda Abaa Road, Akobo Ojurin Ibadan.

  • Pastor Tom Samson hits golden age

    Pastor Tom Samson hits golden age

    God uplifts the righteous and blesses the just. That much has manifested in the life of the founder and General Overseer of Christ Royal Family International Church, Bishop (Dr) Tom Samson. His strength appears to get renewed each passing day with the perks that come with working in the vineyard of God.

    In a couple of weeks from now, Bishop Samson will hit the golden age, and he plans to celebrate the occasion in a grand way. The bishop, who was born into the family of Pa Enweliku Samson and Madam Eunice Enweliku Samson on December 12, 1965, has lined up a number of activities to mark his 50th birthday celebration.

    The much anticipated event will hold at his Royal City in Ota, Ogun State. Friends and members of his ministry are all gearing up to celebrate the man who has inspired their lives in various ways.

  • Zenith Bank WBL: ‘This bronze is golden’

    Zenith Bank WBL: ‘This bronze is golden’

     

    Coach of First Deepwater Basketball Club, Lateef Erinfolami has described the bronze medal won by her team ‘as golden’ at the just concluded Zenith Bank Women Basketball League.

    Erinfolami, who has won four league titles with the Oil and Gas team, said he would cherish the third place finish his team achieved this season.

    When reminded that the team had won four titles previously, he said: “I am serious about this third place  as being the one I would cherish the most because when the season started and my best players left the team, I had thought we were not going to finish among the best three teams.

    Erinfolami also commended the girls for the feat and assured them that they would become better next season. “My assurance to our fans is that we will bounce back to winning ways next season as soon as we are able to recruit new players.

    Club chairman, Babatunde Babalola said that fans should expect to see better performances from his team very soon.  He promised that the challenges facing the club would soon be a thing of the past as the club looks forward to returning to winning ways from the 2015/2016 season.

    “We have paid our dues and our recent challenges have toughen. We will also strive hard to become a better club. I must praise the players and their handlers for believing in the management by remaining with the club in our trying moments and the only way to compensate them is to finish on the podium this season and hopefully come out better next season.

    “If you remember that before our formation in December 2008 and our participation in the league for the first time 2009, not many people gave us any chance because First Bank Basketball Club dominated the league. We did not only halt their 10 years reign, but went on to annex the league title four consecutive years between 2010 and 2013 and a third place finish at the 2011 FIBA Africa Champions Cup for Women, which we also hosted in Lagos, Babalola noted.

  • Nollywood stars shine at Golden Movie Awards Africa

    Nollywood stars shine at Golden Movie Awards Africa

    Ramsey Nouah, Nse Ikpe Etim, Adesua Etomi, Ayo Makun and OC Ukeje won various awards, at the maiden edition of Golden Movie Awards Africa, which held on Saturday, June 27, 2015, at the State Banquet Hall, Ghana.

    According to report, the Golden Actor in Comedy went to Ayo Makun for his comedy flick, 30 Days in Atlanta, while Nse Ikpe Etim won the Golden Actress in Drama category.

    The Golden Soundtrack Original went to Knocking on Heavens Door, produced by Emem Isong and directed by Desmond Elliot, while Golden Supporting Actor Drama went to OC Ukeje.

    Others are AdesuaEtomi who emerged Golden Discovery winner, while Golden Supporting Actor in a Comedy went to Ramsey Nouah.

    The event, hosted by KSM, according to the organisers, was put together to celebrate excellence in the creative art industry and honour individuals for their outstanding achievements in the film industry.