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Tag: Utomi

  • Why poverty, unemployment persist, by Utomi, others

    professor of political economy, Pat Utomi, yesterday blamed Nigeria’s high rate of poverty and underdevelopment on the under-utilisation of the country’s abundant human and natural resources.

    He said resources are meaningless without the knowledge to cultivate and harness them for the society’s benefit and to improve living standards.

    He and other experts spoke at a workshop with the theme: “Nigeria’s digital economy and the copyright system: challenges and opportunities for strategic growth in the information age”. It was organised by the Nigerian Institute of Advanced Legal Studies (NIALS), the African Centre for Study Development Research and Civic Education (ACCE) and the Nigerian Copyright Commission (NCC).

    Utomi, who gave the first keynote address, said the difference between developed and less-developed countries is the gap in the use of knowledge assets and accompanying technology to drive development.

    Part of Nigeria’s development challenges, he said, is the inability to evolve appropriate legal and regulatory frameworks to protect what he described as knowledge assets that promote creativity.

    According to him, for Nigeria to leverage its productive capacities, it must reform its innovative and intellectual property system to serve as a tool for socio-economic development; strengthen its technological base as everything converges in the new information highway; strengthen national institutions to help preserve and protect national treasures for present and future generations; and identify the country’s innovative strengths.

    “Nollywood’s rise to the position of the largest African film industry and the second largest in the world strongly demonstrates how creativity can contribute to the promotion of cultural heritage as well as economic growth,” he said.

    A diplomat, Ambassador Umunna Orjiako, in the second keynote address, said Nigeria lacks a national strategy or policy on intellectual property, resulting in lack of competence in bargaining skills for global access to medicines, development of cultural goods, technology transfer and education.

    “As a result, our people are systematically cheated in their ability to maintain strong positions at the negotiating tables be they in Geneva, New York, Brussels or Paris,” he said.

    Orjiako called for a review of the Nigerian Copyright Act and the Patent Act, which he said remain “anachronistic reminders of our colonial past.”

    “At best, Nigeria currently has an intellectual property framework that protects the interest of foreigners and that fails to motivate its creative sectors to the fullest capacity. This situation must change, and it must change immediately,” he said.

    A national policy framework, he said, matters so significantly in intellectual property because it will directly or indirectly harness the macro-economic considerations to guide the successful utilisation of Nigeria’s human and natural resources.

     

  • Omojafor, Utomi, others for lecture

    Former President of the Association of Advertising Practitioners of Nigeria (AAAN), Sir Steve Omojafor; founder, Centre for Values and Leadership, Prof. Pat Utomi and the Director, Business School, Netherlands Nigeria, Lere Baale, will  lead discussion at the 4th edition of the Verdant Zeal Marketing Communications Ltd ‘Innovation Series lecture.

    The lecture holds on Tuesday, March 24 with the theme :”The role of innovation in creating new agenda for national development”.

    Omajafor, who will seat as the Chairman at the function scheduled to hold at the Civic Centre, Lagos, will deliver the keynote address.

    Utomi will be delivering the lead paper as the guest speaker.

    Baale, Chris Uwajewho, award-winning film producer and director, Kunle Afolayan and the General Editor, Sun Newspapers, Mrs. Funke Egbemode, will join the discourse as panel discussants.

