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Countering the minister, organised labour expressed outrage over President Tinubu’s approval for implementation of the Oronsaye’s report on public sector reforms, saying it will lead to massive job losses, among others.
While the Nigeria Labour Congress, NLC, directed members in the public sector to furnish the national secretariat with impact analysis report focusing on the potential consequences, including job losses, changes in workload, pay/compensation and the overall impact on workers, work, and trade unions, the Trade Union Congress of Nigeria, TUC, set up a three-member committee to monitor the implementation of the report to ensure none of its members loses his or her job.
Already, the Non-Academic Staff of Educational and Associated Institutions, NASU, has called on President Tinubu to review his stance on the report because of members’ job, querying: “Why did you think the former governments of President Goodluck Jonathan and President Muhammadu Buhari refused to implement the Oronsaye’s report? You think they are cowards?”
NLC, in a letter to the public sector unions, titled: “Request for impact analysis of Oronsaye’s report on public sector reforms,” its Acting General Secretary, Ismail Bello, said: “As you are aware, His Excellency, Bola Tinubu, the President of the federation, recently announced the initiation of public sector reforms, with particular reference to the Oronsaye report.
“This comprehensive report outlines proposed measures aimed at restructuring and streamlining various governmental agencies and institutions with the stated goal of enhancing efficiency, effectiveness, and service delivery.
“While these reforms hold the promise of improving governance and public service delivery, it is imperative that we, as representatives of the workforce, thoroughly analyze the implications of such changes on the lives and livelihoods of our members including its possible impact on trade unions. The potential consequences, including but not limited to job losses, changes in workload, pay/compensation and the overall impact on workers, work, and trade unions, need to be carefully assessed and addressed.
“In light of this, I kindly request that your esteemed union conducts a thorough impact analysis of the Oronsaye report on public sector reforms, focusing on the following key areas:
“Job losses- Evaluate the potential impact of the proposed reforms on employment within your sector, including projections of possible job losses and the sectors most affected.
“Efficiency and effectiveness of service delivery – Assess how the proposed reforms may affect the efficiency and effectiveness of service delivery within your sector. Consider factors such as resource allocation, institutional capacity, and the ability to meet public demands and expectations.
“Workload of Staff: Examine the potential consequences of the reforms on the workload and working conditions of employees- Identify any risks of increased work pressure, burnout, or stress resulting from restructuring or downsizing measures.
“Pay/Compensation- Appraise its impact on Pay and Compensation structure to ensure that workers are not left with reduced Pay and Compensations during and after the transitions.
General Implications for Workers, Work, and Trade Unions – Analyze the broader implications of the reforms on workers’ and trade union rights, job security, collective bargaining power, and the role of trade unions in advocating for the interests of workers.”
National Association of Nigeria Nurses and Midwives (NANNM) said the Nursing and Midwifery Council of Nigeria (NMCN) has agreed to review all the issues raised by the association following the revised guidelines and requirements to be met by nurses and midwives seeking the verification of certificate(s) to foreign nursing boards/councils.
The national president of NANNM, Michael Ekuma Nnachi, disclosed this at the induction programme for newly elected state officers of NANNM, in Abuja.
He said, “The leadership of the association promptly engaged the NMCN through a series of meetings to address the critical issues and the council agreed to review all the issues raised by the association.
“Issue of letter of good standing to be handled by the Head of Nursing services of respective facilities.
“Issue of verification for six months was stepped down. Application fee remains status quo ante. Two years post qualification experience now to be post registration with the Council.
“All the agreed reviewed guidelines will be uploaded on the council portal from first week of March 2024.”
Meanwhile, the nurses have called on the federal government to implement the upward review of nurses salary, extend and include appointment of nurses into key positions as well as members of Federal Boards in order to address extreme marginalisation in the governance structure of the health facilities in the country.
Other demands made by the nurses include “Government to approve creation of a special separate salary package called Enhanced Nurses Salary Structure (ENSS) as a motivation to the nurses and midwives to reduce migration.
“Federal Ministry of Health (FMoH) to direct the payment of 25 percent CONHESS adjustment to nurses and midwives working at the three tiers of government, effective from June 2023 as approved by the government, which the financial implication would erode due to the prevailing inflation and implications of removal of fuel subsidy.
“CMDs/MDs to objectively implement government approved policy replacement circulars by replacement of appropriate cadre of nurses due to brain drain syndrome as directed by the Office of the Head of Civil Service of the Federation.
