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Tag: Stakeholders

  • Northcentral stakeholders on united Nigeria

    Northcentral stakeholders on united Nigeria

    •APC first party to organise  national debate, says Aregbesola

    STAKEHOLDERS from Northcentral converged yesterday on Ilorin, the Kwara State capital, to debate on Nigeria’s future.

    They all agreed on the nation’s indivisibility and indissolubility.

    The forum was organised by the ruling All Progressives Congress (APC) Committee on True Federalism.

    Kwara State Governor Abdulfatah Ahmed said the driving factor behind the present agitations for true federalism or restructuring was the redistribution of resources in an equitable manner.

    He said: “This nationwide dialogue by our party on true federation connects with our expressed commitment to making governance more meaningful to our people by changing the way we are governed, especially in terms of access to and allocation of resources.

    “While our current economic problems may have weakened our party’s commitment to reforming our federation, the challenges have also strengthened agitation by citizens for what is variously referred to as restructuring, devolution or true federalism.

    “Subsequently, I hold that any structure that meets the economic, and political aspirations of the majority of citizens will be welcomed.

    “Therefore, we should focus on a political economy that provides an opportunity for class elevation and egalitarianism. In other words, what structure provides economic opportunities to expand the middle  class to accommodate the majority of our people? Under what circumstances can we promote the human capital development of our people to stimulate the innovativeness necessary to develop our country, boost entrepreneurship and create more economic spaces for citizens to prosper?

    “How do we generate these spaces for economic empowerment of the majority without creating new layers of bureaucracy and increasing the cost of governance?

    “My point, in a nutshell, is that this dialogue should explore ways of ensuring the greatest good for the greatest number of our people.

    That, to me, is what we must address our minds to within the context of our federation or any other structure that we may come up with.

    “Let me also remind us of the need to balance the desire for local government autonomy or new states against the potentials of these entities to survive economically and create the spaces for citizens’ economic empowerment that I alluded to earlier.

    “It is my expectation that today’s session will enrich the discourse on true federalism and encourage robust and enlightening debate about how to make our democracy more meaningful to our people.”

    Osun State Governor Rauf Aregbesola said the APC administration was the first to make spirited effort to organise public hearing on Nigeria’s co-existence.

    His words: “Our nation has been existing for well over 100 years. Before Nigeria was amalgamated, there had been sections of Nigeria. We had Northern and Southern protectorates before the 1914 proclamation of Nigeria.

    “This will be the first time that a conscious effort is being made by a political party in Nigeria to aggregate views, opinions and ideas about how they want to see Nigeria by ourselves being governed. I must commend our party, the APC, for coming up with the idea, many of us who are moving around and our people who are out to voice their opinion of what nature of a nation they desire.

    “It will be wrong of us to impose our views on the population of Nigeria. That is why we are here. We want Nigerians to tell us how they want to country governed and the meaning and essence of federation.

    “We want to also aggregate views on how to define our federation and how we relate with one another. It is only meet and proper for us to organise this public hearing.”

    His Niger State counterpart, Governor Abubakar S. Bello represented by the Special Adviser on Political Matters Solomon Nyase said he would never support the breakup of the country.

    “However, in whatever, we do or discuss, we must remember Nigerians who

    are at the receiving end,” he added.

    Spokesperson of the traditional rulers in Kwara, Emir of Shonga, Dr. Haliru Yahaya, said the agitation in some quarters for the dismemberment of Nigeria would not succeed.

    “Let the boys be chatting, Nigeria cannot disintegrate. Every section of the country has got its own agitations, but at the end of the day, the country will be more united,” the medical turned traditional ruler said.

  • Stakeholders query police release of suspected Alaba pirate

    NEWS of the release of a suspected major intellectual property thief at the Alaba Market, Lagos has been causing a stir among stakeholders.

    According to reports, the suspect was released by the police because he denied owning the pirated works found on a property allegedly belonging to him and was celebrating his release.

    The suspect, an assistant financial secretary of a group in Alaba international market, and three others were arrested in August by a task force made up of members of the National Film and Video Censors Board (NFVCB) and Film and Video Producers and Marketers Association of Nigeria (FVPMAN) alongside the police. They confiscated film titles such as ‘Ayamma’, ‘Wedding Party’, ‘Three Wise Men’, ’30 Days in Atlanta’, ‘A Trip to Jamaica’, ‘Lekki Wives’, ‘Wives on Strike’, ‘Jennifer’s Diary’, and ‘Fifty’ and replicating machines worth over N50 million. The suspects were taken to Abuja from the Area E Police Command, Festac Town.

