The Nation Newspaper

Tag: wealth

  • ‘Students must create wealth’

    The Special Adviser on Youth and Sports to Oyo State Governor, Mr Ganiyu Fawole, has advised students to change their mentality of making money from participating in volunteer activities.

    Fawole said many youths may not achieve their aims if they did not stop thinking about how to make money without learning ways to generate it. He was speaking at an induction held for members of All Nigeria United Nations Students and Youth Association (ANUNSA) at The Ibarapa Polytechnic in Eruwa, Oyo State.

    Fawole said students must learn how to generate money to contribute to economic growth. He said: “As ambassadors, you are under training to represent United Nations. In doing so, you need to be trained properly to make you boldly. You may live in Eruwa but you have status that is recognised all over the world.”

    Advising the students to change their mentality on wealth creation, he said: “Talk to your heart and change your thoughts. If you find yourself doing what you are not good in, look inward and discover yourself. I am a civil engineer but I cannot draw. I know how to mobilise, coordinate and organise people.”

    President of the association, Nnenna Ukoha, said the body would continue to groom students for change.

    She said: “As members of ANUNSA, the inductees are expected to lead cultured, dignified and outstanding life. It is a thing of joy to bring together leaders and groom them for the service of humanity. The reward should not be expected immediately but later.”

    The association’s Staff Adviser, Mr Carim Abiola, advised the inductees to contribute positively to the society.

    The highpoint was the oath-taking session, after which the association’s General Secretary, Ajoke Olasanmi, urged the inductees to be good role models to their colleagues.

  • ‘Robust Sovereign Wealth Fund ‘ll cushion oil price slump’

    ‘Robust Sovereign Wealth Fund ‘ll cushion oil price slump’

    • Nigeria’s gas underutilised

    The Managing Director, Frontier Oil Limited, Dada Thomas  has advised the Federal Government to substantially grow the nation’s Sovereign  Wealth Fund (SWF)  to cushion the effects future oil price falls.

    He told The Nation that other countries resort to drawing from such funds in times of oil price slump, adding that when oil price goes up again, the drawn funds are replaced. He lamented that it is not the case with the country.

    He also lamented that Nigeria grossly underutilises her gas resource.

    He cited some countries that turned their economic woes to fortunes through prudent use of their SWF and efficient exploitation of their gas resources. He noted that Nigeria should follow suit by growing its SWF and optimise the utilisation of its abundant gas resource.

    He said: “I worked in Holland for five years and I helped develop some of the country’s gas resources. Holland was poor after the war but now look at the quality of life of the 14-15 million Dutch people. They generate more wealth than the 170 million Nigerians. They have taken the gas resources and turned it into wealth generating asset. The Norwegians have $800 billion sovereign wealth. They were lucky they were producing good oil at good prices for a long time.

    “I don’t think their population is more than Lagos State but they decided not just to provide for today but also for tomorrow. So are the Saudis, and that is the reason they said they have the capacity to sustain the oil price war with the United States for eight years. But as a nation, we instituted $2 billion SWF in the last couple of years and now I think it has been reduced to about $500 million.

    “Government needs to create framework and platform for encouraging people to invest in gas development in Nigeria especially for domestic consumption. We domesticate the use of the gas to power up Nigeria, to improve the economy and the quality of life of all of us. “How can we be sitting on 182 trillion cubic feet of gas and we don’t have power? “How can we be sitting on about 33 billion barrels of oil reserves, the seventh largest exporter of crude oil and yet we import refined products and we have four refineries? “We need to sit down as a nation and re-examine ourselves as to where we are, where we ought to be, and how we need to get there. As a nation, we will lose many things if the right policy decisions are not made to ensure a long term sustainable energy future. Gas is the key to unlocking Nigeria’s potentials economically, socially and quality of life of everybody.”

    Thomas said there is a lot that needed to be done about the  exploration and production (E&P) space especially on the gas side. “I started off thinking ahead of a project that is oil but it turned out to be gas. Thank God we didn’t give up. We also linked up with a partner that is not averse to gas business and together we created a brand new gas value chain in the southeast Nigeria where we are taking gas and turning it into power. Ibom Power in Akwa Ibom as it is today is being powered by gas from Frontier Uquo field.

  • How to build sustainable wealth, by UBA chief

    How to build sustainable wealth, by UBA chief

    Group Managing Director and CEO of United Bank for Africa (UBA) Plc, Phillips Oduoza has said that people who go through life with a high level of financial literacy usually make good and informed choices that make them richer.