“The FMoH is requested to approve the elongation of the retirement age of nurses from 60 to 65 years to improve on available workforce in the clinical and educational institutions in the country.”
[Leadership]
About 11.2 million active Subscriber Identity Module (SIM) cards yet to be linked to their owners’ National Identity Numbers (NINs) will be blocked today.
Telecom operators, who confirmed this to Daily Trust yesterday, said this was in compliance with the directive by the Nigerian Communications Commission (NCC).
The Executive Vice Chairman, NCC, Dr Aminu Maida, had earlier yesterday reiterated the commission’s directive to telecom operators to block phone lines not linked to NINs by February 28, 2024.
He spoke in Kaduna at the NCC’s Special Day during the ongoing 45th Kaduna International Trade Fair.
Maida, represented by NCC’s Director of Public Affairs, Reuben Mouka, said as a matter of critical national security, telecom consumers must link their SIMs to their NINs.
This is despite an injunction by the Federal High Court in Lagos on Tuesday banning telecom operators from deactivating or terminating any phone line or SIM card not linked to the user’s National NIN.
Justice Ambrose Lewis-Allagoa inssued the injunction following an application by a Lagos-based lawyer, Olukoya Ogungbeje, seeking to prohibit the respondents–the Federal Government, the Attorney-General of the Federation, MTN, NCC and Airtel from deactivating, barring or restricting SIM cards or phone lines on February 28, 2024, or any other scheduled date, pending a decision by the Appeal Court. The NCC and the telecom operators have yet to appeal the court decision.
The federal government had, on December 16, 2020, introduced the SIM-NIN synchronization with the assurance that it would enable security agencies to track criminals.
The synchronization involves validating the NIN with the National Identity Management Commission (NIMC) and matching the subscriber’s NIN records with the SIM registration information (verification) to ensure proper subscriber’s identification.
Nigerians have raised posers on why the security agencies have not utilized the SIM-NIN linkage to track criminals, especially bandits and kidnappers, who often reach out, via mobile phone lines, to victims’ families who paid huge amounts of money as ransom.
At present, there are 224.7 million active mobile telephone lines in the country, according to the information released yesterday by the NCC on its website.
The spokesman of the NIMC, Kayode Adegoke, told our correspondent yesterday that a total of 104 million NINs had so far been registered as of last week.
The NCC had, last year, given February 28, 2024, as the new deadline for the Association of Licensed Telecommunications Operators of Nigeria (ALTON) to block subscribers without their NINs and those whose NINs had not been verified.
The NCC boss, Maida, on Wednesday reaffirmed that the deadline stood.
“The Commission has directed all telecommunication operators to bar phone lines of subscribers whose lines are not linked to their NINs on or before February 28, 2024.
“As a regulator of the telecommunications sector in the country, the commission carries out its functions to ensure service availability, affordability, and sustainability for all categories of consumers, who are leveraging on ICT/Telecoms to drive personal and business activities,” he said.
A reliable source at the NCC told Daily Trust last night that 11.2 million SIM cards were yet to be linked to their owners’ NINs.
“These 11.2 million lines will all be barred from either calling or receiving calls and will also be denied from accessing service by the telecom operators”, the official stated.
Blockage begins today–Telecoms operators
In a statement yesterday, the chairman of the Licensed Telecommunications Operators of Nigeria (ALTON), Engr Gbenga Adebayo, said compliance to the NCC’s directive would begin today.
“We have directed all telecommunication companies, and also communicated to our members to implement full network barring on all MSISDNs for which the subscribers have not submitted their National Identity Numbers (NINs) and those without verified NINs.”
Adebayo emphasised that all the affected subscribers must be verified (biometrics and bio-data) before their lines would be unbarred.
“The importance of the NIN cannot be over-emphasised. It is crucial for Nigeria’s reliable and sustainable national identity management system. It enables economic inclusion and access to government services and helps address security concerns.
“Supporting the NIN initiative is necessary for a thriving digital economy and a safer society.
“Therefore, our members are committed to implementing the directive as law-abiding corporate citizens who highly support the government’s objective to build a digital economy.
“We, therefore, wish to appeal to esteemed subscribers to kindly enroll for NINs or submit their NINs through the appropriate channel advertised by members to avoid full suspension of services by the set deadlines.