  • Utomi, Guinness MD, others advise on globalisation

    Utomi, Guinness MD, others advise on globalisation

    A renowned professor of political economy and management expert, Pat Utomi, has said that for Nigerian leaders to command the respect of the international community, they must imbibe the ethical principles governing global relations. He spoke on the concept of globalisation, while celebrating Nigerian leaders who had headed and are currently heading multinational companies on the global scene. He said this at a recent seminar on professionalism revolution organised by Poise Nigeria at Oriental Hotel, Lagos. According to him, “Such Nigerian leaders have exhibited the values of integrity and good judgment, in addition to expertise in their various fields.” In defining a global leader, Mrs. Amina Oyagbola, the HR Executive, MTN, noted that “competence in a job is only an infinitesimal part of the needed criteria.” She stated that a global executive must possess what she described as a corporate citizenship, which implies a high degree of “versatility and agile-mindedness.” She added that leaders needed to be highly intelligent emotionally, socially and intellectually, in order to create, shape and transform the world. In his paper, Mr. Seni Adetu, the Managing Director, Guinness Nigeria Plc, said a leader must be global-minded to succeed in today’s world. Adetu, who was represented by Mr. Micheal Onuoha, Head of Public Sector, Guinness Nig. Plc, further stated that that only solutions that had been provided by a collaborative and multicultural approach would transcend time. However, Mrs. Akosua Agyeman, the CEO of Cross Bridge Consult, Ghana, highlighted the crucial value of improving the thinking of business executives. According to her, “Most organizations fail not for a lack of human resources, but for the dearth of quality employees, particularly performance- oriented mindset.” She, therefore, urged organizations to begin the training process of their employees from the starting point.

  • Atuche: EFCC, Utomi disagree over loan ratification

    Atuche: EFCC, Utomi disagree over loan ratification

    The Economic and Financial Crimes Commission (EFCC) on Friday faulted Prof. Pat Utomi’s testimony that Bank PHB’s Board of Directors ratified some loan facilities granted by the bank’s former managing director, Francis Atuche.

    Mr. Kemi Pinheiro (SAN), Counsel to the EFCC, faulted the claim while cross-examining Utomi, a former Executive Director of Bank PHB, before a Lagos High Court, Ikeja.

    The News Agency of Nigeria (NAN) reports that Utomi is the first defence witness in the trial of Atuche and his wife, Elizabeth.

    The duo are being prosecuted alongside a former Chief Financial Officer of the bank, Ugo Anyanwu, before Justice Lateefat Okunnu.

    They were arraigned by the EFCC for allegedly stealing N25.7 billion belonging to Bank PHB (now Keystone Bank).

    Utomi had on Monday testified that the N100 billion loan facilities granted to some companies were ratified by the board members at a meeting held on July 9, 2008.

    Cross-examining the witness, Pinheiro argued that another board of directors meeting held on August 25, 2010, indicated that the loans were never ratified.

    “The same board questioned the facility and denied knowledge of the ratification,’’ he said.

    Pinheiro said the purposes for which the loans were obtained were not contained in the minutes of meeting Utomi tendered before the court.

    He said the purported ratification was approved by Utomi and other board members because they had obtained loans directly and indirectly from the bank.

    Pinheiro said that Utomi obtained personal loans of N40 million and N10 million in three separate instances from Bank PHB during Atuche’s tenure.

    Responding, Utomi insisted that the board ratified the loans following the presentation of the bank’s credit committee.

     

     

  • Utomi denies taking loan from Bank PHB

    Utomi denies taking loan from Bank PHB

    Renowned political economist, Prof. Pat Utomi, yesterday told a Lagos High Court, Ikeja he did not obtain any loan from the defunct Bank PHB to fund his presidential campaign between 2006 and 2007.

    Utomi, who contested the 2007 presidential election on the platform of the African Democratic Party (ADP), told the court presided over by Justice Lateefat Okunnu that he spent about N30 million on the campaign.

    He made the clarification when being cross-examined by the counsel to the Economic and Financial Crimes Commission (EFCC), Mr. Kemi Pinheiro, in a matter brought against the bank’s former Managing Director, Mr. Francis Atuche.

    He said his presidential campaign did not gulp N2 billion as alleged by the prosecutor, Mr. Pinheiro.

    Pinheiro alleged that Utomi’s campaign was funded by the bank when cross-examining him as the defence witness.

    The EFCC sued Atuche, his wife, Elizabeth and the bank’s former chief operating officer, Ugo Anyanwu, for alleged theft of the bank’s N27.5 billion.

    Counsel to the EFCC Mr. Pinheiro alleged that the bank advanced a N2 billion credit facility to Baywood Continental Limited, a company whose board was chaired by Utomi.