    The bank chief disclosed this yesterday while teaching students of Girls Secondary School, Amenyi Awka, as part of the celebration of financial literacy day organised annually by the Bankers Committee and the Central Bank of Nigeria (CBN).

    The event witnessed participation from over 200 students from seven different schools in Anambra State including Community Secondary School, Agulu, Ezi Awka Community Secondary School, Community Secondary School, Okpuno, Community Secondary School, Umuokpu and Capital City Secondary School, Awka.

    Oduoza noted that financially smart people make financially smart families, communities and country, which leads to a higher standard of living for everyone.

    He took the students through the basic concepts of making money, savings and investments while letting them know that their capacity to make informed financial decisions will make them better adults in future.

    The Principal of GSS Awka, Lady Winnie Ibezim,  thanked the bank for choosing the school to celebrate the financial literacy day event. She said the school readily accepted to host the programme because of her strong believes that the financial literacy education will turn the students into good financial managers.

    Senior Special Assistant, Finance, Mr. Tony Oli, who represented the Anambra State Governor Chief Willie Obiano said UBA’s decision to celebrate the financial literacy day in the state is highly appreciated and ties in with the governor’s efforts to promote education in the state.

  • Fashion is not a display of wealth

    Fashion is not a display of wealth

    Ovire Peggy Enoho is a Nollywood actress, model and fashion entrepreneur. The Delta State-born beauty queen won Miss Galaxy International Nigeria pageant in 2007 and Miss Tourism Delta. The fast rising actress who also runs a fashion business, Hugs Couture, shares with Adetutu Audu her journey to fame and why fashion is not a display of wealth.

    HOW has winning Miss Galaxy impacted your life?

    As a student in Delta State University, I emerged winner of the Most Beautiful Girl on campus in 2003. That was a stepping stone to other pageants. I went for Most Beautiful Girl in Nigeria in 2005 and emerged as the third runner up. That took me to Miss Tourism Delta, which I also won. The last pageant I won was Miss Galaxy International, Nigeria. I am not thinking of doing more pageants. I have decided to move forward. Life is in stages. I have left the stage of pageantry. Winning Miss Galaxy changed my perspective about life, it helped me to be more coordinated, get a wider view about life; it has impacted on my life positively. I leveraged on the crown to achieve greater heights, which include being the face of top Nigerian and international brands such as Bacchus tonic wine, featuring in Nollywood movies, my first being ‘Best of Enemies’, and running my boutique (Hugs Couture), amongst others.

    What gave you edge above others?

     God, confidence, beauty and brain.

    Did you engage in any pet project during your reign?

    My pet project during my reign was ‘Help for the African Child’, where I visited children lacking in rural areas and supplied them items, food especially. You would be amazed at how happy a N20 pack of biscuit can make a hungry child.

    It has become a fad for celebs to visit orphanages during birthday.  You also did. Why did you do it?

    I wanted to go somewhere people do not visit regularly, so a friend told me about ‘Sought after Children Orphanage’. So I visited the orphanage, asked them what they lacked in the place for the kids and I went there with my friends on my birthday with the items. Besides, I am in a position to understand how it feels not to have a mother by one’s side as one grows up. I grew up without my mother who passed away a long time ago; so to see kids smile, laugh & dance with me was a thing of joy to me.

    Who influenced you early in life?

     God and my dad have always been the greatest influence in my life.

    You studied Banking and Finance, what inspired you into acting?

    I have been passionate about being an actress all my life, so when the opportunity presented itself, I ran with it immediately. Great actors and actresses such as Nkem Owoh, Ngozi Ezeonu, Angelina Jolie, to mention but a few, inspire me a lot. Basically, I just hope that the Nigerian movie industry gets bigger and better, because we are still growing.

    Which one is your first movie and how much were you paid?

    My first movie was ‘Best of Enemies’. Acting doesn’t pay my bills for now because I am also into business. I own a fashion outlet in Ikota Shopping Complex called Hubs Couture. I did not do it for the money per se; I did it because it is something that I am passionate about. Few years from now, I hope to see myself up there, be a better actress and being able to touch lives with what I do. I don’t want to be the girl with the pretty face who can’t do anything. I just want to impact in people’s lives.

    You joined Nollywood a few years ago, how has the journey been?

     My experience in the industry so far has been fun. I decided to go into acting because I’ve always loved acting and I was given a platform to act and I did. I got into Nollywood through a friend, a very good friend of mine who is into acting. She’s been there for a couple of years and so she told someone about me and that was how I started.

