The Nation Newspaper

Tag: Nigeria

  • Govt plans law to woo foreign investors

    Lawyers and other professionals attended the Nigerian Bar Association (NBA) Section on Business Law (SBL) International Conference in Lagos last week. Legal Editor JOHN AUSTIN UNACHUKWU, ADEBISI ONANUGA, JOSEPH JIBUEZE and PRECIOUS IGBONWELUNDU report.

    Is the country’s economy still emerging? Why have its citizens remained largely poor? Why is wealth concentrated in few hands? What role can lawyers play in an emerging economy?

    These were some of the questions speakers sought to answer at the Seventh edition of the Annual Business Law Conference of the Section of Business Law (SBL) of the Nigerian Bar Association (NBA) in Lagos with the theme: The legal profession in an emerging economy.

    Speakers included NBA President, Okey Wali (SAN); Attorney-General of the Federation, Mr Mohammed Bello Adoke (SAN); Ekiti State Governor, Dr Kayode Fayemi, who declared the conference open; Akwa Ibom State Governor Godswill Akpabio; Chairman of the Section on Business Law, Mr Gbenga Oyebode and the Chairman International Issues Committee of the Law Society of England and Wales, Mr Harold Paisner, who delivered the keynote address.

    The Chief Justice of Nigeria, Justice Miriam Aloma Mukhtar, was represented by Justice Mahmud Mohammed of the Supreme Court; the Chief Judge of Lagos State, Justice Ayotunde Phillips was represented by the Head Judge, Justice Olufunmilayo Atilade.

    Adoke, represented by Dr. Taiwo Ogunleye, said the Federal government was planning a new legislation to help bring foreign investment into the country.

    He said his office is collaborating with the Ministry of Trade and Investment and other stakeholders in reviewing relevant Business and Investment Laws to draft a legislation aimed at simplifying the legal regime for doing business and reduce legal impediments to the inflow of investments and the smooth running of business in the country.

    He said he had through an Eight- Point Strategy Plan articulated wide ranging reforms in the justice sector identified as needful for the improvement of business and investment laws, policies and regulations in Nigeria.

    “We are living witnesses to the positive impact of democratic governance on the polity and its salutary effect on Nigeria’s investment climate, particularly the concerted reform initiatives being implemented at the Federal and state levels to make our investment climate not only conducive for business but competitive for the reception of foreign investment,” he said.

    According to him, there is no doubt that a nation’s legal system provides the context, the means and methods of regulating business practices as well as defines the parameters within which companies and individuals conduct business transactions

    He said: “The legal system specified both the rights and obligations of parties who are involved in business transactions and prescribes the methods of legal redress to those who believe they are entitled to some type of recourse in the legal system.”

     

    The role of lawyers

     

    Fayemi said the legal profession has a big role to play in entrenching the rule of law and fighting bribery and corruption if Nigeria must join the emerging economies of the world.

    He believed that there are certain provisions in our law that has not been helpful to investment climate and challenged lawyers to rise up to the occasion adding that our laws should be developed in tandem with the situations around us if the country must be in the league of emerging economies of the world.

    The governor remarked that the Vision 20: 2020 programme of the Federal Government is not just a wishful thinking, but that there are grounds for the country to nurse such aspirations.

    According to him, there is for the country to improve on those factors that make investors prefer other climes other than Nigeria.

    Mr Paisner said bribery and corruption undermine not just democratic values, but also public accountability and the rule of law, adding that this is why national and international efforts to combat the vices are important for emerging economies.

    Paisner observed that in many emerging economies, problems arise where laws poorly drafted give regulators too wide a discretion without adequate accountability to interprete and apply the law.

    “So lawyers do have a role to play in promoting good economic growth whether as private practitioner or as members of the judiciary.

    “They should uphold corporate governance and investors, keep corruption and money laundering under check and they should hold government to account over the provision of legal frame work that guarantees access to justice, enforcement of contracts, protection of private property rights,” he said.

    The Chairman International Issues Committee of the Law Society of England and Wales, who described lawyers as major catalyst of growth in emerging economies of the world, counselled Nigerian lawyers to broaden their educational background by combining law degree with business degree, stressing that a good legal education and training equips lawyers to become good policy makers, legislators and regulators in emerging economies.

    Wali said the section on business law was introduced as a platform for professionalising the Bar in Nigeria, adding that the section also accommodates lawyers who desire to specialise in the profession.

    The NBA President called for the strengthening of sections and committee system in the association so that lawyers can avail themselves of the opportunities they provided to specialise in diverse areas of professional practice.

    Wali frowned at the politicalisation of some NBA’s committee activities by chairmen with ambitions for future political offices at the Bar.

    He warned that overheating of the system has negative effect on the programme of the Bar and that henceforth, it will not be tolerated.

    Oyebode said there was a correlation between good governance and the emerging economies.

    He said Nigeria can only witness growth in her economy if human rights are respected, corruption is eradicated and rule of law is allowed to reign supreme in the country.

    Oyebode stressed that there was the need for legal practitioners to be attuned with development around the world to be in good position to provide good legal advice to their clients.

    Group Managing Director/Chief Executive Officer of Access Bank Plc, Aigboje Aig-Imoukhuede, urged lawyers to see the legal profession as business that can help grow the economy.

    He said doing so would help “accelerate” the rate at which those at the top, such as Senior Advocates, “pull up those at the bottom.”

    Aig-Imoukhuede, who spoke at the closing session, said the legal profession, in resolving disputes, should also focus on how to create wealth.

    “I find that the legal profession seems to be more active in issues of dispute resolution, so this is the first time I am seeing lawyers putting interest in economic issues.