    The raid was spearheaded by the Executive Director of NFVCB, Alhaji Adedayo Thomas, notable film maker, Gabriel Okoye aka Igwe Gabosky, Chairman of FVPMAN, Emeka Aduah and film marketer and lawyer, Nobert Ajaegbu.

    However, the suspect’s release from police custody has infuriated Ajaegbu, a member of the taskforce constituted by Censors Board on Piracy who described the development as sad.

    “It’s quite disheartening and discouraging for the biggest pirate in Nigeria, to be let off the hook by the police in less than two weeks,” said Ajaegbu in a statement.

    “I don’t know when corruption will seize to retard the progress of this blessed nation. How can police advance the lazy reason behind his release to be simply because he denied that the 103 sacks of pirated works do not belong to him? The 103 sacks were not gotten from the street. They were confiscated from a warehouse. The warehouse has an owner and a property manager who can identify the occupier of the premises. We readily made available to the police the contact of the property manager. When I got a call yesterday morning that the same suspect who we spent several weeks to apprehend, threw a freedom party at Alaba  yesterday, I saw in that jubilation, not a raging gunfire, but a cannon gunshot over the eventual death of the creative industry. Forbid it God almighty, let justice be done.

    “It can only (be) enough if police had concluded investigation. The prosecution reserves a right to request from the court, an order to detain him pending investigation. Because his release would tamper with the investigation. But ordinarily, he should be charged within 24 hours.”

    While Ajaegbu agrees that the suspect’s offence is bailable, he wonders; “If those arrested before him are still in custody, how come the big fish got off the hook so fast.”

    In July, the federal government announced a collaboration between the Police and a special task force set up by the Minister of Information and Culture, Alhaji Lai Mohammed.

  • Fashola, stakeholders focus on debts payment, supply growth

    Fashola, stakeholders focus on debts payment, supply growth

    The 19th ministerial meeting of the Minister of Power, Works and Housing with operators of the power sector, has held with a focus on payment of debts owed the power sector by ministries, departments and agencies (MDAs), and legacy debts inherited from the defunct Power Holding Company of Nigeria (PHCN), and power supply growth.

    It held in Lagos with a communique focusing on identifying, discussing, and finding practical solutions to critical issues facing the Nigerian Electricity Supply Industry (NESI).

    The operators agreed to encourage the promotion of true story of hope in the sector, based on ongoing projects and efforts to improve the power sector, and limit inaccurate and alarmist comments in the media about the power sector.

    The agreement was necessitated by an earlier statement by the Power Minister, Babatunde Raji Fashola.

    Fashola had expressed dissatisfaction with a statement made by the Managing Director/Chief Executive Officer, Egbin Power Plc, Mr. Dallas Peavey, saying that Peavey’s claim that the Federal Government owes Egbin N125 billion and that Egbin had spare 700 megawatts (mw), which could not be evacuated due to the inability of the Transmission Company to wheel it were inaccurate.

    The Minister said with that statement Peavey was working against national interest, noting that Peavey  was inciting other generation companies (GenCos) not to comply with grid codes and regulations made pursuant to the Electric Sector Power Reform Act of 2005, which prescribed frequency levels of operation for power generating companies.

    Fashola also reminded operators at the meeting about the Payment Assurance Guarantees to the generation companies, as well as the verification of MDAs’ debts, which have been reported as part of the government’s plan to resolve liquidity challenges in the power sector.

    The communique noted that the Nigerian Electricity Regulatory Commission (NERC) was commended for its new mini-grid regulation, which has yielded new projects with the inauguration of a new 20kw project in Kwali Local Government Area in the Federal Capital Territory, with a plan to power 145 households and five businesses by Haven Hills Synergy Limited, and another to be completed shortly in Kano State. The Minister encouraged investors and developers to cooperate with NERC to fast-track the implementation of the regulation, with the hope that the private sector increases capacity to distribute the over 6,000mw available for distribution.

    The report also showed that Eko and Yola Electricity Distribution Companies recorded 100 per cent payment performance to the market operator for service providers, and the meeting was encouraged to make payment for transmission and other services provided in good time.

    The Niger Delta Power Holding Company (NDPHC) said it has completed Magboro connection project, and also announced the progress in projects at Ugwuaji, Egbema, Okija, Omotosho and Olorunsogo host communities, expected to be completed by December this year.

    The NDPHC listed vandalism as  a major challenge to the progress of projects in Afam – Ikot Ekpene axis, and encouraged the public to end vandalism. TCN also announced the completion of rehabilitation works at Omotosho plant in line with planned reconnection of the communities.