    He claimed that the loan was secured from Bank PHB about the same time Utomi was going round the country soliciting votes from Nigerians for his presidential ambition.

    But Utomi, a former chairman of Bank PHB Corporate Governance Committee, denied the allegation, saying Baywood Continental never collected any loan from the bank.

    He said the company was only indebted to Spring Bank Plc long before he became the chairman of the company and the eventual acquisition of Spring Bank by Bank PHB.

    According to Utomi, it was public knowledge that he never exceeded N30 million during his campaign.

    He said it would amount to a misconception if the indebtedness of Baywood to Spring Bank Plc, before its acquisition by Bank PHB, could be linked to his presidential campaign.

    The renowned economist also reiterated his earlier views made before the court that Bank PHB was stolen from the owners by the powers that be.

    He said bank loans could be domiciled in neighbour banks pending when they could be expended on the purpose of the credit facility.

  • Utomi denies taking Bank PHB loan for election campaign

    Utomi denies taking Bank PHB loan for election campaign

    Renowned political economist, Prof. Pat Utomi , on Tuesday told a Lagos High Court, Ikeja, that he did not obtain any loan from the defunct Bank PHB to fund his 2007 presidential campaign.

    Utomi told the court presided by Justice Lateefat Okunnu that he spent only N30 million on the campaign.

    Utomi made this clarification while being cross-examined by the counsel to the Economic and Financial Crime Commission (EFCC), Mr. Kemi Pinheiro in a matter brought against the bank’s former managing director, Mr. Francis Atuche.

    He insisted that his presidential campaign did not gulp N2 billion as being suggested by the prosecution counsel.

    Pinheiro had suggested that Utomi’s campaign was funded by the bank while cross examining him as the defence witness in the matter.

    The EFCC had sued Atuche, his wife, Elizabeth and the bank’s former chief operating officer, Ugo Anyanwu over alleged theft of the bank’s N27.5 billion.

    Counsel to the EFCC, Mr. Pinheiro had alleged that the bank advanced a N2 billion credit facility to Baywood Continental Limited, a company whose board was chaired by Utomi.

    Pinheiro claimed that the loan was secured from Bank PHB about the same time Utomi was going around the country soliciting for votes for his presidential ambition.

    But Utomi, a former Chairman of Bank PHB Corporate Governance Committee, denied the allegation, saying that Baywood Continental did not collect any loan from the bank.

     

     

     

     

     

  • Utomi to court: Bank PHB board ratified N25.7b loan

    Utomi to court: Bank PHB board ratified N25.7b loan

    A Lagos High court, Ikeja, heard on Monday that the loan totalling about N25.7 billion for which the former managing director of the defunct Bank PHB, Mr. Francis Atuche, is facing trial was approved by the board and did not offend the code of corporate governance for banks.

    A renowned economist, Prof. Pat Utomi made this declaration at the resumed hearing of the matter before the court presided by Justice Lateefa Okunnu.

    Utomi, who was the vice chairman of Bank PHB’s board of directors, in his evidence in chief led by Atuche’s counsel, Chief Anthony Idigbe (SAN), insisted before the court that the loans granted by Atuche, were ratified by the bank’s board of directors.

    The Economic Financial Crimes Commission had charged Atuche to court for allegedly stealing N25.7 billion belonging to the bank.

    Charged alongside Atuche as defendants are his wife, Elizabeth and former Chief Financial Officer of the bank, Ugo Anyanwu.

    Prof. Utomi read from the minutes of the board meeting where the loans were ratified.

    He said the loans were ratified during the board of directors meeting of Bank PHB held on July 9, 2008.

    He listed the companies that benefitted from the credit facilities to include Extra Oil Limited (N3.9 billion); Tradjeck Limited (N3.5 billion), Future View Securities Limited (N3.5 billion); Petosan Oil and Gas Limited ( N4 billion) and Falcon Securities (N8 billion).

    Utomi said the ratification of the loans did not offend the code of corporate governance for banks in Nigeria.

    He said neither Atuche nor Anyanwu violated the bank’s corporate governance ethics in granting the loans as the bank during its 38th board of directors meeting would not have ratified the loans if they did.