    “It is important that lawyers understand the political economy and basis micro-economics. I would love to come next time as a partner in one of your law firms,” Aig-Imoukhuede said.

    Akpabio said the impressive growth of emerging economies creates new demands for legal services.

    “Law, as we know, is undeniably the foundation for the promotion of business. Business is all about transaction, agreement, policy formulation and regulations and all these fall within the ambit of the legal profession.

    “Beyond this, the provision of professional advice to clients regarding issues like intellectual property law, employment law, tax law, securities law, anti-trust law, outsourcing and laws pertaining to the sale of goods, etc is also the prerequisite of the legal profession in an emerging economy.

    “The legal profession had traditionally operated primarily within the confines of individual nations, but, with globalisation, economic and cultural relations have transcended nations and are affected by multiple legal orders.

    “An emerging economy, therefore, needs to implement and institutionalise a rule of law regime to attract foreign investors as well as protect its interests and that its citizens in the global market place.”

     

    An expert in admiralty law, Ame Ogie, said to develop admiralty practice and the law relating to carriage of goods by sea, there is an urgent need for the Chief Judge of the Federal High Court to identify Judges who have some experience in admiralty practice or who are disposed towards admiralty practice and are willing to learn.

    “The bulk of admiralty/maritime matters should be assigned to these judges who can be further trained by attending seminars and by retired judges of the FHC who have experience in admiralty/maritime matters.

    “Admiralty practice, unlike others areas of practice, has international ramifications which affects every aspect of the nation’s economy,” he said.

    An energy law expert, ‘Sina Sipasi, criticised certain clauses and provisions of the Petroleum Industry Bill (PIB), especially the provision of a Downstream Petroleum Regulatory Agency to regulate both the technical and commercial activities of the downstream sector.

    “These clauses can scare gas utilities that have based the economics of their projects on the pricing policy and pricing regulations.

    “If these provisions refer to the existing policy and regulations, then the provisions are unnecessary.

    Instead, the provisions could be drafted in a way that will preserve the existing pricing framework,” he said.

    He identified challenges faced by the energy sector as including no clear licensing regime for downstream gas; no stable legal framework to underpin policy objectives and achievements made so far, and an overstretched regulator.

    Speaking on aviation, Assistant Chief Legal Officer, Regulatory Matters, Nigeria Civil Aviation Authority (NCAA), Ahmadu Diemkwap Ilitrus, said the laws obligate airlines to display at their check-in desk a written statement of passenger’s rights in the event of any unusual development.

    “If you are denied boarding or your flight is cancelled or delayed for at least 1 hour, ask the airline officials for a written statement of your rights particularly with regards to compensation or assistance,” he said.

    The Commissioner for Insurance, National Insurance Commission, Mr Fola Daniel, said it plays a valuable role in an emerging economy.

    He said it enables entrepreneurship and innovation; aids risk transfer, and allows individuals to save and invest for their future.

    “With society facing huge challenges, the role of insurance becomes ever more vital.

    “It is of utmost importance that lawyers realise the potential role of insurance and take them into account when running their practices, dealing in their business transactions and advising their clients,” he said.

     

     

  • Contest for NBA Lagos Secretary’s office hots up

    Contest for NBA Lagos Secretary’s office hots up

    CAMPAIGN for the secretaryship of the Nigerian bar Association (NBA), Lagos branch, has hot up ahead of its July 18 election.

    Mr Babatola Akpata and Mr. Chukwuma Ezeala are in the race, which sources say is full of intrigues.

    Below is the profile of the contestants. Babatola Sunday Akpata and Chukwuma Ezeala Akpata holds LL.B (Hons) Second Class (Upper Division) from the University of Ilorin. He also graduated from the Nigerian Law School, Nigerian Law School, Bwari, Abuja with a Second Class Upper Division.

    Akpata is an an Associate in the law firm of G. Elias &Co. He is a member of several professional groups, including the NBA, Nigerian Environmental Law Society (NELS), Young International Arbitration Group (YIAG) of the London Court of International Arbitration, Young Arbitrators Forum of International Chamber of Commerce.

    He is a Notary Public, Associate Chartered Institute of Arbitrators (ACiarb), United Kingdom, Associate, Business Recovery and Insolvency Practitioners Association of Nigeria, Associate Chartered Institute of Taxation of Nigeria.

    Apart from the short period he worked with Shendam Local Government (October 2002 – August 2003)

    Akpata has worked with leading commercial law firms in the country, including Aluko & Oyebode, where he was an Associate (June, 2002 – September 2002) and G. Elias & Co., (Associate) (September, 2003 – date).

    He has such international exposures and experiences of a contemporary lawyer, not only in law practice, but in other fields of professional endeavour.

    He attended seminars and workshops organised by such globally acclaimed consultants as Smith Consulting: Accounting and Finance Course for Lawyers (2002) Newman Module: Nigerian Petroleum Profit Tax Act: Structure and Administration (2003), Bripan: Banks’ Loans Documentation and Recovery (2004). Admiralty Resource Services: Marine Insurance Seminar (2005) IBA: Developing Energy and Mining Projects in Emerging Markets (2006) MAAN: Arbitration in the Marine Industry (2010)

     

    EZEALA holds an LL. B.)BL. and ( LL. M.) (Lagos),is the Managing Partner, Chancellor Chambers,based in Victoria Island, Lagos.

    He is a Notary Public and a Chartered Arbitrator/Mediator and Conflict Resolution Specialist.

    He works with the Civil Society Organisation ( CSO) of Development for Good Governance. Ezeala has developed expertise in several aspects of practice, having cut his legal teeth as Counsel in Shitta Bay Law Office, Lagos. He has expertise in company matters, capital markets, negotiations, arbitration and litigation.

