The Nation Newspaper

Tag: seeks

  • Group seeks prudent use of govt resources

    The Red Card Movement (RCM) has called on government to prudently use earned revenues on projects that promote common good.

    The group, which was successfully launched in Gombe, has taken its revolt against decades  of wastages in government to the streets of Nigeria.

    It is also campaigning against leadership failure and bad governance by asking Nigerians to register and vote.

    According to Oby Ezekwesili –the convener of the movement – the Gombe launch, which was held yesterday, is coming on the heels of the Abuja and Jos outings which have consistently shown that Nigerians are beginning to understand the nexus between voter apathy and bad governance.

    Just like she did in the previous launches, Ezekwesili reminded Nigerians of the crucial roles they have to play to make Nigeria the country of their dreams. The first step toward this is for them to register and collect their Permanent Voter Card (PVC). This should be followed by coming out on election dates and vote out bad leaders that have held Nigerians down through bad and incompetent governance styles.

    Ezekwesili pointed out that bad governance has led to the cyclical truncation of democracy in Nigeria, and where we have had democracy it turned out to be a far cry from what true democracies represents. This has been the norm since the termination of the First Republic in 1966.

  • Lawyer seeks law on data privacy

    A partner at Duale, Ovia & Alex-Adedipe (DOA), Soibi Ovia, has called for a law to protect data privacy. According to her, there is need for a better regulation of the telecommunications, media and technology (TMT) sector in view of emerging developments around it.

    Ovia spoke on the sidelines of the “inaugural business series” organised by the law firm in Lagos, with the theme: Investment in Nigeria’s telecommunication, media and technology market.

    She said: “Data privacy is an area of TMT that has no regulators; there’s no regulation on it; there’s no law governing data privacy. For the banks, you have the Central Bank of Nigeria (CBN); the Nigerian Communication Commission (NCC) is there, but it’s like an area-specific regulator, not for data privacy. So, that’s a major challenge in the sense that as a country, we do not necessarily have the laws that we need to get the sector going.”

    She urged lawmakers to consider enacting a law on data privacy so as to outlaw unauthorised data harvesting. “The only solution I see for this particular challenge is for us all, the legislative houses to get up and do something about it. It’s a new area of life; information technology is everything now, everybody has a phone.

    “With the digital map technology, people can take your pictures from anywhere and use them. There’s no data privacy law to protect the individual. So, our laws need to evolve with the times,” Ovia said.

    The forum, she said, was organised for experts to share ideas on investment opportunities in TMT, mobile payment and financial technology (Fintech) and how to deal with the challenges.

    “We work in a terrain where we noticed there are certain gaps in the system. TMT is a new area of practice and an area that we’ve been fortunate enough to work in our few years of coming together as a firm. So, we decided to put of a forum where stakeholders in that area can discuss their ideas and the challenges they face in the market space,” she said.

    Another partner at the firm, Adeleke Alex-Adedipe, said there are “endless” opportunities for lawyers in the TMT sector.

    “For every investment, there is some legal work attached. If TMT continues at the pace that it is today, we will not be in a position to have real investments without proper legal advice. Whether in form of due diligence, pure business advisory work or as little as setting up entities or advising the big players in respect of funding and the private equities, they all have to get some form of legal advice.

    “So, there are a lot of opportunities in this regard and it’s a growing business. Just imagine how much jobs are being created by a telecommunications company. As we advance, the reality is that there will be more opportunities. And as there are more opportunities in technology there will be more opportunities for lawyers,” he said.

    The event, which had two sessions, drew key players in the TMT sector. They included a director at MTN Nigeria, Mr Gbenga Oyebode; Co-Founder/Chief Executive Officer Terragon Group, Elo Umeh; Partner, Bluechip Technologies Ltd Olumide Soyombo; Managing Director of Wakanow Obinna Okezie; Chief Operation Officer at Netplus Adekumbi Ademiluyi and Co-founder, Interswitch, Idris Saliu.

    Others are Managing Director, EchoVC Egbosa Omoigui; Chief Digital Officer at Wema Bank Plc Dele Adeyinka; Director at Lagos Business School Mrs Olayinka David-West; Managing Director/Chief Executive Officer at FBN Quest Funds Ijeoma Agboti-Obatoyinbo, and Head, TMT at Stabic IBTC Lloyd Onaghinon.