    At the meeting were NERC, GenCos, distribution companies (DisCos), the TCN, Gas Companies (GasCos) and other government agencies such as the NDPHC, the Nigerian Bulk Electricity Trader (NBET), Nigerian Electricity Liability Management Company (NELMCO) and Nigerian Electricity Management Services Agency (NEMSA), responsible for the regulation and development of the electricity industry as well as the Nigerian National Petroleum Company (NNPC) and the Central Bank of Nigeria (CBN).

  • Stakeholders harp on the need for data compliance in marketing

    The huge possibilities of big data and its potential for the advertising and marketing industry came to fore at the maiden edition of the brandcrunch learning sessions, as experts submit that marketing practitioners in the Nigeria must embrace data as a more scientific way to marketing that works. As the world is going digital, where big data and Artificial Intelligence is taking over virtually everything as demonstrated by the concept of internet. The use of big data for marketing purpose becomes inevitable as people leave trail of data behind in almost every action they take as every smart things around us generates data.

    Opening his presentation, the lead speaker and Chief Transformation Officer, Bayo Adekanmbi, MTN fast-forwarded to 2030, painted the picture of what sales and marketing will look like with use of big data. “It‘s the year 2030, at a hypermarket in Oshodi. I am here for my shopping and I thought that because I was a returning customer, the human-sized welcoming robot at the front door might greet me by my first name.  Impressive! I had learned that robots have special sensors that can swiftly detect a person‘s fingerprint and match it against a database of well over 14 million other customers in a split second for precision identification.”

    According to Adekanmbi, a data scientist, the traditional definition of the customer through psycho-graphic and demographic classifications has changed with the advent of big data. Big data enhances “robotic selling” which can offer me “my personalised offer of the week which included a package of ten different attractive offers that reflected my very personal preferences and up until then unexpressed need.” Such offers will be grabbed with open arms as they are made with precision though up until then, they were unexpressed.

    Other possible scenarios which are already happening in other climes as painted by the speaker is that in continuation of the “selling” the robot advises the customer on his car insurance, the weather and congratulates him on his son’s birthday.  The customer is stunned and dazed as he is advised to proceed to a counter for a special offer which he finds out is on point. The bank is linked as a loan proposition is announced to customer by the customer service.

    Speaking on the implication of massive data, Adekanmbi claimed that there is ”cross-industry shifts and data disruption as every business is becoming a data business.” According to him, Big Data has changed a lot of things today; ability to connect to the consumers, read their minds, have insight to what they need and when they need it have taken over. Facebook the largest social media in the world creates no contents; Alibaba the largest online retailer has not inventory; Uber the largest transport company in the word has no physical cars but they all rely on data and give the consumers what they need and when they need.”

    The implication of this is that the traditional definition has shifted, industry delineation is becoming blurry and the basis of competitiveness is changing at the speed of light. The Data scientist makes it clear that the 4Vs of Big Data is changing the age-old 4Ps of marketing – product, placement, promotion and price.  Instead, data centric Personalisation; Participation; Peer 2 Peer and Predictive Modelling are taking over.

    As the data era dawns on Nigeria and the advertising industry, the speaker posits that the future of advertising lies in 4s. These 4s are: Scientists – Apply advance approach to collate and analyse patterns of the behaviour from data sources, and drive targeted strategies; Strategists – create aligned category, brand and customer engagement strategies focused on the customer experience and guided by the brand purpose; Story builders –shape and evolve compelling stories and content to engage external and internal customers, underpinned by the key insights from culture and data analysis; Socialisers – socialise new experiences ideas and content externally and internally and evolve through continuous two-way conversations.

    Another lead discussant at the event, Steve Babaeko, submits that data is the new oil of the world today. In line with the Adekanmbi’s paper, he noted that the world is generating massive data every second, while leaving data trails every day. According to Babaeko, by 2020, data volume will be 40 Zeta byte. That is, all the grains of sand in the world multiplied by 75! Quite alarming! Drilling it down to the marketing industry, Babaeko explained that the big data via small data, affects the marketing sector through analytics, attributing and algorithms. He, however, noted that the consumers’ behaviour is changing, it is therefore important for the marketers and advertising agencies to know the consumers and connect to their eco-system.

    Steve’s posers to the advertising industry include – Do we know today’s consumers? Are we as connected to the new eco-system or how connected are we? When are we going to pivot? According to him, what used to be popular may no longer be relevant; practitioners in the marketing communications industry need to extend and explore the value chain in content and platform to be relevant to a more contemporary people/market. He uses the example of Francis Odega, who has recorded great movies but remains largely unsung. He was taken up by former Etisalat, connected to the new digital eco-system and he became an instant star.