    As the Managing Partner of Chancellor Chambers, Ezeala recruits, trains and manages young and middle management lawyers and mentors young lawyers.

    A consummate Bar man, he has served the Bar in several capacities. He was a Member of the NBA Lagos Executive between 2009 and 2011; Secretary, Law Summit 2011; Vice Chairman, 2009 Conference Planning Committee, Secretary, Human Rights Committee, Assistant Social Secretary, Ex-Officio Member; Member, NBA National Welfare Committee, and Member, NBA Delegation to Pro Bono Conference, Berlin, Germany.

    A member of the International Bar Association (IBA) and Commonwealth Lawyers Association (CLA), he has received world-class training in leadership at the Leadership Training Institute, Arlington, Virginia, USA.

    A Christian, Ezeala has served the National Association of Catholic Lawyers, Lagos, as Secretary (2003 – 2005), Vice President (2007 – 2011) and President (2011 – till date).

    In similar capacity, he has served as the In-House Counsel of the Catholic Secretariat of Nigeria as well as the National Co-ordinator of the secretariat’s Justice, Development and Peace Commission (JDPC). Much of his early experience in facilitating engagement with government agencies, in conflict mediation and peace-building was gained during this assignment.

    He has also served on the boards of some Non-Governmental Organisations (NGOs), which had sought to address institutional and social impediments to full democratisation in Nigeria.

    Under his watch, the Democracy and Good Governance in Nigeria project of the JDPC engaged in capacity building for the 50 diocesan branches for better engagement of the populace, in fostering democratic ideals and structures, and in peace building initiatives.

    Ezeala was the team leader and co-editor of JDPC’s Final Statement on the 2003 general elections. He co-developed manuals for its domestic observers in Nigeria’s 2007 Elections. He has gained substantial capacity in good governance and conflict resolution, especially on electoral process. He has considerable experience in training and building the capacity of civil society organisations in initiatives aimed at deepening democratic values.

    Between 2006 and 2007, Ezeala was on leave-of-absence as the National Programme Manager/NACOREV campaign coordinator (Nigeria Office) for a South African NGO IDASA in its DFID-funded programme on ‘Reduction of Violence in Nigeria’s Elections.’

    As Researcher/Consultant with International IDEA (South Africa), Ezeala helped to deepen Nigeria’s electoral practice jurisprudence through his seminal work, The Legal Framework and the Conduct of Tribunals in the 2003 Nigerian General Elections. He was between 2004 and 2006 the Executive Director of Salamafrika International. In this capacity, he was Technical Advisor to NGOs working on peace, good governance and parliamentary advocacy projects. He also advised civil society monitoring and observation groups, provided technical support in the design and implementation of strategic plans, trained educational institutions personnel in good governance and human rights legislation, and designed public participation processes.

    Aside facilitating the resolution and management of community conflicts, Ezeala provided technical assistance to communities dealing with democratic/transitional issues. It was in this capacity that he developed model constitutions and bye-laws aimed at reducing conflicts in trade and town unions. As a consultant on election matters, He has assisted organisations and public agencies to develop conflict mitigation strategies.

    These experiences have exposed Ezeala to diverse persons, groups and management systems, enabling him to hone his skills in capacity building, personnel management, and financial management/budgeting. Also thanks to these experiences, his network of contacts in the governmental, professional, NGO and civil society sectors are outstanding.

    Ezeala is married and has children.

     

  • Free learning on laptop

    Free learning on laptop

    Opportunities for Nigerians interested in E-learning has been boosted by Allversity, a free service that links users with online courses and learning materials in health, entrepreneurship, agriculture, life skills, and human rights.

    Based in Berlin, the not-for-profit e-learning platform according to a statement by Ysanne Choksey Program Manager, invites Nigerians to join its community in “creating a brighter future while enjoying the simple Magic of learning.”

    Allversity.org   helps users connect with experts, creators, and one another while sharing in the simple beauty of learning.

    “Allversity is offering the people of Nigeria the opportunity to learn for free from a laptop, computer or smartphone device. Smartphone usage in Africa is expected to reach 40% by 2017.

    “All it will take to start an education revolution is the accessibility of good content — and Allversity aims to enable emerging economies to create and innovate solutions with the rest of the world, ” the organization stated.

    It noted that Nigeria is following the trend in e-learning which is on the rise in the country.

    “E-learning Nigeria provides online testing and education materials for learners at university level, which has proved invaluable for distance learners and those without the time to go back to university or college.

    “But there is an accessibility gap for users in low-resource areas in connecting with practical learning materials designed to help them meet the unique challenges they face. This leaves a large part of the population uncatered for by the e-learning sector — namely the majority of Nigerians who do not go to university, but would like to continue their education beyond the primary school level.”

  • WYC: Cuba 0-3 Nigeria

    WYC: Cuba 0-3 Nigeria

    Nigeria got their FIFA U-20 World Cup back on track as they recovered from their opening defeat to Portugal to cruise past Cuba 3-0 in Kayseri, according to Fifa.com.

    A first-half double from Animu Umar, followed by captain Abdul Ajagun getting his third of the tournament, allowing the west African side to reassert their knock-out stage aspirations, in what was the pairs first meeting at any level of international football.

    Nigeria were unable to break down the Cuban’s early on, with Chidi Osuchukwu’s speculative free-kick the closest they came. Nigeria’s man of the moment Ajagun almost opened the scoring with a superb lob, from the right of the penalty area while running at full pace, but Sandy Sanchez was relieved to see it land on the roof of the net.

    Seconds later they were ahead. Ajagun fed Olarenwaju Kayode down the left wing, who got clear of the defence, before squaring to Umar to score what is likely to be one of the simplest goals of his career.