    He said,” In the business of banking which involves risk, it is the duty of the board to take decisions on the optimal risk that the bank can be exposed to.

    “We always ensured that illegality was not pursued but we also recognised that management needed to act and take risk on behalf of the bank.”

    He also told the court that integrity was the high point of the process, adding that the board did not notice fraudulent practices or illegality from any of the committees during the process.

     

     

     

  • Utomi, others for Nigerian London Business Forum

    The Nigerian London Business Forum (NILOBF), a group of influential British and Nigerian business leaders, has concluded arrangement to hold its inaugural business networking luncheon in August 30, 2013, at the Holiday Inn Regents Park Hotel, London, from 10am to 5pm.

    In a release made available to The Nation by the conveners, Dr Chris Onalo, NILOBF Country Representative Director, Nigeria and Danette Gayle, NILOBF Administrator, London, they declared that: “The business and investment networking event seeks to bring top notch business people from Nigeria and UK together to establish or renew business contacts, seek new investment opportunities, develop long term business relationships or finalise existing business deals.”

    Professor Pat Utomi, the guest speaker, will speak on: “The Power of Business, The Threat of Barriers.”

    Also expected at the interface and discussion session is Mazi-Sam Ohuabunwa, former Chairman, Nigerian Economic Summit, John Momoh, Chairman Channels TV, Ray Ekpu, former Editor-in-Chief, Newswatch.

    Others include the Nigerian High Commissioner in London, UK’s Export Credit Guarantee Department, Nigerian Investment Promotion Commission, Aiteo Energy Resources Ltd, Union Bank, UK, and many others.

    NILOBF is an elite trade, investment promotion and business networking association, whose membership is prestigious and as a matter of policy, is limited to select organisations through which the forum positively influence bilateral policies and measures between Nigeria and UK with a view to improving trade, investment and business networking. NILOBF emphasis is London, because London is UK’s economic, political, administrative, business and financial capital.

    NILOBF’s quarterly, half-yearly and yearly programme of activities such as business networking luncheon, trade and investment conference, bilateral review roundtable, etc holds rotationally between London and Nigeria.

  • How govt can stop rice import, by Utomi

    How govt can stop rice import, by Utomi

    How can the Federal Government stop rice import? It is by providing adequate incentives for stakeholders in the rice value chain ,says the Co-founder, Pan-Atlantic University, Lekki, Lagos, Prof. Pat Utomi.

    He advised the government to guarantee rice farmers so that none of their harvests would be wasted.

    In an interview in Abuja, Utomi , said until stakeholders began to see agriculture as a business rather than development programme, the sector may not witness expected transformation.

    He said: “Once there is appropriate incentive to produce rice, if you can guarantee those who produce for example that nothing they produce will be wasted, that incentive will make them produce.”

    Utomi emphasised the need for private sector partnership and encouragement to enable all stakeholders take ownership of various agriculture programmes.

    He said government can as well support private investors to devise strategies on value chain that has comparative advantages.

    “The key to agriculture is if it runs as a business or source for business enterprises because passion, commitment of people goes into where they profit.

    “Part of the problem with the structure of agriculture for a long time is that it has been seen as a kind of development initiative, where government put all available resources so you don’t calculate the outcome but if government creates the enabling environment and encourage these people to entrepreneurial opportunities and create values,” he said.

    However, Utomi urged all stakeholders to embrace local food produce to foster more income for the farmers.

  • Oritsejafor, Utomi advise Nigerians to avoid shortcuts

    Oritsejafor, Utomi advise Nigerians to avoid shortcuts

    Nigerians must avoid what appears to be the easy road to success or prominence because it ultimately undermines both the individual and the nation.

    President of the Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor and Professor Pat Utomi dwelt on the ills of short-cuts, saying Nigerians are collectively guilty of it.

    Oitsejafor said: “Something went wrong in Nigeria; we somehow got mixed up or messed up as far as values are concerned.”