     So far, I’ve done ‘Best of Enemies’ ‘Troubled King’, ‘Unknown’, ‘Worst of Friends’, ‘Worst Sin’ and so on. My first movie was ‘Best of Enemies’. I have also gone to the New York Film Academy to hone my skills.

    So, how do you strike a balance between modelling, acting and business?

    I find fulfilment in everything I do at the moment. It is easy to juggle all of them. I have assistants and sales representatives who stand in when I am not available or when I am on a movie locations. Modelling doesn’t take too much of my time either because it comes once in a while.

    How do you maintain your shape?

    I watch what I eat. I have discovered that eating right works for me. As much as possible, I stay away from carbohydrates. I eat twice a day at the maximum. Once it is 7pm, no food gets into my stomach, except fruits or water.

    What fashion item is hot for you now?

     One fashion accessory I love so much is shoes.

    How would you describe your style?

    Fashion is not a display of wealth. Style defines who you are.  Even before you introduce yourself, your style should tell people about you. My style depends on the function and how I want people to view me. If I am going to the office I have to dress properly. If it is a weekend and I am going to the cinemas, I have to dress differently too. I am not a one-sided dresser. I dress the way I feel I should. I could put on a pair of jeans and trainers and there are times I wear knickers and a T-shirt. I will never wear a tight jump suit because it does not look good on me. I think every lady should know what flatters her.

    What has being a celeb robbed you of?

     Being a celeb has not really stopped me from doing things I love to do. I still go out sometimes with my good old friends when I am not working.

  • UNILAG plans to transform waste to wealth

    UNILAG plans to transform waste to wealth

    The University of Lagos (UNILAG) prides itself as the “university of First Choice and the nation’s pride”.  In this interview with KOFOWOROLA BELO-OSAGIE, the Vice Chancellor, Prof Rahamon Bello, shares his thoughts about the future development of the university. Excerpts:

    Research no longer to  remain on the shelf

    Last year, we made some strides.  We have exposed the university community to more opportunities to research. During the last convocation the General Overseer of Mountain of Fire Ministries (MFM), Dr. Daniel Olukoya, gave us a central research laboratory, a three-floor building, very massive. We have started equipping it.

    And to complement research, we have set up a research and innovations office. This will put together our researches in such a way that the researches will not just be limited to the individual researcher. We can now start having more of collaborative researches, ones that we need to complement the economic growth of the nation.

    Secondly, the research result that we get will not just remain on the shelf; the innovation desk of that office will now market the result to the end users – be it in any field of study. That office has taken off fully now; and we are hoping that the innovation end of that office in the future will lead to what we call the technology village where we can have our incubation section to try out research at the pilot scale before they become big manufacturing concerns.

    That is the vision that we have for UNILAG, we hope to carry on so that this university will live truly as the first in the nation and not only the nation but also moving to the international arena. We also in the year have made progress in student unionism.

     

    Our plan to transform waste to wealth

    You will see that our environment is getting better.The waste management has been managed in such a way that we have commenced sorting. We have started sorting all our waste with the aim of recycling. The intention is that when the waste gets large enough to support a recycling plant, as a university and a research institution, we will be piloting what we need to do with the waste that are not in use nationally so that those that are carrying out research on waste now have appropriate types of waste to use.

    If you move around the campus, you will see that some of the waste bins are now categorised into plastics, glass and paper and other waste so that people will start learning how to sort waste and make the environment much cleaner so UNILAG will live up to its bill as the numero uno institution – as one that will set a pace in various area of endeavours.

    We have a strategic plan which we are following to a letter. The last council before this one set up the plan and we in place a 25-year strategic plan. I am working the first segment of strategic plan.  So all I have been mentioning are in that plan and the essence is that we want to see what will happen in the next 25 years in this university. We have as a target that this university must be numero in Africa at least by that time.

    Future buildings to be taller

    UNILAG is not like other universities in the interior where you find virgin lands are still available for use. We are restricted to this part of Lagos and we are pushed into the lagoon. Of course the lagoon is a very big asset to us because we are the only university sited by a lagoon and the fresh air from the lagoon gives us that extra flavour to have cool heads.

    But being in a city and being already enclosed by the development, we do not really have any other place to expand to. That is the unfortunate aspect of our location here and quite a large portion of our land – more than 40 per cent – is marshy area, which is not easily developed.  So, when a project for universities in the country is conceived, the execution at UNILAG is far higher because you have to look at the issue of foundation.