“This is part of an industry-wide directive that requires phone lines for which the subscribers have not submitted their NINs to be barred on or before 28 February 2024.
“About NINs that have been submitted but not verified, such lines are to be barred on or before 29 March 2024, where five or more lines are linked to an unverified NIN.
“Similarly, where less than five lines are linked to an unverified NIN, such lines are to be barred on or before 15 April 2024. All affected subscribers must be verified (biometrics and bio-data) before their lines are unbarred.
“The current directive is a follow-up to the NCC’s directive of April 2022 requiring operators to restrict outgoing calls (one-way barring) for subscribers whose lines are not associated with NINs.
“We encourage affected subscribers to submit their NINs for verification,” the statement said.
Subscribers’ association president seeks more time
Speaking to Daily Trust yesterday, the president of National Association of Telecommunications Subscribers of Nigeria,
Deolu Ogunbanjo, said the telecom operators should give subscribers more time to comply with the NCC’s directive.
Ogunbanjo, however, urged Nigerians to go and link their SIM cards to their NINs to avoid being barred
MTN explains network outage
Meanwhile, subscribers of MTN telecommunication service experienced network glitches for several hours yesterday.
The company said the network failure was caused by multiple fibre cuts affecting voice and data services.
[DailyTrust]
A fresh crisis is brewing in the Peoples Democratic Party, PDP, over the just concluded Edo State governorship primaries election following the insistence of Deputy Governor, Philip Shaibu, that he won the primaries and should be given a certificate of return. Shaibu, who emerged as winner of a parallel primary, stormed the National Secretariat of the PDP, yesterday, to demand the certificate of return.
His demand came barely 24 hours after the party’s Acting National Chairman, Amb. Umar Damagum and the party leadership issued a certificate of return to Dr. Asue Ighodalo, who won the primaries recognized by the party. The deputy governor who was at the secretariat with a handful of his aides, did not meet any member of the National Working Committee, NWC.
He, however, insisted that the party must abide by its own rules or be prepared to face legal action. Speaking to reporters shortly after leaving the office of the PDP acting national chairman, Shaibu said: “Today is 28th of February, 2024. By the PDP guidelines approved by the NWC on the Edo 2024 governorship primary, today is the day set aside by the electoral guidelines that the certificate of returns will be issued. “I am here to receive my certificate of return because I won the primary in Edo where the authentic delegates voted. If you look at the board of the party office here, you will see the names of all the delegates that voted for me.
“Today is the presentation of Certificate of Return according to the party, so PDP must follow its rules and guidelines. This is what we are talking about.
“The process of producing a candidate has been compromised from the onset and we ask that those things be corrected. Even the committee that recommended the political solution is fully aware that there were abnormalities in the process that led to my emergence and whoever.
“But why I am here is to obey the guidelines to come and receive the certificate of return and I was told that somebody else came here yesterday and was given the certificate. “I think the court will tell us who between us is the real candidate, but I am here in fulfillment of the electoral guidelines of the PDP to receive my certificate… I told them that I was coming, but none of them had come to work, only the staff of the secretariat are here. I don’t know why they are not here. That is strange and that is in line with why they were in a hurry to give the certificate of return yesterday (Tuesday).”
Asked whether he was ready to give peace a chance following calls by both the party leadership and its recognized candidate, Ighodalo, for a truce, Shaibu expressed doubt over the sincerity of Governor Godwin Obaseki and his team. He said: “Maybe the acting chairman may be very honourable and mean what he is saying but the others talking about reconciliation don’t really mean what they are saying.
“They are intimidating us, and harassing us. As I speak, they are even threatening to impeach me and that is their way of dealing with people. They suspend, sack people, make phone calls intimidating people telling people, they will come after you.
“During the military, these were the kind of threats that we were getting and we cannot return to the era of intimidation and harassment, and that is the issue in Edo State.” Asked if he was considering seeking legal redress, Shaibu said: “When the party’s internal mechanism is followed and it is obvious that the party is not ready to listen, the next line of action obviously will be the judiciary, but I pray we don’t get there and that is why I came here today.
“I’m sure in the coming days, the acting National Chairman and others will adhere to what brought me here today and when they do so, there will not be a need to go to court.” I will surpass Obaseki’s performance, if elected – Ighodalo Meanwhile, Dr Ighodalo has said he was committed to transforming the state and surpassing the achievements of outgoing Governor Obaseki if elected on September 21, 2024. He gave the assurance while addressing party supporters who thronged the Benin Airport to welcome him back from Abuja. Recall that Asue Ighodalo who was recently nominated as PDP candidate in a primary election many judged to be transparent, free and fair was on Tuesday in Abuja given the certificate of return by the party’s national leadership.