    Umar had another four minutes later, which had a touch more flair to it. Osuchukwu’s deep corner eventually found Abdullahi Shehu, who drilled a cross that Umar flicked between his legs and into the bottom corner. Olaitan Michael almost made it three with a superb right-footed effort that cannoned off the outside of the post.

    Nigeria were in full control, and that continued into the second period, Kayode breaking beyond the back line and firing wide across goal. He charged forward in similar style moments later, but in choosing to square to Ajagun, Abel Martinez was able to clear.

    Ajagun did get his goal though, with 67 minutes on the clock. Kingsley Madu’s cross deceived Sanchez and Ajagun stooped to head home, seeing him become the top-scorer so far. Ajagun missed the chance to double his tally for the day late on, missing from the penalty spot after Martinez upended Kayode in the area.

  • Nigeria, others lose $300bn to oil theft, illegal fishing

    Nigeria, others lose $300bn to oil theft, illegal fishing

    African countries have lost about $300 billion to oil theft and illegal fishing in the continent, the Chairperson of the African Union, Nkosazana Dlamini-Zuma has said.

    She spoke yesterday at the opening ceremony of the first summit of Heads of States and Governments of the Economic Community of Central African States (ECCAS), the Economic Community of West African States (ECOWAS) and the Gulf of Guinea Commission (GGC),in Yaounde, the Cameroon.

    According to her, the continent has lost $200 billion in five decades to illegal fishing and $100 billion to illegal bunkering since 2003.

    “We cannot allow this incursion of resources to continue”. She warned

    President Goodluck Jonathan was among the 25 African leaders that were at the opening ceremony of the summit, which focuses on maritime safety and security in the Gulf of Guinea.

    The leaders gathered under the UN Resolution 2039 of February 2012, for the Gulf of Guinea region where 200 million people are living under threat of piracy, transnational maritime crimes.

    The summit is to provide a coordinated regional and international response to the scourges of piracy, drug trafficking, armed robbery and other illegal maritime activities in the Gulf of Guinea.

    At the summit, the leaders will review and adopt a series of measures that were previously reviewed at the March 2013 inter-ministerial conference held in Cotonou (Benin).

    The Nigerian Navy disclosed that the country records between 10 to 15 attacks monthly on its stretch of the Gulf of Guinea.

    According to statistics released at the summit, in the year 2012, 45 per cent of the crimes were committed on Nigeria’s borders, Togo 25 per cent, Ghana three per cent, DRC three per cent, Cameroon five per cent, Sierra Leone two per cent, Benin three per cent and Cote d’ Ivoire two per cent.

    The International Maritime Organization (IMO) also broke down the attacks recorded to 58 in 2011, 45 in 2012, 34 of which occurred between January and September of the same year as against 30 in 2011 during the same period.

    The attacks have resulted to insecurity, threats to economic growth and political stability in neighbouring countries.

    The UN Secretary General, Ban Ki-Moon in his message delivered by Abou Moussa, commended the leaders of the Economic Community of Central African States (ECCAS), the Economic Community of West African States (ECOWAS) and the Gulf of Guinea Commission (GGC).

    The summit, he said, is the best option available to save citizens of the affected countries from poverty since crime diminishes their economic power.

    The host, President Paul Biya, called on his colleagues to make sacrifices to reverse the negative trend.

  • Nigeria in tatters, laments Danjuma

    Nigeria in tatters, laments Danjuma

    •Accuses northern leaders of talking ‘too much’

     

    Former Minister of Defence, Lt. General Theophilous Danjuma, says Nigeria’s future lies in having a ‘clear sense of direction.’ And to chart this new direction are ‘patriotic elder statesmen’ whom, he said, the country is in dire need of.

    General Danjuma spoke yesterday in Zaria, Kaduna State, after he was conferred with the chieftaincy title of Jarmai Zazzau by the Emir of Zazzau, Alhaji Shehu Idris.

    Reviewing the socio-political situation in the country, the former Chief of Army Staff said the current perplexed nature of Nigerians is a clear indication of leadership failure over the years.

    He deplored the state of the economy which he said is in tatters and the widening gap between the rich and the poor.

    He said the north, in particular, lags behind the rest of the country, pointing out that in the present highly competitive world, northern children are missing out on qualitative and functional education.

    He added: “I have taken many risks in my life for the sake of Nigeria and at the age of 75, I thought I have paid my dues. I just wanted to spend the rest of my life in quiet retirement, leaving the public arena for a new generation of leaders to improve on the modest achievements of my generation. It seems to me now that real retirement is only possible in the grave. Our lives and living are apparently inevitably tied eternally to responsibilities.”

    According to him, the event was supposed to be festive with a durbar, “but given the sad reality of our present situation in northern Nigeria, I pleaded for a simple but dignified ceremony devoid of pomp and ceremony.

    “We are in a season of sorrow and mourning caused by decades of neglect of a sizeable segment of our society. Now, our people are dying in thousands in needless battles and conflicts.”

    He decried the state of the economy, saying, “In a highly competitive world, our children are missing out in getting qualitative and functional education. The masses of our people are chained down in dehumanising and grinding poverty, while we continue to maintain few islands of false prosperity in the turbulent ocean of penury and squalor. There cannot be peace and harmony where there is wide disparity between the few rich and a multitude of the poor.

    “Nigeria and indeed, northern Nigeria has never been in short supply of politicians scheming and screaming for due and undue advantages. What has been in short supply are patriotic elder statesmen who would use their experience and wisdom to give our country a clear sense of purpose and direction.

    “When elders become decadent, the youths are bound to become delinquent. Our people are confused and perplexed, they have become like flock scattered on many hills without a shepherd. This is a clear indication of leadership failure.”