    Oyebode warned against over-regulation, saying that “regulators could kill opportunities if care is not taken”.

    The chairman of Aluko & Oyebode, a commercial law firm, added: “There is great hope for investment in Africa. Regulators should encourage businesses to thrive rather than introduce policies that will kill them.”

    Okezie said he set up Wakanow when he saw a need for  it. He said he wanted to book online, but could not, so he saw an opportunity to invest when e-commerce was at its early stages. He said it was important to find the right kind of investor.

    “The opportunity in Nigeria and Africa is tremendous. We saw an opportunity. You have to identify a problem. We saw booking challenges, inability to pay online, and lack of transparency,” he said.

    Co-founder, Synergy Capital Managers, Dr Akintoye Akindele, who chaired a session, urged aspiring entrepreneurs to have clear ideas of what they wish to do and stick to it.

    “Get advice on the legal framework around what you want to do. Think of the business model and the capital structure you need. Stick with it because everyone has horror stories.

    “Don’t stop dreaming. Stick to your dream. Until you die, your dream is alive. Success is repeated failure without losing enthusiasm,” he said.

  • Fowler seeks autonomy for state tax agencies

    THE Chairman, Joint Tax Board (JTB), Mr. Tunde Fowler, yesterday, advised state governors to empower State Internal Revenue Services (SIRS) by making them autonomous.

    Fowler who is also the chairman, Federal Inland Revenue Service (FIRS), gave the advice at the 137th meeting of the JTB in Ilorin, according to a statement endorsed by Director of Communications and Servicom at FIRS, Wahab Gbadamosi.

    Autonomy, Fowler said, is the key to professionalism and generation of more revenue. “The good work that you are doing is evident in the performance of the Kwara State Internal Revenue Service (KWIRS). It is good enough for others to follow. We commend the work that KWIRS is doing and agreed amongst ourselves to adopt is as a model. Like I often tell my colleagues, we members of JTB must not disappoint Nigerians.

    “I like you to call on other governors, your colleagues in other states who have not taken the bold step to please do and give autonomy to SIRS. Please help us to convey this to them as an ambassador and tell other governors,”  Fowler said.

    He also called on JTB members to intensify efforts towards meeting revenue targets. Fowler commended Ahmed for growing the internally generated revenue of Kwara State.

    “I like to commend the efforts of the executive governor in transforming the KSRS. It is on record that the state annual Internally Generated Revenue (IGR) grew from N7.1billion in 2015 to N17.2billion in 2016. I therefore, urge the service not to relent in its efforts and continue to work hard to justify the encouragement received by the state government,”  Fowler said.

    The meeting had: Collaboration amongst tax Authorities: Its Impact on Revenue Generation and Service Delivery to Taxpayers as its theme.

    Governor Abdulfatah Ahmed, who declared the meeting open, told the 36 chairmen of the SIRS that KWIRS’ ability to grow Kwara’s annual (IGR)from N7.1billion in 2015 to N17.2billion in 2016 is predicated on people, processes and technology.

    He noted that Kwara’s IGR moved from N600 million in 2015 prior to autonomy to N1.5 billion monthly, with increase of about N17.4 billion in 2016. “As you are aware, the Kwara State government signed the Kwara State Revenue Administration Law No. 6 of 2015 on June 22,  2015. Ever since, the face of revenue administration has witnessed significant changes that started with the complete change of the people, process and technology for the administration of taxes,” he said.

    The governor who noted that the state has floated the Kwara State Infrastructure Bond (IF-K) into which a percentage of the state’s  IGR will be paid, said the state wants to ensure that contractors are no longer owed in  as banks will not fret to give loans to contractors.

    “While we thank all stakeholders for their contribution to the achievements, taxpayers need note that tax payment is a civic responsibility for the development of the state,” he said, adding that government cannot provide the goods of democracy without citizens playing their part.

    To earn continued support of taxpayers, government must demonstrate transparency on how taxes being collected are used for. It can no longer be business as usual, he said.

  • NPA MD seeks infrastructure development

    Nigeria can become a hub of maritime operations in West and Central Africa by developing port infrastructure and facilities, Nigerian Ports Authority (NPA) Managing Director, Ms Hadiza Bala Usman has said.