He said: “If elected, I will commence work from where Governor Obaseki would stop and even do more for the people.” He maintained that having been given the PDP return certificate, the real work has commenced and appealed to the people to help support his ambition. He said: “I want to thank you all for this show of love and support because we wouldn’t be where we are now without your support. “This is the time for the real work to commence and by the grace of God, we are going to work hard in order to achieve our target. “Where the Governor will stop in terms of development, we are going to continue from there and even do more”, he assured.
[Vanguard]
Two senior executives at Binance have been detained in Nigeria.
According to Financial Times (FT), a UK-based business news outlet, the passports of the unnamed Binance executives were seized.
FT gathered that the executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week but were detained with their passports seized.
Officials did not provide details on why the Binance employees are being detained and it remains unclear on whether they have been charged with any violations of Nigerian law.
Recall last week Federal Government blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.
Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others were also blocked.
The Central Bank of Nigeria (CBN) on Tuesday raised concerns over $26 billion that flowed through Binance Nigeria over the past year from “unidentified sources”.
CBN Governor, Olayemi Cardoso, expressed worries over the significant volume of transactions passing through Binance Nigeria, emphasizing that the origins and beneficiaries of these funds are yet to be adequately identified.
“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities and suspicious flows at best.
“In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he stated.
The Minister of Information and National Orientation, Mohammed Idris, on Wednesday, said the importation of Premium Motor Spirit, popularly called petrol, into Nigeria has reduced by 50 per cent since the withdrawal of subsidy on the commodity.
During his inaugural speech on May 29, 2023, President Bola Tinubu declared that fuel subsidy was gone. Within 24 hours after that declaration, the Nigerian National Petroleum Company Limited, Nigeria’s sole importer of PMS, withdrew subsidy on petrol.
This led to a jump in the price of the commodity from about N198/litre to over N500/litre, as it later moved up to over N600/litre and currently sells for between N620/litre and N700/litre depending on the area of purchase.
Speaking at the third edition of the ministerial press briefing series in Abuja on Wednesday, where the Coordinating Minister for Health and Social Welfare addressed journalists, Idris stated that subsidy removal had led to the reduction of fuel imports by 50 per cent.
“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy,” the information minister stated.
He explained the continent lacked extensive traditional energy infrastructure, but stressed that this had presented an opportunity for leapfrogging in a more efficient way to renewable technology.
“Our aspiration in the area of energy security and energy transition will remain aspiration unless we have access to adequate funding resources that we control. With a lot of international banks withdrawing funding out of the oil and gas sector, the investment in the industry has become severely limited with the corresponding impact on exploration and production.
“Afreximbank has intervened in a big way, quickly becoming the largest financier of oil and gas deals in the continent. The support provided to the sector by the bank is in excess of $30bn. Nigeria has been one of the largest beneficiaries accounting for almost 60 per cent of the total funding of the sector.
“And it’s important to the point that afreximbank has been able to make those modest contributions in the oil and gas sector because the bank is predominantly African in ownership and control,” he stated.
Oramah disclosed that Afreximbank would be managing the proposed Africa Energy Bank to ensure its best chance of success.
“The strategic goal of the Africa Energy Bank is to play a leadership role in shaping the energy landscape in Africa through strategic partnership with proven African and international financial institutions and investors and also to provide sustainable financing in this area of the oil and gas sector.
“The Africa energy bank will need considerable support to get off the ground. We will need support from member states to achieve the level of capitalization that is adequate to support the energy sector,” he stated.
NNPCL partners OPEC
Also on Wednesday, NNPCL and the Organisation of the Oil Exporting Countries pledged to work together to achieve the Nigeria’s aspirations to attract investments and grow production.
The two organisations came to this accord when the Secretary-General of OPEC, Haitham al-Ghais, paid a courtesy visit to the Group Chief Executive Officer, NNPCL, Mele Kyari, at the NNPC Towers in Abuja.
Speaking at the event, al-Ghais stated that OPEC was completely aligned with NNPCL’s vision as captured in its payoff line: “Energy for Today, Energy for Tomorrow”.