  • Nigeria needs more agric reforms, say stakeholders

    Nigeria needs more reforms to boost agricultural productivity and competitiveness of the economy, the Acting Executive Director, Agricultural and Rural Management Training Institute (ARMTI), Dr. Olufemi Oladunmi has said.

    While he acknowledged the government’s success in pursuing macroeconomic and structural reforms, Oladunmi said more attention was needed to improve the attractiveness of the agriculture sector through domestic investment.

    In an interview with The Nation, Oladunmi said growth driven by agriculture could be effective at reducing poverty, calling an enabling environment to drive greater investments from the private sector.

    Oladunmi urgedthe government to reform the land use act to attract the kind of direct investment it needs to build and  expand food production and infrastructure.

    He said: “The Land Use Act should be reviewed to give unhindered access to land by the small holder farmers,especially the women farmers.”

    On funding he added: “We have to carry out microcredit reform from the perspective of the microfinance banks and institutions.The small holder farmers should be able to access funds at single digit interest rate when the need arises.”

    Also, National Cashew Association of Nigeria (NCAN) National Publicity Secretary, Anga Sotonye, said the nation’s agricultural growth could be raised further, if the government   implemented necessary reforms, including unifying the tax regime, as well as opening the economy further to investment and trade.

    According to him, inclusive agricultural policies could have a remarkable impact on sustainable production and food security, adding that   the time had come for finance and investment firms to consider investing in the sector, especially in the production of cashew.

  • Stakeholders canvass standardisation of real estate agency practice

    Stakeholders canvass standardisation of real estate agency practice

    Except there is a reversal in estate agency practice, its practitioners will continue to feed on crumbs. This is because of the lack of standard in estate agency as being practised in the country. The lack of standardised practice, it is believed, explains why Nigerian estate agents are not getting juicy deals, especially from multinationals.

    “Can any of you here claim he is managing any outlet in Shoprite, or in any other multinational facility? Except you improve and up your standard, you will never play in the big league of estate agency. The best of transactions now are going to multinationals,” said Tope Ojo, guest lecturer at the Lagos State Real Estate Transaction Department (LASRETRAD) stakeholders’ conference, held  in Alausa, Ikeja, last week.

    The theme of the conference was “Standardising Real Estate Agency Practice in Lagos State.”

    According to Ojo, there is an urgent need for the review of certain provisions of the law governing estate agency in the state and country. For instance, he explained that under the Lagos State Estate Agency Regulatory Authority Law 2007, the practice is open to anybody from the age of 18 years, including having a minimum of educational qualification of secondary school leaving certificate or a proof of sufficient experience in estate agency practice.

    Other requirements under this law include evidence of registration of estate agency business under Companies and Allied Matters Act (CAMA), including but not mandatorily being a member of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) or any other professionally recognised body or any registered association of Estate/rent/commission agent.

    However, the guest lecturer riticised the 18-year-old clause, arguing that it is very unlikely that any investor will be willing to hand over a N50 million asset to an estate agent of that age to manage on his behalf.

    Ojo regretted that the features of estate agency practice in the country are characterised by lack of adequate regulatory framework; free entry/ free exist, which requires no training nor certification; and are laden with high market risk. Others, he said, include small size of offices; lack of information on transaction; poor public perception; large presence of non-professionals; unorganised market; multiplicity of local agents association; fraudulent transaction; lack of standardisation; and largely unregulated. These features, makes the profession have perception issues among the public.

    Proffering solution, Ojo, therefore, called for a national/state body; effective regulatory framework; establishment of a licensing authority that will register all certified estate agents; professional indemnity by way of insurance of estate agents.

    There should also be categorisation of licenced estate agents into principals and ordinary agents, including creation of a state estate agency board in conjunction with NIESV.

    “This will give confidence to the profession. If a client knows an agent has insurance for professional indemnity, then he can be rest assured that if anything happens to his money the insurance will pay him back. For now, estate agents are traders and not professionals,” he explained.

    Explaining how the practice works in other climes such as South Africa, Ojo said an aspiring practitioner will first complete further education and training certificate in Real estate; undergo a 12-month internship mentored by a professional; write and pass Professional Designate Examinations (PDE); and register with the country’s Estate Agency Affairs Board. To be a principal of a firm, such person will also have to write and pass another examination. Over  40,000 Estate Agents are registered with the board.