    In an interview, Ms Usman said it was imperative for the NPA and the Federal Government to develop port infrastructure and promote the industry so the country could benefit from the increasing cargo traffic across the globe. The new initiative on the review of the concession agreement, she said, would be designed to meet the logistics needs of the industry in anticipation of future development.

    Folas Motors Chairman, Mr Felix Owoeye,  called on the government to support the NPA and other agencies in funding researches, saying the sector lacked in-depth investigation due to poor funding.

    “The maritime industry has experienced an appreciable development in recent years. That development is set to stay. World trade continues to shift global markets and production lines make new demands on transport systems and on ports in particular.

    ‘‘Ports serve the national interest, supporting the competitiveness of national and regional economies. It is in the nation’s interest that our ports remain able to handle cargo trade and its potential development efficiently and sustainably,” he said. The industry, according to Owoeye, is in dire need of reforms.

    “New port facilities would help to bring the industry to international standards.”

    He lamented that previous administrations, like most practitioners in the industry, did not live by the rules guiding the profession, which, he said, had resulted in many problems in the sector.

    “The maritime industry requires reforms; reform by way of standardising, educating, informing, sanitising the practice and making it global because the mere mention of the words import and export trade means we are not doing it locally, but across borders. Therefore, there are set rules, information and knowledge that operators must possess.

    Owoeye added that the industry has project for rapid and sustainable growth. “Based on this development and the strategic position Nigeria occupy in the industry and the sub-region for the development of human capital for an enhanced economy, it is expected of the government to train our youth to develop interest in maritime education,” the importer said.

    To meet the manpower requirement for the nation’s fleet, Owoeye canvassed robust, consistent, versatile and dynamic maritime policies, which are in tandem with global issues to ensure efficiency. He lamented that the country, despite its huge population, has no standard maritime institute compared to countries, such as the Philippines, which he said, has over 40 maritime academies.

    The Philippines, he said, supplies over 30 per cent of the world’s seafarers’ requirement. He noted that the Philippines earn over $1.6 billion from reparation from seafarers.

     

  • Groups seeks prudent use of Nigeria’s forex earnings

    The Red Card Movement (RCM) has called for prudent use of Nigeria’s foreign exchange (forex) earnings.

    Co-Convener of the RCM, Daniel Balogun, cited the 2010 National Bureau of Statistics report which showed that the billions of dollars earned in forex were not properly used adding that eradicating poverty is a measure of how well countries are governed.

    A recent World Bank’s 2017 Atlas of Sustainable Development Goals, he noted, showed that 35 million more Nigerians were living in extreme poverty in 2013 than in 1990.

    “So it means that between 1990 and 2013, Nigeria increased the number of its poor people by 68 per cent. China decreased by 96 per cent ,  India decreased by 35.5 per cent , Indonesia decreased by 76 per cent, Pakistan decreased by 80 per cent, Brazil decreased by 67 per cent, Bangladesh decreased by 60 per cent and Ethiopia decreased 31 per cent.”

    Speaking ahead of the RCM’s regional launch in in Jos, Plateau State this week Thursday, its Convener,  Oby Ezekwesili, said the group is the brain child of several co-conveners from the six geo-political zones of the country.

    Reminding Nigerians of the crucial roles they have to play, Ezekwesili pointed out that the effect of the cyclical truncation of democracy in Nigeria since the termination of the First Republic in 1966  is that key institutions.

  • Ex-NNPC GMD seeks hike in petrol price to N171 per litre

    The former Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Engr. Funsho Kupolokun, yesterday advised the Federal Government to muster the courage and completely deregulate the downstream oil sector to end the era of subsidy.

    The Federal Government, through the NNPC, currently sells petrol at N145 per litre while its landing cost is N171 per litre. The difference, N26,  is the subsidy being paid borne by the Federal Government.

    Speaking as chairman at the 11th Nigeria Association Energy Economics (NAEE) conference in Abuja, he urged the government to deregulate the downstream sector of the industry. The theme of the conference was: New Era in Global Energy Lnadscape: Implications for an Emerging Economy.