    In the light of dwindling land resources, management conceived, and council has approved, that we have to take the bull by the horn; we have to live like a city university.  We are going to be growing taller because we cannot spread.  These are part of the things you will be seeing in the next few years. It is going to be vertical buildings because that is the only way that we can still be on this site and grow to what we want to be in the future.

    In this light most of all the buildings will be higher and we are commencing with about five of them. I think in the next three to six months the first one would commence – the new university library. The library would have 10 floors. The design has been completed, while the designs of the remaining four are in the offing; and these are facilities for the Distance Learning Institute (DLI), the Postgraduate School, Faculty of Education, and the Faculty of Law. We are looking for the funding of some of them. From now, the foundation of any building would be designed to hold at least 12 floors.

     

    Distance Learning, the way to go

    DLI is going to be another major outpost of this university. Today, it has a population of about 17,000 but it has been designed to carry about 50,000 in the next couple of years because it is going to become a real distance learning institution.

    At present, they mix both open/distance learning with face-to-face.  We are going to remove the face-to-face and they will be mainly interfacing on the internet.  All those facilities are being put in place.  That is why they are going to have a large massive building to support their needs in that place. A lot of workers have been recruited for them.  There are now going to ensure that the programme is properly strengthened. They are going to be expanding some, have new courses added to what they are doing at the moment and so it will serve the needs of Lagosians.

    The (DLI) programme started with the university because the founding fathers realised that people working with government and other companies within Lagos would need to have continuing education programmes.

     

  • Create wealth from your talent, students told

    Students have been advised to create wealth and values out of their passion. Prof Olusegun Ogunba, a lecturer, said students must develop their latent abilities to be self-reliant, given the growing unemployment.

    Ogunba was the guest lecturer at the launch of Dunamis, a magazine published by Funke Oshin, a graduate of English Language and Literary Studies at the Obafemi Awolowo University (OAU) in Ile-Ife, Osun State.

    Ogunba, a senior lecturer at the Department of Estate Management in OAU, praised the publisher, saying he could not publish a magazine as an undergraduate despite his passion for writing short stories and articles.

    He told members of the audience, who were mainly youth, to see education as a tool to explore their innate abilities, while charging them to be focused and set their targets.

    Student, he said, should not come to university only to get grade, but also to think of what they can do to affect the well-being of their environment and people around them.

    He said: “Funke has shown the world that despite the challenges facing students on campus and after graduation, they can still exploit their condition to do something that will benefit humanity.”

    Funke, who beamed with smiles as she responded, advised students to discover their potential and explore their talents to create wealth and values. She said: “You have to start up; you have to take the bold step and you will be surprised to see that it will come out well.”

    Narating how her love for book motivated her passion for publishing, Funke said: “I chose to study law, but I was given English Language and Literary Studies. I thought it was a disappointment and my parents thought I would one day change to law. Since I started studying English and Literary Studies, I have developed passion for writing and this brought the dream for Dunamis Media in 2011.”

     

  • ‘Non-oil sector drives jobs, wealth’

    ‘Non-oil sector drives jobs, wealth’

    Former Director of Product and Market Development, National Export Promotion Council (NEPC), Mrs. Omowunmi Osibo, has urged state and federal governments to help the nation’s artisans and operators of small and medium scale enterprises to succeed and expand in their trades.

    According to her, this will create more wealth and jobs for the citizens. Osibo also noted that unless the nation’s leaders demonstrate the “political will” to nurture the non-oil sector of the economy, the solutions to graduate unemployment in the country may remain forlorn.

    She said there is the need for a paradigm shift in the country from the oil economy to the non-oil sector, developing it to the height of viability through “policies and political will” so that more jobs and wealth could be created for the unemployed.

    The ex – NEPC Director spoke in Abeokuta, the Ogun State capital, at a forum/exhibition of artisanal products organised by the Council’s Abeokuta office.

    Osibo said: “The current unemployment level is as a result of thousands graduating annually (without jobs) which makes it more imperative that a change must be made. It is time for Nigeria to make a change with policies and political will that would truly grow the non-oil sector.”

    According to her, the provision of support and advocacy for small scale sub-sector including artisans through innovative policies such as establishment of industrial parks and clusters would also go a long way towards achieving this common objective.

    Also, the Ogun State government urged artisans in the state to take advantage of the state government and Bank of Industry N1bn revolving industrial development fund to expand their businesses to enhance productivity and profitability.

    The Commissioner for Commerce and industry, Bimbo Ashiru, who was represented at the event by Mr. Kayode Ogunti, equally advised the artisans to produce high quality products that can compete with global standards.