    Earlier in his keynote address to the gathering, the Lagos State Governor, Mr. Akinwunmi Ambode, who was represented by his Special Adviser on Housing , Mrs. Aramide Giwanson, observed that over the years, the activities of estate agents have been a source of concern to government because of the several unsavoury tales people have had to tell about the sharp practices of the practitioners, which usually leads to people being defrauded.

    Ambode agreed that unethical practices has thrived in the profession because it is largely unorganised, unregulated and unprofessional. This has been further buoyed by the by the lack of a central professional / regulatory body that will set minimum standard and code of ethics for practitioners, leaving the door open to all comers including those who do not have the basic training and qualification.

    He explained that with the establishment of LASRETRAD, government hopes to redress the situation, by not only guiding the real estate agency through rules and regulations, but by also ensuring that violators of these rules are made to account for their actions.

    “We believe that this will ensure protection for citizens and reduce the tendency for fraudulent practices. In addition, it will also enable government to adequately capture data on property transactions on a regular basis as it is being done in most developed parts of the world,” Ambode said.

  • Stakeholders differ over N300m rebranding project

    Stakeholders differ over N300m rebranding project

    THE Insurers Committee has differed on how to carry out its much-publicised N300 million insurance industry rebranding project.

    The group with umbrella bodies, Nigeria Insurers Association (NIA), Nigeria Council of Registered Insurance Brokers (NCRIB) and Institute of Loss Adjusters of Nigeria (ILAN) as members, disagreed over the sharing formula of the project expenses and which operator will be most favoured from it.

    The committee comprises the National Insurance Commission (NAICOM),  chief executive officers(CEOs) of 58 insurance firms, over 400 broking firms and loss adjusters.

    The project, aimed at deepening insurance awareness and penetration, is expected to raise the industry’s paltry 0.2 per cent contribution to the nation’s Gross Domestic Product (GDP).

    An initiative of the National Insurance Commission (NAICOM), it inaugurated by the Finance Minister, Mrs Kemi Adosun. It was expected to commence last October, but was stalled when the group could not raise the required funds for the project.

    But it became clearer during the conference held by the IICC in Abuja when participants were told that that all was not well with the plan.

    The brokers said their interest would not be protected, going by the arrangement in the project and as such, would not commit their cash to it. According to the brokers, publications and advertorials that will emanate from the campaign will only favour the underwriters in terms of public patronage.

    NIA Chairman, Eddie Efekoha said the industry is challenged on the reputation, and brand, which arose from claims settlement.

    He said he was worried that the rebranding meant to sensitise the public on the progress made by the industry was not on course.

    He said if the brokers, underwriters and loss adjusters spoke with one voice about its benefits, the project would achieve its objectives.

    He said it was agreed at one of the committee meetings that the brokers should contribute to it.

    He noted that they might not be tasked at the same rate as  underwriters but ”I think that their contribution would help so also the loss adjuster and at the end of the day, collectively, it would have been seen as an industry project and not a project of underwriters alone”.

    President, Kayode Okunuren said the fear was that people did not know much about  brokers and that the project had not been structured towards this.

    He said as a result, they had decided to embark on the corporate visibility project to tell the customers the things that brokers could do for them.

    He added that their concern was also about the alternative channels of insurance distribution in the industry which might not be in their interest.

    He said: “We believe that we have not been consulted on how we will be carried along on the new distribution of channels opens by NAICOM. We are also concerned about image and how the public see us.

    “It is easy to sell policies to customers, especially to this other intermediaries. We understand that NAICOM wants to create the alternative channels but if there is no collaboration with brokers who is expected to commit funds to the project, I think we will be shooting ourselves in the foot.

    “We are not against alternative channels of distribution because we know that it is all about creating value for our customers. We also want to create value for our customers. But it has to be a win-win situation for everyone and it won’t look as if we are been regarded as an unwanted specie which we are not. Brokers exist everywhere and they will continue to exist.

    “We agree that ethically, we need to reform because it is affecting the image of not just the brokers but the industry as well. So, we have decided from now that there will be corporate visibility project and we will tell the customers the things that brokers will do.

    Reacting to the NCRIB President’s comment, the NIA Chairman urged brokers to see the industry and push out messages for the industry.

    “We should all do it together, including NAICOM, rather than one section taking the credit. If the brokers can do it on their own, the NIA, too, can certainly do it. In fact, we have been sleeping in the NIA because there was a fund created for sensitisation campaign, but the money is still in our account. We have not used it. We can use it tomorrow, if we decide to start. But we believe even when we do so, the business the brokers generate is equally for the underwriters and so we have interest in what happens in the sector.