    He recalled that discussions on deregulation began in 1993 because the price of petrol started going up and down, adding that had the government taken the bull by the horn, nobody would today, 25 years after, discuss the liberalisation and deregulation of the downstream oil sector.

    Kopolokun said: “If we had continued, we would have completed liberalisation of the sector. But today, we are talking of deregulation of the sector. And it is still undone. I hope we do it and do it rapidly. Until it is done, we will continue to have problems in the industry.”

    According to him, unless the country learns to create value from its crude oil, it would not make any headway.

    Kupolokun said deregulation would relieve the government of the burden of petrol subsidy.

    He noted that upon the removal of subsidy, Nigerians would learn to live proportionally with their income, and instead of living ostentatiously at the expense of the government.

    He said the implementation of the subsidy regime is inimical to the nation’s economy.

    He said: “You know that Nigerians will get something out of it. You stay in your house, ride a big car, two cars, and then you expect government to contribute the subsidy; you are not being fair to every other person.

  • Lawyer seeks to stop MTN’s listing on Stock Exchange

    alAGOS lawyer, Dr. Charles Mekwunye, has urged the Court of Appeal to restrain MTN from listing its shares on the Nigerian Stock Exchange (NSE), pending the determination of a suit involving him, the telecom giant and four other firms.

    In the appeal marked CA/L/1349/16, Mekwunye is praying for an interlocutory injunction restraining MTN from listing its shares on THE NSE or any globally recognised stock exchange.

    Other prayers include an injunction restraining MTN from putting up signs, advert or notice which may suggest the listing of its shares.

    An order of interlocutory injunction restraining MTN from inviting the public to buy or purchase its shares in any public offer pending the determination of the appeal.

    The appellant is also asking the court to reverse the alleged interference of IHS Holding and INT Tower in the agreement among him, MTN, Lotus Capital and Stanbic IBTC Management Limited.

    Mekwunye sued MTN at the Federal High Court, Lagos for alleged breach of an agreement by firms representing the company in a privately placed share units offer.

    Joined in the suit as co-defendants were Lotus Capital Limited, Stanbic IBTC Asset Management Limited, IHS Holding Limited and INT Towers Llmited.

    Mekwunye contended at the Federal High Court that after buying about 5,000 MTN Linked Units share through MTN’s nominee, Stanbic IBTC Asset Management Limited via a private placement memorandum, the firm failed to fulfill its obligation of converting the share units into MTN Nigeria shares.

    But ruling on a preliminary objection raised by MTN on the competence of the suit, Justice Mojisola Olateru asked parties to explore the arbitration clause embedded in the disputes contract.

    Dissatisfied with the ruling of the lower court, Mekwunye through a motion on notice filed on February 26, approached the Court of Appeal.

    He insisted in the appeal papers that the crux of the matter is the failure of the respondents to list MTN shares in NSE in 2013 as agreed by parties and that until the suit or appeal is properly determined, MTN ought not be allowed to list its shares at the stock market.

    In an affidavit in support of the motion on notice, the appellant averred that sometime in February, 2008, Lotus Capital and Stanbic IBTC Asset Management via a private placement memorandum, represented that MTN International was offering to allocate shares of MTN Nigeria to the Nigerian public as investors through private placement arrangement.

    According to the deposition, Stanbic IBTC Asset Management which was appointed as nominee for the  MTN linked offer, subsequently engaged Lotus Capital Limited to procure investors.

    Mekwunye bought 5,000 units of the shares at the rate of $122,800 (N18, 376, 800,00).

    The appellant averred that the nominee structure as spelt out in the agreement papers was to last for three months after which the shares will be transferred to an exit special purpose vehicle (SPV) which will then be exchanged for MTN Nigeria shares.

    According to the appellant, at the end of three years, the respondents failed to create the agreed exit SPVon the ground that MTN International is already quoted on the Johannesburg Stock Exchange.

    He further averred that the respondents opted to create an alternative exit mechanism which is not listed on NSE without his consent or knowledge.

    Mekwunye claimed that series of deductions were made on his share units by the respondents in the new agreement which he never gave his consent.

    No date has been fixed for the hearing.

  • Agency seeks laws on occupational safety

    Lagos State Safety Commission (LSSC) Director-General, Mr Hakeem Dickson, has called for stronger laws to protect workers.