This, he said, was because of the oil firm’s inclusive view of energy as opposed to the view being pushed in some quarters that some sources of energy were bad.
He disclosed that in spite of the pushback on oil and gas, the world would require about $14tn investments from now till 2035 to be able to meet global demand, and urged NNPCL to do everything to tap into that opportunity to raise its production.
“We will continue to ensure that the market is stable. The global market has to be stable in order for Nigeria to be able to attract investors. If there’s volatility, if there’s no stability in the market, it will only create havoc for everybody, whether it’s a producer or consumer country.
“So, we will continue to do that in OPEC. We count on Nigeria’s support,” the OPEC helmsman stated.
In his remarks, Kyari said NNPCL was working very hard to recover lost production and provide the right fiscal environment to attract investments.
He expressed appreciation to OPEC for its support to Nigeria, adding that NNPCL would continue to support the organisation in whatever way it could.
Nigeria reaping
Meanwhile, at the briefing series by the information minister, which was initiated to provide a platform for public officials to reel out their achievements and apprise Nigerians of the challenges of governance, Idris said Nigeria had begun to reap the benefits of the reforms being spearheaded by President Tinubu.
He said that the Nigeria’s gross domestic product grew by 3.46 per cent in the fourth quarter of 2023, as against 2.54 per cent recorded in the third quarter of 2023.
He also said capital importation rose to 66 per cent in the fourth quarter of 2023, reversing a 36 per cent decline in the third quarter.
“The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy.
“It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.”
President Bola Tinubu announced the removal of petrol subsidy during his inaugural address on May 29, 2023, saying, “Subsidy is gone.”
Idris notes that President Tinubu has also given a directive for the design of a Social Security Unemployment Programme to cater for the unemployed graduates.
“This is in addition to setting up of a Social Consumer Credit Scheme to boost the purchasing power of Nigerians, as they make adjustments in view of the temporary economic hardship.
“As the government rejigs the National Social Investment Programme, the direct payments of N25,000 to 15 million households will resume immediately.
“The government is equally tackling insecurity headlong and more success stories are coming in on daily basis. Without any doubt, we are winning the war against insecurity,” he said.
[Punch]
Federal government investigation has revealed that some parody non-governmental organisations (NGOs), within West Africa are being used to fund terror organisations.
The commandant of the National Defence College, Abuja, Rear Admiral Olumuyiwa Olotu, disclosed this at the opening session of a five-day workshop organised by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
GIABA is a specialised institution of the Economic Community of West African States, ECOWAS, responsible for facilitating the adoption and implementation of Anti-Money Laundering, AML, and Counter Financing of Terrorism, CFT, strategies in West Africa.
Nigeria was represented at the event by the National Counter Terrorism Centre, NCTC, the Nigerian Financial Intelligence Unit, NFIU, National Defence College and the Department of State Services, DSS.
In his remarks at the workshop which provided a platform for ECOWAS member states to brainstorm and create curriculum and training modules to counter terror financing within the region, which was read by Dr. Adam Abdullahi, said efforts were on to block all the sources of funds open to terrorist organisations in the country.
He, however, decried that some of the terror groups had resorted to seeking funds through various less suspectable means.
“The moment we are able to interrupt the financing of terrorist groups, about 50 per cent of our problem is solved. Majority of the sources of funds for these criminal elements are unconventional means, such as kidnapping for ransom and illegal declaration of taxation in the Lake Chad Basin.
“The moment we are able to seal off these unofficial sources of income and identify ways of blocking them, as well as some official sources as religious organisations and other parody NGOs who are supporting terrorism, the better for us,” he added.
Also at the event, the director-general of the DSS, Mr Yusuf Bichi, described terrorism as one of the most significant threats to global peace.
Bichi, who was represented by Mr. A.S. Adeleke, said there was need to dismantle “the subversive funding mechanism” that sustain terrorist networks within West Africa.
He said the effort would require a comprehensive and coordinated response aimed at undermining the capacity of terror groups to cause harm in the society.
“At the heart of our effort to counter terrorism lies, is the need to disrupt and dismantle the financial network that enable its operation.
“Terrorist organisations rely on a steady flow of funds to recruit, train and equip their operatives to propagate their extremism ideology and carry out their heinous acts of violence.
“By targeting their financial lifelines, we can undermine their capacities to function. However, combating terrorism financing is not task that only one agency of government can undertake. It requires close cooperation and coordination among law enforcement agencies, financial institutions, civil society organisations and international regulatory community at large. It demands shared commitment on information sharing, capacity building and the implementation of our robust legal and regulatory frameworks,” he added.