    “Today, about 90 per cent of our business come from the broking sector, but from all the conversation that we have had, we are saying that there is still more to do. We can grow this market by looking at the other side but let’s speak insurance generally. The industry therefore will be pushing penetration better than if we decide to go individually,” he said.

    A prominent broker and Managing Director of Boff Insurance Brokers, Babatunde Olatunde-Agbeja, said it was true that they operate one industry, but that the public did not know the brokers as much as they expected. He urged them to rather focus on the industry.

    “We, the brokers, found ourselves where we are because people do not know what insurance broking is about. It is true we are in the same industry, but when we find out that people don’t know who we are except those in the insurance industry, we decided to sell ourselves.

    “What the NIA wants us to do in terms of advert about industry will make them think, it is all about insurance companies. The only way out, if NIA agrees, is for all insurance in Nigeria to be done through brokers. Then, we can take the project as an industry project and we will do it together. But if that is not the case, then we will continue to market ourselves in the industry.”

    Commissioner for Insurance, Mohammed Kari, said the operators should see themselves as one – whether they are underwriters or brokers. He however noted that there was no way brokers would be taken as the only intermediary in the market.

    “There is no law that says an industry must not have an intermediary or every business must be out in the hands of a particular intermediary. We will continue to have this problem, if the intermediaries feel that direct business is a threat to their lives.

    “The customer has the right to choose who they buy a product through. Insurance can be sold through an agent, broker or direct. So, I don’t see anything wrong in the broker as a fraternity advertising their services. However, it was discussed at the Insurers Committee and was agreed that the industry market insurance and not different sections of the industry.

    “We are not marketing underwriting, intermediation or loss adjusting but we are saying is, let us market insurance first, so that people can know about the benefit of insurance. This was the reason for the proposed campaign. Every attempt we have made to make the two sides understand their complementary nature has failed.

    “We want to boost insurance contribution to GDP. We have created an additional distribution channel to boost penetration; what is wrong with that. The argument by the brokers, which they have confronted the Commission with is that their interest would not be protected. But I say, you have an interest and a stake in the industry. If everybody works together, the industry will benefit all. But if brokers and underwriters don’t want to work together, there is nothing we can do. We can only urge them to cooperate.

    We, the regulator, will always support the industry in sensitising the business of the industry and will continue to urge you to work together,” he added.

  • Filmmaker Eddie Ugbomah urges govt., stakeholders to keep Halls of Fame alive

    Filmmaker Eddie Ugbomah urges govt., stakeholders to keep Halls of Fame alive

    •As event holds August 25

    Veteran filmmaker and Nollywood connoisseur, Eddie Ugbomah, has decried the failing state the nation’s movie archives.

    In a statement, the filmmaker also questioned a situation where veterans in the Nigerian movie scene are not given the honour they deserve.

    Ugbomah, who mooted the idea of a hall in 2004 and held its first Induction of 2006 without any form of support, revealed that he is not daunted by the lack of response by stakeholders.

    “We have tried for the past three months; we have couriered several letters to some contributors into the entertainment that are now Senators, Ex- Governors, Ex- Presidents and oil Tycoon yet no acknowledgement. We are appealing to them to respond to our letters by attending the induction night on the 25th August 07 at National Theatre Igamu Lagos,” he stated.

    Ugbomah described as painful the fact that that majority of the parasatals have made promises of moral and financial support but up to date the usual recession excuse have not allowed them to keep their promises.

    “Most people don’t know that Wole Soyinka made two 35mm movies, Late M.K Abiola and Jab Adu produced one of the greatest Nigerian movie, Bisi Daughter Of The River and it is so sad and unfortunate that PHCN made me lose over 800 million naira of my celluloid films, yet I am still single handedly supporting the survival of the Halls of fame,” he further lamented.

    He therefore called on the powers that be to acquire his Galleries to save Nigeria the embarrassment of his plan to sell it to UNESCO, FORD foundation, the former owner of CNN or Microsoft Computer owners.

    “I will not watch history die as all the above names living or dead Artiste have served this Nation. We are expecting any of the multinationals to please come to salvage and keep the Halls of Fame alive so that our children can have a place to learn about the past Professionals,” he stated.

     

  • Stakeholders decry poor monitoring of foreign aid

    Stakeholders in the agriculture sector have raised the alarm over poor monitoring  of foreign aid to the sector.

    They said the development may scuttle government’s efforts to achieve food security.

    Former Mycotoxicology Society of Nigeria President Prof Dele Fapohunda said there was a need for increased government’s monitoring of foreign aid spending in agriculture to ensure the objectives of food security is achieved.

    This followed rising concern that aid spending was not being properly monitored.