    He stressed that northern leaders have been talking too much and doing less for the development of the region, “we urgently need to put our house in order so we can overcome our various challenges. This is the time for elders to be circumspect and temperate in their utterances. It is not in our character as northerners to talk too much. We need to think more, pray more, plan more, work harder, relate better. Battles are fought and won through wisdom and strategy than through inflammable pronouncements and political tantrums.”

    But he was optimistic that Nigeria “can be reawakened and rebuilt to achieve greatness” regardless of many years of mismanaged opportunities and resources.

    “If we renew our mind and reconcile with one another, if we coordinate our determined efforts, we can make northern Nigeria self-reliant and self-sufficient, while enhancing the unity and prosperity of all Nigerians. But we must first have peace,” he said.

    He said he was gratified for receiving the honour in Zaria where “I spent some of my formative years.”

    He described the city as one of the few in the north that first opened their gates to pioneer missionaries in northern Nigeria, “which is why Wusasa has become the second home of many northern Christian leaders.”

    Also speaking, former military president, Gen. Ibrahim Babangida said Gen. Danjuma has emerged as a good replacement for the late Sarduna of Sokoto, Sir Ahmadu Bello, to lead the north on the path of development.

    President Goodluck Jonathan who was represented by the Minister of State for Works, Amb. Bashir Yuguda, described Danjuma as a true Nigerian who helps to stabilise the country and democracy.

    Kaduna State governor, Mukthar Ramalan Yero, said the former minister has touched the lives of Nigerians through the Foundation he created, adding that rather than fold his hands in comfort, he took the discomforting path of rendering a helping hand to the poor and needy in the country.

    Among those who attended the turbaning were former Head of State, Gen. Yakubu Gowon, Gen. Babangida; Governor Isa Yuguda of Bauchi State; Acting Governor of Taraba, Alhaji Garba Umar; Minister of State for Niger Delta, Darius Dickson Ishaku; Chairman of the PDP Board of Trustees, Chief Tony Anenih; former Minister of Information, Prof Jerry Gana; former Minister of Aviation, Alabo Tonye Graham- Douglas; Speaker of the House of Representatives, Aminu Waziri Tambuwal; and Senate President, David Mark represented by Senator Ahmed Mohammed Makarfi.

  • Tambuwal to PDP: I am Speaker of Nigeria

    Tambuwal to PDP: I am Speaker of Nigeria

    •Urges Fayemi to continue the good works

    Speaker of the House of Representatives, Alhaji Aminu Tambuwal, declared yesterday that he is Speaker for all parts of Nigeria and not for his party, PDP, alone.

    He spoke in Ilawe-Ekiti, Ekiti State, when he was honoured by the Alawe of Ilawe, Oba Adebanji Ajibade Alabi, Afuntade I with the chieftaincy title of Bobagunwa.

    The PDP had taken him to task for his complementary remarks about the achievements of Governor Rauf Aregbesola of Osun State during a recent visit to Osogbo.

    But reacting yesterday to the PDP criticism, Tambuwal said: “A few weeks back in Osogbo members of the Peoples Democratic Party criticised me for speaking well about the developments happening in Osun State when I visited Governor Rauf Aregbesola.

    “I am Speaker for the entire House of Representatives and Nigerians and not only of the PDP. Once you are elected to the House, you represent the aggregate views of the people.”

    He promised to uphold the honour done him by the Ilawe-Ekiti community.

    “I accept the honour and shall never discredit it. I want to inform us that I will build my first house in the Southwest part of this country in Ilawe-Ekiti for the great respect I attach to the honour done me here today,” he said and told Governor Kayode Fayemi to sustain the “good works he has been doing in the state.”

    “Development is an open process which everyone sees wherever and whenever it is taking place. I have been following the development and I can say the governor is one of the few Nigerians whose conducts have been commendable. I admonish you (the governor) to continue the good works and the good Lord will be with you.”

    The governor, in turn, noted Tambuwal’s ‘exemplary leadership’ in the House of Representatives and described him as “a leader in whom I am very well pleased.”

    Fayemi equally commended the Alawe for his leadership qualities and his effort in transforming the entire town in his first year on the throne.

    “The monarch has just spent one year on the throne. We can only imagine what the town will be like when he marks the tenth year on the throne,” the governor remarked.

    Also honoured yesterday by the traditional ruler to mark his first year on the throne were Chief Titilayo Oluwatuyi as Eyelua of Ilawe and Otunba Henry Oladele Ajomale , Gbobaniyi of Ilawe-Ekiti.

    Oba Ajibade said the event was originally scheduled for April 21 but had to be postponed as a mark of honour for the late former deputy governor, Mrs. Funmilayo Olayinka.

     

  • Nexim Bank and structural transformation of Nigeria’s economy

    Nexim Bank and structural transformation of Nigeria’s economy

    Nigeria is the natural leader of Africa. For decades, our dear country has been Africa’s foremost producer and 8th world largest exporter of crude oil to the international market. Nigeria is strategically located to take advantage of modern forms of transportation to enable her participation in cross-border trade, and build a virile domestic economy. Our population growth rate of average 3 per cent since the last national headcount of 2006 currently has the population estimate at more than 160 million. This in combination with impressive GDP growth average of 6 per cent over the last decade has more recently amplified the importance of Nigeria within the international community. Indeed, a stable country outlook brought about by our return to democracy in 1999, and the robust reforms which several organs of government have continued to deliver, are endearing the country to both local and foreign investors, chiefly from enterprise point of view.