On his part, the coordinator, NCTC, Real Admiral Y.E. Musa, lamented that activities of various terrorist groups had persistently increased, despite the sustained efforts and cooperation among national governments within the region.
The federal government has reportedly detained two top executives of Binance, the cryptocurrency trading platform.
According to Financial Times on Wednesday, the executives flew to Nigeria but had their passports seized by the Office of the National Security Adviser.
The report said the executives visited Nigeria in response to the country’s recent crackdown on various cryptocurrency trading platforms.
Although the reasons for their detention are unknown, their arrest is coming amid allegation of manipulation in foreign exchange trading in Nigeria.
Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, on February 21, 2024, said Binance and other cryptocurrency platforms should be banned from operating in the country
He said Binance is “blatantly setting exchange rate for Nigeria,” and hijacking the role of the Central Bank of Nigeria (CBN).
The special adviser called on the Economic and Financial Crimes Commission (EFCC) and the CBN to move against the platforms, adding that the firms are trying to “manipulate our national currency to ground zero”.
Also on February 27, 2024, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said $26 billion passed through Binance Nigeria from unidentified sources in one year.
Cardoso said the apex bank is collaborating with the SEC to ensure there is no manipulation in the FX market.
He said there was also collaboration between the different agencies which includes the EFCC, the police, and of course, the office of the NSA.
On June 9, 2023, the Securities and Exchange Commission (SEC) had said the operation of Binance Nigeria Limited, a subsidiary of Binance, was illegal.
Meanwhile, despite the federal government and the CBN’s plan to clampdown on cryptocurrency trading, Binance is still operational.
The crypto firm, however, has discontinued the trading of the naira against bitcoin and tether cryptocurrencies on its exchange platform.
[TheCable]
Tony Elumelu in Global Academic Limelight as the Tony Elumelu Foundation Case Study becomes part of Harvard’s Curriculum
AdminIn an unprecedented move, the Harvard Business School, the graduate business school of Harvard University, is set to cast the spotlight on the Tony Elumelu Foundation (TEF), recognising the Foundation’s extraordinary philanthropic achievement in a ground-breaking case study.
The case study, first of its kind on any philanthropic organisation in Africa, is to be launched on Thursday, February 29, 2024, before a class of graduate students in Boston, Massachusetts and will explore the Foundation's unique approaches and transformative initiatives, showcasing how strategic philanthropy offered by TEF is driving positive change and elevating countries and communities.
This move by Harvard underscores the Foundation’s pivotal role in empowering young African entrepreneurs across all 54 African countries and places the Foundation at the forefront of global discussions on transformative and catalytic philanthropy, acknowledging its significant contributions towards fostering entrepreneurship in Africa.
In addition to delving into the foundation's innovative approaches and the resultant impact it has garnered over the years, the event will also feature an exclusive acknowledgment of the Founder of TEF, Tony Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.
The Tony Elumelu Foundation is the leading philanthropy, empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing inclusive economic empowerment.
Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to 20,000 young African women and men, who have collectively created over 400,000 direct and indirect jobs.
Tony Elumelu who spoke on the impact of TEF on the African youth said, “TEF is creating economic hope and opportunity for African Entrepreneurs. We know that entrepreneurship is the antidote to poverty, youth unemployment and insecurity. Through the intervention of the Tony Elumelu Foundation, we are encouraging our young people, giving them hope through the seed capital we provide, capacitising them through the training and mentoring we provide and setting them up to create businesses that will succeed and create even more jobs. Collectively we are fixing the challenges that we have on the continent.
Continuing, he said, “the Tony Elumelu Foundation was set up to create more successful African business leaders. We want to replicate our own success and create entrepreneurs who will build more prosperity on the continent and for the continent. It’s all about transforming our society and making sure that we leave the society better than we met it. It is not about the money that we have in our bank accounts, it is about the legacy that we make and the impact we create. Prosperity for all is what will create the security, harmony and peace that we need.”
The Harvard Business School session will provide a platform for thought leaders, scholars, and business enthusiasts to engage in a meaningful discussion on the role of philanthropy in shaping sustainable and inclusive economies. As the world grapples with complex challenges, the Tony Elumelu Foundation stands as a beacon of hope, showcasing how strategic philanthropy can be a driving force for positive change.