  • ‘Wealth can be created through enhanced non-oil sector’

    ‘Wealth can be created through enhanced non-oil sector’

    Former Director of Product and Market Development, National Export Promotion Council (NEPC), Mrs. Omowunmi Osibo, has urged state and federal government to help the nation’s artisans and operators of small and medium scale enterprises to succeed and expand in their trades.

    According to her, this will create more wealth and jobs for the citizens. Osibo also noted that unless the nation’s leaders demonstrate the “political will” to nurture the non – oil sector of the economy, the solutions to graduate unemployment in the country may remain forlorn.

    She said there is the need for a paradigm shift in the country from the oil economy to the non – oil sector, developing it to the height of viability through “policies and political will” so that more jobs and wealth could be created for the unemployed.

    The ex – NEPC Director spoke in Abeokuta, the Ogun state capital, at a forum/exhibition of Artisanal Products organised by the Nigerian Export Promotion Council, Abeokuta office.

    Osibo said: “the current unemployment level is as a result of thousands graduating annually (without jobs) which makes it more imperative that a change must be made. It is time for Nigeria to make a change with policies and political will that would truly grow the non-oil sector.”

    According to her, the provision of support and advocacy for small scale sub-sector including artisans through innovative policies such as establishment of industrial parks and clusters would also go a long way towards achieving this common objective.

    Also, the Ogun State urged the artisans in the state that to take advantage of the State Government and Bank of Industry N1bn revolving industrial development fund to expand their businesses to enhance productivity and profitability.

    The Commissioner for Commerce and industry, Bimbo Ashiru, who was represented at the event by Mr. Kayode Ogunti, equally advised the artisans to produce high quality products that can compete with global standards.

  • ‘Building websites can create jobs, wealth’

    Web consulting is a pathway to prosperity, an expert, Ifiok Nkem has  said.

    Nkem, Chief  Executive, Web Consulting Academy, was  addressing  participants a  three-day  workshop in Lagos, which had as  theme: Web Xperience to bring entrepreneurship skills to lower-income Nigerians.

    He said there are opportunities for Nigerians to start new  web consulting businesses and  make a livelihood.

    He said the training was designed to help young Nigerians and the unemployed  identify the  opportunities which  web designing has opened up and put a spark within them to turn these into a business.

    Nkem, a veteran web consultant who has trained and mentored  many Nigerians, said web xperience has created more than 3,000 jobs since inception and present some of the past participants of Web Xperience who are now not only employed, but also employers.

    He said anyone with competent web development background and some hard work can become a success.

    He called on the Presidential Job Board to look into the possibility of promoting web consulting and entrepreneurship as a means of generating digital activities and creating  jobs  for   unemployed youths.

    He cited India’s increasing Information Communications, Technology(ICT) businesses which have helped to position the  country as the outsourcing capital of the world.

    The participants were not just trained, but were given the tools of the trade and introduced to job portals where one can leverage on a portfolio pool and get web consulting clients and jobs.

    A front end business developer, Vaughn Itemuagbor, noted that beyond agriculture and oil and gas, the ICT sector provides tremendous business opportunities that do  not require huge capital outlay  to start.

    He called on the government and well-meaning Nigerians to partner with Web Xperience to bring the empowerment  messageto more people.

    An official of the American Internet Business School, Dr. Ope Banwo, encouraged participants  to  build  capacities in various  aspects of web consulting,adding that  there  are opportunities  for   Nigerians to make money and  find  jobs in web designing.

    The high point of the event was the launch of a web consulting academy and of provision of youths with skills, tools and business alliance to set up a business and become not just self-employed, but employers.

  • Group tasks students on wealth creation

    The Bastiat Society, an international free market think-tank organisation, has educated the youth on the need to generate wealth from their talent. Its country Director, Adewale Bankole, spoke at the maiden African Students for Liberty (ASFL) Conference held at the expansive Trenchard Hall of the University of Ibadan (UI).

    Bankole said the group was out to educate young professionals and entrepreneurs on the need to derive values from their abilities.

    He said: “A society built on limited individual knowledge is a free market’s greatest weakness. It leaves those within the system vulnerable to those who claim that their perfect knowledge or theory is more valid than individual knowledge or the individual will.”

    Bankole said unless individuals restored popular confidence in an economic order based on freedom, the society would continue to be under an immoral economic system based on absolute power, theft and envy. “Business must take the lead in defending the morality and productivity of free societies,” he said.

    He called on students to join group of wealth creator, adding: “It is only through personal development and liberty that you can achieve prosperity.”