    Our clime is one richly endued with natural and human resources. Therefore, the numerous and abundant potentials of Nigeria, which are widely recognised, actually include the opportunity for our country to provide the world one of the most inspiring stories of human development that China and emerging Asia seems to now tell exclusively. But the Vision 2020 tells that policymaking in Nigeria takes cognisance of our potential to leap forward in the global economic, and, in effect, diplomatic order in a few years ahead.

    However, it is evident that the important story of Nigeria’s advancement from where we are would not be told by earnings from our hydrocarbon reserves (although we have one of the world’s largest); our success would be driven by a robust manufacturing industry; self-sufficiency in agriculture for food and processing so that excess yields could tap export markets; world-class service sector to serve domestic industries, global outsourcing and export markets, and commercial access to wider range of mineral deposits that dot every nook and cranny of our country. The inherent limitations of crude oil-fuelled economic growth, in terms of employment generation, pro-cyclical access to funding for development, and corruption, have come to the fore after the 1970s when as a young nation we came into sudden and abundant wealth from crude oil sales.

    Structural transformation

    The structural transformation of the Nigerian economy is underway. Although we recognised it as a necessity, lack of national ownership and successful implementation elsewhere created the rally against the Structural Adjustment Programme imposed by International Monetary Fund (IMF) in the ‘80s. But since then, successive administrations have continued to harp on the need to restructure the fabric of the Nigerian economy. However, what the Administration of President Goodluck Jonathan has done, perhaps more than any previous regime, is combine commitment with practical actions in diversifying the Nigerian economy away from sole reliance on crude oil for external revenue.

    The management of Nigerian Export – Import Bank (Nexim Bank), which I head as managing director cum CEO, has identified four sectoral anchors of the economic Transformation Agenda of President Goodluck Jonathan (GCFR) in order to support it and enhance success of the programme. Succinctly, these sectors are Manufacturing, Agro-processing, Solid minerals and Services, which we encapsulate as our “MASS Agenda.” From the institutional viewpoint of Nexim Bank, I am excited at the prospects of playing a role in diversifying the Nigerian economy and harnessing the immense potentials of the sectors which had, hitherto, been neglected. Indeed, the role Nexim Bank is playing is unique as a development finance institution (DFI).

    Role of Development Finance Institutions

    Multilateral Development Finance Institutions (DFIs), best exemplified by the World Bank at global level, and African Development Bank (AfDB) at continental level, are alternative financial institutions. Their ubiquity is not represented by brick and mortar; quite unlike commercial banks, DFIs are not known by the high number of branches they have even in the high streets of Lagos, London, Hong Kong, Frankfurt, New York and Dubai. Rather, the spread of development finance institutions are seen in people and businesses they impact. Quite often, DFIs are bearers of risks which commercial lenders would term excessive, and therefore avoid. New industries, new initiatives, people without financial collaterals, projects which cannot pay commercial cost of finance, etc have been beneficiaries of funding by DFIs. This way, business formation can continue, people can continue to innovate, bias against social and reputational collaterals are reduced, and projects can be incubated and nurtured to when they can attract lending from commercial banks.

    In light of the foregoing, the role of development finance institutions are of critical importance in Nigeria where banking penetration is less than 15 per cent of the population, commercial lending rates are prohibitive, land titles are not even available to owner occupiers, but where innovators are born daily, and where we have to eradicate poverty. And of course, delivery of necessary (infrastructural) projects to aid implementation of programmes under the plan of structural transformation of the Nigerian economy cannot be funded by governments’ tax incomes considering several long-term projects that cannot be delivered by commercial lending. If this is true with government, it is true also for businesses, perhaps more so. Therefore, while at global level the World Bank lends to governments to deliver crucial projects, the International Finance Corporation (IFC) lends to private sector businesses. And in Nigeria, there are a handful of DFIs which are promoted by the government to support businesses beyond the limits and inclinations of commercial lenders.

    What Nexim Bank does

    Nigerian Export – Import Bank is the official and sole Trade Policy Bank of the Federal Government of Nigeria. In this regard, Nexim Bank provides financing, risk-bearing facilities, market information and value-added advisory services to businesses towards deepening export-oriented investments in the country’s non-oil sectors of manufacturing, agro-processing, solid minerals and services, for job creation and economic growth. This mouthful raison d’etre quickly introduces the ownership, functions, focus and goals of Nigerian Export – Import Bank. At the same time, it connects you to my passions and the passions of the executive management and staff of Nexim Bank since my tenure in September 2009.

    Nexim Bank is your banker if your business aligns with the objective of the Nigerian government of the day which seeks accelerated economic diversification and increase in export revenue through economic activities other than in the oil sector. Nexim Bank has provided 12 billion naira in lending to Nigerian export manufacturers in the period August 2009 to April 2013, with many of them carrying the “Proudly Nigerian” label on their products in the West African sub-regional market and globally. Similarly, Nexim Bank has funded agro-processing export businesses, to the tune of 6.6 billion naira over the same period.

    In the solid mineral sector, we are working in partnership with industry stakeholders to take formal mining off the ground again. Although mining is capital-intense, the Nigerian solid mineral sector needs more than funding. The legal and regulatory frameworks in Nigeria are works –in-progress. The Mining Act has been reviewed to reflect the ideals of all market participants. Nexim Bank has so far provided over 2 billion naira in early funding to help some commercial miners to develop their site in order to start operation and invite further funding from other sources apart from the long-term commitment of Nexim Bank to the nascent industry.

    The Nigerian Creative and Entertainment Industry Stimulation Loan Scheme (NCEILS) which Nexim Bank manages for the Federal Government reflects Nexim Bank’s adherence to prudential guidelines on crediting provisioning. Whilst the fund lends at below commercial rate, it is not a grant. It is meant to fund businesses across the entertainment value-chain including filming production, cinema operation, music recording, intellectual property development, recording studios, etc., as a revolving fund with repayment terms. Irrespective of the challenges operators in the industry have faced with developing good proposals, we believe this is a cultural issue, and not an insurmountable technical limitation. Thus, Nexim Bank has to date disbursed over 1.4 billion naira for the Fund. Entertainment industry project proposals under review exceed 5 billion naira in value.