    There have been series of controversies over money being spent on other projects other than the ones targeted by the foreign agencies.

    He called for more transparency and accountability of the aid spent by departments to support agriculture, adding that the country might not be able to move forward in her quest to reduce food insecurity.

    Fapohunda urged the government to ensure all departments are supported to spend foreign assistance to agriculture responsibly and effectively.

    According to him, the government needs to take an evidence-based approach to diverse departments handling foreign aid.

    A stakeholder, who chose to speak anonymously, expressed worries that so much money was being channeled from foreign donors to support programmes in cassava, and sought the strengthening of the department to measure how well the money was being used.

    The New Partnership for Africa’s Development (NEPAD) has called for a regional project information hub to stimulate investment in Africa.

    NEPAD’s Infrastructure Project Preparation Facility (IPPF) proposed that each country should be linked to a central hub to unlock bankable investment opportunities with information about projects accessible to potential investors.

    IPPF Co-ordinator Shem Simuyemba explained that the initiative would show the financial-readiness of projects in terms of the key returns that investors seek.

    He said unlike other parts of the world, the emergence of an indigenous class of trans-continental investors was only just the beginning for Africa, partly because of a history of state monopoly companies, which had crowded out the private sector and stifled its growth.

    Simuyemba also called for liberalisation of sectors still dominated by governments, such as information technology, energy generation and transport.

    He also stressed the importance of regional markets, saying they should be created through policy reforms, incentives and strengthened partnerships.

  • How to make modified EEG work, by stakeholders

    How to make modified EEG work, by stakeholders

    The Federal Government has lifted the suspension on the Export Expansion Grant (EEG) after some modifications. It has also begun its phased implementation. While operators in the non-oil export business welcome the development, the N20 billion voted in the 2017 budget for the settlement of unutilised grants of about N230.9 billion is grossly inadequate. Certain provisions of the modified EEG have also not gone down well with them. Assistant Editor OKWY IROEGBU-CHIKEZIE reports.

    When the Federal Government introduced the Export Expansion Grant (EEG) in 1999, it was envisaged to cushion the effects of cost disadvantages, caused by infrastructural deficiencies, on operators in the non-oil export business.

    The grant, disbursed in the form of Negotiable Duty Credit Certificates (NDCC) to exporters, was expected to boost the competitiveness of indigenous products in the international market. Beneficiaries were expected to use it to pay duties on their exports.

    The impact assessment of the scheme was to be carried out yearly by external consultants, or as determined by the Minister of Finance. The implementation committee consists of Nigerian Export Promotion Council (NEPC), Federal Ministry of Finance (FMF), Nigeria Customs Service (NCS), and Central Bank of Nigeria (CBN).

    However, by January 2014, when the Federal Government suspended the scheme, following what Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, described as abuse by exporters, not a few Nigerians believed that the initiative failed to deliver on its promises. The consensus was that the EEG may have left non-oil exporters worse than it met them. For instance, many of them are still agonising over a backlog of N230.9 billion unutilised EEG.

    Although the Federal Government has lifted the suspension on the EEG scheme, with some modifications, some real sector operators are not pleased with the amount set aside for the settlement of outstanding claims.

    The Federal Government set aside N20 billion in this year’s budget for the settlement of the backlog of EEG, but the amount is considered by many operators and stakeholders as grossly inadequate, considering the huge size of the outstanding unutilised grant of N230.9 billion. Some of them insist that it should be increased.

    Besides, the government has yet to fulfil its promise to pay claims and resume the scheme’s  implementation.This has not gone down well with some members of the Organised Private Sector (OPS), who argue that the scheme’s suspension was hurting non-oil export.

    Some of them noted, for instance, that the only way out for Nigeria to extricate itself from the restraints of mono-economy was for the government to diversify the export sector.

    Manufacturers Association of Nigeria (MAN) President Dr. Frank Jacobs called on the Federal Government to re-introduce the scheme to salvage the sector.

    Noting that recipients of the grant held an instrument called NDCC, which they used for paying import and excise duties, he regretted that its suspension had affected manufactured goods export.

    The MAN chief recalled that the scheme was introduced to reduce Nigeria’s dependence on oil as a source of income and foreign exchange. He also recalled how he made it clear to the government to re-introduce EEG and pay the outstanding NDCC to save many companies from folding up.

    Jacobs stressed that if nothing is done fast, many companies will fold up, noting that the scheme is not just about manufacturers, but also a useful tool for the diversification of Nigeria’s revenue base.

    He, however, noted that the policy recorded success with the volume of non-oil exports increasing from $700 million in 2005 to $2.9 billion in 2013. This, he said, included an increase in value chain expansion in terms of processing.