    He said there was the need for employers and workers to be consulted when preparing safety laws ans regulations.

    Dickson spoke at a colloquium on Adherence to occupational safety standards in a mega city.

    It was organised by the commission for stakeholders in the sector and was held in Ikej, Lagos.

    At the event were the Nigeria Employers Consultative Association (NECA), Certified Institute of Professional Managers (CIPM), International Labour Organisation (ILO), Trade Union Congress (TUC), Nigeria Labour Congrss (NLC) and safety experts.

    Dickson said they were brought together to shed light on issues that hinder adherence to safety compliance.

    According to him, occupational health in developing countries was neglected, pointing out that it has affected productivity.

    He said better ccupational health was one of the tools that could help break the cycle of poverty and improve productivity.

    Most developing countries still perceive occupational health as a luxury, he said.

    “This should not be so. If public safety is jeopardised, almost all will be lost,” Dickson said.

    He said the well-being of Lagos workers was of absolute importance in reducing accidents and thereby increasing productivity and per capital income.

    He emphasised the need for all hands to be on deck to make this a reality.

    Lagos Attorney-General and Commissioner for Justice, Mr Adeniji Kazeem, said  without a legal framework, establishing and enforcing safety would be impossible.

    “Most companies and people have little or no awareness about the impact of safety standards or the process by which they are produced despite that safety standards affectevery aspects of our lives,” he said.

    He noted that the United Nations (UN) acknowledges citizens’ rights to public safety and calls on states to take measures to ensure progressive achievement through transparency in planning and implementation.

    “For a fast growing mega city like Lagos, what we want is a safe environment which will encourage the minds and talents of our citizens to be put to good use.

    “Occupational safety standards are indispensable to the proper function of economics and societies. They create the ‘rules of the game’ for citizens, business, government and civil society.

    “They fortify markets, protect the rights and safety of citizens and ensure the safe delivery of public goods and services,” he said.

    The Commissioner for Special Duties and Inter-Government Relations, Mr Oluseye Oladejo, said there was the need to put in place standards and guidelines in place to protect workers.

    He said the welfare of workers was paramount to the government.

  • Fayemi’s wife seeks APC women’s support

    Wife of the Minister of Mines and Steel Development Mrs. Bisi Fayemi yesterday urged the All Progressives Congress (APC) women in Ekiti State to support the yet-to-be declared governorship ambition of her husband, Dr. Kayode Fayemi.

    Mrs. Fayemi, who was Ekiti’s First Lady between October 2010 and October 2014 when her husband was governor, said her husband would need the support of the womenfolk whenever he officially declared intent to seek the party’s nomination.

    Her arrival at the state APC secretariat sent the environment alight, with the women recalling her exploit in women empowerment during her husband’s tenure.

    Mrs. Fayemi’s action is a pointer that her husband will soon declare interest in the top job as being rumoured.

    She was received by the Deputy Chairman, Mrs. Kemi Olaleye, Women Leader, Mrs. Dupe Bakare and others.

    Mrs. Fayemi told the women that she was there to ask for support for her husband in the coming governorship election.

    She promised to support Ekiti women and ensure they are not left behind.

    Mrs. Olaleye thanked Erelu Fayemi for her visit.

  • Republican Institute’s boss seeks credible 2019 elections

    International Republican Institute (IRI) led by its President, Daniel Twining, has called for competitive, credible, transparent and non-violent 2019 elections.

    He spoke to reporters yesterday after a closed-door meeting with National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun and the party’s chieftains in Abuja.

    The IRI President, who said he was making his first trip to Africa as the institute’s boss, noted his visit underscored the important and constructive relationship the institute has with the APC.

    He said: “We are here to discuss how to strengthen the Nigerian democracy, help to support issue-based politics, inclusion of women, minorities and other groups in the country’s politics to make democracy stronger.

    “Democracy is never done; the work needs to continue every day to improve in America, Nigeria and every country. So, we are here to help and partner.”

    On IRI’s interest in the 2019 elections, the IRI President said: “Nigeria is really the most important country in sub Saharan Africa; it’s a leader. Its development and growth will change the world. “

    “We want to be here working with our friends here to support that. We have a great partnership with the APC leadership; we have been working with them for years. So, we are looking forward to the next phase and working with them in many other states.”