    Including disbursements to the creative and entertainment industry, Nexim Bank has disbursed 8.5 billion to the services sector, covering support to transportation and hospitality industries.

    In my next article in this series, I will share my views on the drive for job creation under the Transformation Agenda of President Goodluck Jonathan, and the role Nexim Bank is playing to sustain existing jobs in our focal industries while supporting creation of new ones.

     

    •Roberts U. Orya is MD/CEO, Nigerian Export-Import Bank

     

  • Abiola and some tales in Nigeria

    You can only go round a pepper tree, you cannot climb it.”

    The crab may swim across big and small rivers but it will eventually end up in an old woman’s soup pot.

    “How are you celebrating Yoruba democracy day.’They’ like the man but no gree make dey change ‘unilag’ to his name. Na UNN name dey want make dey give am”

    The above was sent to me by my friend, on June 12, as I read it I recalled that phrase “oso abiola” (refers to how ibos reacted in the aftermath of the elections) the date was like any other day except it has become a reference point for some of the nation’s many fairy tales.

    IBB has been our pillar—Abiola’s family. Misquoted, or misrepresentation. It tells it all, it is true, and it is a lie. Already, I seem to enjoy the tragi-comedy in the Abiola family, on who is the greatest and the revelation that even Obasanjo gave some ‘smart’ members of the family a few millions to keep body and soul.

    I have gone through countless opinions, commentaries and figments of June 12. This is my admonition…

    There are several hundred stories about June 12, so there is about Nigeria, depends on who is telling it.. Whether it is about Vatsa or IBB, or it’s about Idiagbon or Ojukwu, the document that says we should split by 2014. How Ironsi was killed or was Balewa shot?

    Rumours, and small facts, myths and outright moonlighting tales and the actors keep dying one after the other. Former example anything said against Abacha, no Abacha to defend it… And how about that document that killed June 12, signed by the Sule Lamidos, Ciromas, Dongoyaros, Marks, Gusaus, Musa Yar’adua, Rimis, Nwobodos…and some several dozen fellows dead and alive to establish the ‘fi edi ha’ (take small part of yansh siddon) interim govt.

    When a woman has ten children, there is nothing that happens in the night that she does not know about

    I have used the term ‘rumours’, because most important events about Nigeria are only available at elite men parties and commoners’ beer parlors and palm wine joints.

    A sizable amount of Nigerians believe that MKO got what he deserved, after his long romance with the military with business interests that were largely fronts for top military brass. All these businesses are dead today anyway.

    Rumours: that once upon a time, despite all that claim of Nigerians voted for the first time a Muslim/Muslim ticket. Many Christians and others till tomorrow believe that folklore of him ‘sinking’ a ship load of bibles. Or wait, that he and IBB basically put Nigeria into Organisation of Islamic Countries.

    Many Nigerians benefitted from the MKO salt, wrapper, sugar and monies, but why did IBB and his men not stop the process when they could—forget that lame excuse of ‘pressure’ to hand over as promised?

    If there was a particular group so against MKO emerging president after the military class, it was the Yoruba elite that fought against him.. And while everyone who claimed NADECO went on to better their lot via asylums that came like VISA lotteries, the man died alone.

    Many elite would say, after all he stabbed Awo and worked for Obasanjo to stop the Yorubas and was rewarded with money for Concord to fight Tribune…His bakery served ECOMOG and was responsible for that ‘wheat policy’…so?

    How strange that our democratic symbols are rife with all manner of controversies, MKO was labelled International Thief-Thief by none other than Fela, a democracy without democrats and caricature activists.

    I recall this factual tale, from an inside player that what hurt Abacha was the fact that after the brouhaha, he met with MKO and made him an offer (some big sum). MKO accepted, only to renege.

    Is it not an irony NADECO today is headed by Rear Admiral Ndubuisi Kanu, an Igbo son?

    I have stopped since to preach our false unity, preferring to engage on the strength of our diversity. We are not one, cannot be one and the earlier we face that rumour the better.

    While some celebrated the dictator that Abacha was, some even rate him higher than Jonathan in all spheres, after all even his looting records have been broken by the current crop.

    If anyone had the chance of immortalising MKO, it would have been Obasanjo, but here’s a man that has never hidden his scorn for the name MKO for reasons only more tales can tell.

    Just before you ask me my drive in this admonition, my take or stand. I will tell you, 80% of Nigerian young people aged around the 35year point don’t understand June 12, and these include the Akokites that prefer their ‘sexy’, name Unilag against some MAU-MAU acronym.

    Many young Nigerians beyond book theorisation do not know themselves or Nigeria except rumours, fairy tales and perceptions, few real, but many largely false.

    I say categorically the problem with Nigeria is not PDP, nor APC, but a politically bankrupt class and a grossly diminished intellectual yard.

    That Nigeria itself is a tale celebrated and argued based on ethnic groups and religion, whims and caprices of a few that will continue to lord it over us because we are yet to find out whether MKO drank a poisoned cup of tea or Abacha ate poisoned apple.

    We are not a united nation; we are not even a nation, we never may become one, till we are ready to move forward with the truth, stop all the tales, start to appreciate our diversity and ‘steal less’ and ‘lie less’ ever year we will keep June 12-ing—only time will tell.