    He said the increased manufacturing capabilities resulted in significant new investments and job creation in the sector. The scheme’s contribution, he added, was further evidenced by the market penetration of made-in-Nigeria goods and employment of about 11 million persons in the non-oil sector.

    Jacobs, however, lamented that all these benefits waned within one year of the suspension of EEG and resulted in the decline of Nigeria’s non-oil export by eight per cent from $2.97billion in 2013 to $2.71billion the following year.

    He commended the government for lifting the suspension of the EEG scheme after almost three years.

    He observed that it had been regigged. For instance, he said the NDCC has been renamed. It is now called the Negotiable Export Credit Certificate (NECC).

    Other changes, he said, are the settlement of grants computed by issuing NECC to the beneficiaries, which shall be valid for two years and transferable once. The MAN president revealed that beneficiaries could use the certificates to settle all Federal Government taxes such as company income tax, Value Added Tax (VAT) and Withholding Tax (WHT).

    Beneficiaries will also use the certificate to purchase Federal Government’s bonds, settle credit facilities by Bank of Industry (BoI), NEXIM Bank and Central Bank of Nigeria’s (CBN’s) intervention facilities, as well as settle Asset Management Corporation of Nigeria (AMCON) liabilities.

    Jacobs continued: “In the modified guideline, the EEG payment rate was reduced to 15 per cent maximum from the ruling 30 per cent before the suspension of the scheme. New EEG applications in the year would be paid with NECC while the applications before 2017 and outstanding NDCC would be paid via a 10-year maturity Promissory Note.

    ‘’The implementation of the modified EEG scheme guideline has commenced after the suspension was lifted by the Federal Government and it is in phases.  At the moment, companies are submitting their baseline data to the Nigerian Export Promotion Council (NEPC) to enable the Council determine their export values, local and foreign sales values and other relevant information as part of the first phase of the implementation processes.’’

    The MAN boss listed documents required for submission to NEPC to include Forms NXP, which must be certified by the processing bank; Nigeria Customs Service (NSC) and the Pre-shipment Inspection Agents; Bill of Lading and Final Commercial Invoice; Single Goods Declaration (SGD) Forms, endorsed by NSC, both at front and back.

    Others are Evidence of the repatriation of export proceeds (CBN confirmation of repatriation of proceeds by exporter) and Clean Certificate of Inspection (CCI) to include quality certification; NEPC non-oil Export Certificate (where applicable) and Certificate of Manufacturer and Scanning Report; any other documentation as may be required by NEPC from time to time.

    According to Jacobs, it is after the submission of these documents that the factories of companies that have submitted their baseline data would be inspected for due diligence, audit, and verification of export values vis-à-vis installed and utilised operational capacities. Exporters with a clean bill report would then be issued the new NECC.

    He said the 10-year stipulated for the recovery of the Promissory Note  should be reduced.

    Lagos Chamber of Commerce & Industry (LCCI) Export Group Chairman, Mr. Bamidele Ayemibo, commended the government for putting it in the 2017 budget. He, however, advised that it should avoid the pitfalls of the past.

    He claimed that some people who have nothing to do with export got the grant.

    Ayemibo canvassed that the government should give incentives to verified manufacturers of finished products and those adding value to products.

    Banks under attack over EEG

    Ayemibo criticised commercial banks for not doing enough for manufacturers and exporters, despite that the banks collect dedicated funding from the CBN.

    He said henceforth, CBN should give funding to verifiable performance tied to exports by commercial banks. He regretted that some banks that had good initiatives on exports scaled their activities because of the perceived foot-dragging by CBN on the export stimulus grant.

    According to him, most banks are hypocritical in their support for businesses. He said until the government wields the big stick on the commercial banks, the situation would not change.

    A former Institute of Chartered Accountants of Nigerian (ICAN) president, Chidi Ajaegbu, who lauded the scheme, noted that rescuing the economy from its state requires an integrated approach ,including revisiting the suspended EEG.

    According to Ajaegbu, who is also the Chief Executive Officer of Heritage Capitals Limited, the EEG will boost local industry and complement government’s earnings from the oil sector.

    He said: “I agree the EEG should be revisited. In an economy like this, it is very critical that we do everything possible to diversify our source of foreign exchange earnings and encourage local manufacturers that are still producing profitably to continue to do so across all sectors of the economy.

    “EEG will help to grow the manufacturing base of the economy and generate employment because companies are closing, people are being fired every day. So, whatever policy that will help to generate employment and grow the economy is welcome by me.”