    Oritsejafor and Utomi spoke at the presentation of the book entitled, “Shunpiking; no shortcuts to God” in Abuja.

    The duo said: “Don’t cut corners, don’t shortcut because you may never get to your destination. Stand out, do the right thing.

    “We have gotten to a point where some people don’t even know the difference between good and bad. There are some people today who will call good bad and bad good. But my joy in all this is that the darker a room is, the brighter a little light will shine. So, today, you don’t need to have so much light to shine; that is what most people don’t know. Don’t join them; become a light where you are,” Oritsejafor said.

    Prof. Utomi who compared shunpiking to the jet age said, “Even in this computer age, computer works on principles, so I see no reason why we as humans should not follow principles.

    According to him, “Shunpiking is when you try to circumnavigate principles. It is not that things can be done in a more speedy way. Shunpiking reduces the time you will travel from one place to the other, when you are shunpiking, you are not necessarily saving time, it is you violating the laid down principles.

    “In Nigeria today, there is a lot of shunpiking, taking shortcuts. People are not prepared for positions of leadership, they force themselves into those positions and mess a lot of people’s live. So, there is a great deal of shunpiking in our environment” he explained.

    Speaking on the importance of the book authored by Reno Omokri, Oritsejafor explained that Nigerians have the potential because they leave this country to other countries and they do the right thing and if they don’t, they end up in Jail but they come back home and start doing the wrong thing.

    He however expressed hope that the book will change people’s mindset. “I believe that with books like this, we will change because it is something that goes out to the world and to Nigerians. As we read this, hopefully, God can put that seed in us so that we will begin to want and desire to do the right thing”.

    Speaking about his plans as the re-elected President for the Christian body, he said, “As the newly re-elected CAN President, you may say we have done it before but we have not fully done it and that is; the unity of the body. Christians must be one, so we are working on it. We must continue to work on it because it is the greatest prayer Jesus prayed, that we may be one.

    We have a project now; we are building the Jubilee centre at the back of the National Christian Centre that will have rooms for people. So many people come here and they are stranded but the centre will help reduce that. Also, it has conference hall and we hope that we can dedicate it this year.

    “I think what my heart is crying out for more is to be able to stand out and challenge those who find themselves in advantaged positions. What are you contributing to the betterment of other people’s lives because one day, your own life will end. Hopefully also, with our prayers, terrorism will move out of Nigeria.

    Also speaking on the recent judgment passed on members of Boko Haram responsible for Suleja bombing, Oritsejafor said, “We are Christians and we are told to forgive but I think what is important is the feeling that there is justice. I think that is what it is now because those we lost in the process left people behind, some are widows while some are orphans.

    “They will sit back and say if nothing else, these are the people who did this, they can stay in a place or in a room for the rest of their lives. That gives a little bit of comfort, it does not solve all the problems but I think the judgement is okay.

    “On the alleged agreement that was reached between Boko and Haram and government, my question is, which Boko Haram? I am asking because there was a time they came out and said they have renounced but we still saw killings going on. Also, a week or two later, Shekau came out to say he does not know anything about those renouncing and that it is President Jonathan that needs amnesty. Again, another group came out of Shekau’s group and they kill foreigners. So right now, there are two deadly groups that we know, so which one of these had an agreement with government?

    “To me, the whole agreement issue is suspect but anyone that comes out to say we are no longer interested, it is a good thing because the number of religious fanatics will reduce by one.

    The Author of the book, Reno Omokri blamed the shortcuts attitude in Nigeria on the poor setup and lack of developed law enforcement system.

    Omokri said, “well, it is just a way that Nigeria is setup and thank God that President Jonathan came with the transformation agenda because if he leaves Nigeria the way it is, nothing will change.

    “It is just like you going to Lagos and Abuja, you see Ambassadors beating traffic light, these are things they will not do in their country because of the way the set up is, so we have to change the set up because Nigerians are not more susceptible to crime than people in America or in Japan but it is because we have not yet developed a highly developed law enforcement system and that is why you see a Nigerian leave Nigeria, goes to US or England and behaves very well.” he explained.