    Charles Dickson

  • NEXIM Bank in Nigeria’s Path to Economic Growth – 1

    NEXIM Bank in Nigeria’s Path to Economic Growth – 1

    Let us begin by setting the tone for this interaction. We also appreciate the increasing number of our readers, the growing number we derive from the rise in the new callers we attend to every week. The entire MC&A DIGEST team appreciate the time and interest all of our readers invest in going through our articles across the newspapers we are published, each and every week. We also appreciate the fact that the options of readable publications open to you all are unlimited, so your interest and time invested in ‘fellowshipping’ with us, is quite a (real) cost.

    It is on the strength of that realization, we have continually dug deeper, to create literary images that have potentials to add value in some way, no matter how distant. For some time now, we have focused on Nigerian Export-Import Bank, looking at the institution’s role, relevance and importance, in our nation’s process of economic repositioning.

    As a consequence of the change in the global economy, and the emerging trend in relationship among nations, Nigeria, as indeed, every nation in the world, is at a crossroads; it is a time for nations to make decisions and take actions with utmost care. The decisions and actions taken by nations around the world, today, will have strong and critical bearing on the path of the given nation’s economic progression in the near future. For Nigeria, the decisions and actions taken today will, to a large extent, determine the path of our economic growth in the future. The options open to our economy (bearing in mind its peculiarities) are either the path of Value-Added growth or a continuation on its present path of resource progression.

    It is, however, important to immediately remind us, there is the urgent need to change the present economic path we tow for reasons we have listed in our articles in the past. Worthy of re-note, global economy is witnessing change in pattern and dimension. Economy of scale has shifted from size to sophistication. That explains the investment pattern of developed and emerging markets, where attention is shifted to (1) Human Resource development – education, training and empowerment (2) Technological advancement (2) Economic democracy (3) Industrialization.

    The emerging global trend is compartmentalization of the progressively inter-connected world we live in, along the lines of regional relativity, inherent resources and extent of economic development. So, in addition to the G8, G5… in addition to the old economic blocks, we now have the BRIC nations. All of these are indicators of the need for internally driven economic

    development, for survival in the new economic world and for relevance within the global space. Therefore, Nigeria, as a nation, need to give a more aggressive and focused attention to growing our economy by depending more on ourselves (and our resources), even as we consider the potentials of regional integration, economic diversification.

    The projections are well-derived: consistent economic growth rating, growing employment rate (at least 90%), vibrant investment climate, private sector-driven industrialized economy, enduring and globally competitive economic structures and flourishing international trade – all of these add up to determine the extent of economic development (of any given nation) regional and/or global competitiveness.

    As captured in Yr-2013 report on Africa Competitiveness, Competitiveness is about planning and investment. Competitive economies are rated by a careful consideration of the state of health of all of the factors, institutions and policies that determine a given country’s level of productivity – sets the path of economic growth.

    With the above-mentioned at the back of our minds, it becomes easy to appreciate the federal government’s efforts towards building a competitive economy, with the establishment of Nigeria Export-Import Bank – NEXIM. NEXIM as an economic development institution is driving our economic development, regional integration and global competitiveness by its direct involvement in growing our export-import trade. Closely linked with its immediate objective of promoting the nation’s export-import trade, are the multiplier effect impact of its direct achievements on the nation’s economy, in form of increased private sector engagement, industrial development, employment opportunity generation, diversification of the nation’s economy (aggressively stimulating investment in the non-oil sectors), and increasingly improving on our regional and global competitiveness.

    We have concerned ourselves with NEXIM Bank in the nation’s economic evolution, for the purpose of presenting a better understanding and appreciation of the institution’s role (and strategic importance) in the process. In our previous write-ups, we had detailed the bank’s pluses. In this phase of our tracking, we shall run through the major milestones of the bank’s engagement, of direct benefit locally, regionally and globally, starting withNEXIMSEALINK Project.

    As a concept, the Sea-Link Project is a game changer for Nigeria, Africa and the world; a product of deep thinking, based on careful resource engagement for immediate and long term benefits, of life-long impact. It can be likened to the discovery made by Mongo Park, when he sailed down the River Niger! Each time the Managing Director, NEXIM Bank, Mr. Roberts U. Orya talk on the concept leading onto the project execution, he concentrates on the details, with uncommon passion. NEXIM SEALINKProjectis about leveraging on strategic competitive advantage; the establishment of a dedicated RegionalSealink…as the solution to challenges of road transport across land boarders.

    The benefits of an efficient water transport system across the coastal corridors of nations within the region include faster transportation, a more efficient, safer and cheaper access to markets across the region, increased trade volume and the opening-up of international markets across African region. Nations within the African region will experience greater economies of scale as a result of this strategic initiative. So, Mr. Orya’s initiative was attractive to some others who now partner with NEXIM Bank, to see the project through.

    For Nigeria, NEXIM’s Sealink project will quickly open up new opportunities for export-import trade. More and more private investors will take advantage of the coastal transport system and market access to invest in bigger value export trading. More employment opportunities will be generated for Nigerians, and finally, our large population will experience greater value rating. Mr. Orya’s NEXIM and their co-investors are, together building a very important structure with potentials to aggressively stimulate a whole new level of economic growth opportunities for Nigeria and the African region. We should expect greater level competitiveness when this Sealink project becomes operational.

    The critical point to note here, beside the proactivity, creativity, hard work and daring investment ingenuity of the NEXIM team, is the potentials to actualize change and economic growth, this initiative has demonstrated. As we have always noted, NEXIM Bank is a change driver needing of greater investment. A financially healthy NEXIM Bank will enable a spin-off of greater economic gains for Nigeria, Africa and the world. Nigeria will enjoy a more advantageous competitive advantage at the global economic space, if NEXIM Bank is financially better positioned to exploit its potentials.