The foremost governorship aspirants of the All Progressives Congress and the State Governor, Lucky Aiyedatiwa, are engaged in a war of words over the visit of President Bola Ahmed Tinubu to Ondo State on Wednesday.
The aspirants accused Aiyedatiwa of preventing the aspirants and party leadership from receiving the president during his visit to the state.
Speaking on behalf of others, the former finance commissioner and governorship aspirant, Wale Akinterinwa, said the governor deliberately sidelined other leaders and aspirants of the party to receive Tinubu.
Akinterinwa, in a statement issued by the spokesperson of the Wale Akinterinwa Campaign Structure, Segun Ajiboye, in Akure, said the aspirants were aware of plans by certain elements acting for and on behalf of the Governor of Ondo State, Hon. Lucky Aiyedatiwa.
“This is to prevent members of our party and leaders who are not in his camp from receiving Mr President, Asiwaju Bola Tinubu, in Akure.”
Ajiboye, who said that all the aspirants rejected the dictatorial order by the governor, said, “This to us is the most undemocratic, disrespectful, unreasonable, and disdainful attempt by any chief executive in the history of democracy in Nigeria.
“Ordinarily, we would not have responded, but based on the intelligent report at our disposal that he and his supporters have perfected plans to unleash mayhem on our people both at Owo and Akure, it is necessary for us to bring this to the attention of peace-loving Nigerians.
“The directive that no supporter or aspirant should come to the airport to welcome Mr President, who is on a private visit and not on a state visit, is a directive from ignorant minds in Alagbaka.
“It is a tradition that whenever the President visits any state, members of his party offer him their love and support by welcoming him in their droves. It does not matter whether it is election year or not.
“We reject affirmatively the directive that neither our leader, Wale Akinterinwa, nor his supporters should come near the airport to welcome Mr President.
“We further reject the assertion that the governor is in charge of the president’s safety in Ondo State during this visit.
“It must also be put on record that the airport is under federal law supretended by FAAN. So, Mr Governor cannot give any order or lay claim to any powers he does not possess.
“The attempt by Ayedatiwa and his henchmen to prevent, intimidate, harass, or threaten our supporters and party men will not work and will not be tolerated.
“For us in WA, we are already mobilised and ready to show solidarity, love, and support to our leader, mentor, and Commander in Chief both at Owo and Akure.
“We state without any ambiguity that the WA phenomenon will be focused and consistent in our pursuit of our goals towards Alagbaka in 2024. The momentum of our campaign will remain steady, peaceful, and consistent.
“Let it be known that the WA team is already on the ground to show the affinity we have for Mr President.”
However, the Chief Press Secretary to the Governor, Prince Ebenezer Adeniyan, said that the President’s visit is a state affair and not a political or campaign one.
Adeniyan added that only government officials and those accredited by the government will have the opportunity to receive the president at the airport, not a campaign crowd.
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The Ghana Parliament has approved the bill regarding human sexual rights and family values, commonly referred to as the anti-LGBTQ bill.
The bill, called the Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill, was introduced by Sam Nartey George, the MP for Ningo-Prampram.
GhanaWeb reports that the bill, known as the Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill, was a Private Members Bill led by Sam Nartey George, the MP for Ningo-Prampram.
The bill prohibits LGBT activities and makes it illegal to promote, advocate, or fund them, as reported by Citinewsroom.
Local media also reports that individuals caught engaging in the activity could face a jail sentence ranging from six months to three years, while those who support or promote the activity may be sentenced to three to five years in prison.
More details later…
Despite recording 22.4 percent or N547.1 billion sales increase, Nestlé Nigeria PLC, has declared N79.5bn Profit After Tax Loss for the 2023 financial year, a situation the company attributed to the devaluation of the naira.
The company’s Managing Director, Mr Wassim Elhusseini, made the disclosure in the Nestlé Nigeria PLC Full Year 2023 financial results on Wednesday in Lagos.
Elhusseini revealed that while the company’s operating profit jumped by 41.2 per cent, reaching 122.7 billion; its Profit After Tax (PAT) was negatively impacted by the devaluation of the Naira.
He added that while its gross profit totalled N217.2 billion, representing a 39.4 per cent increase from N155.8 billion in 2022, the devaluation of the Naira had an adverse impact on its PAT resulting in a loss of N79.5 billion for 2023.
“I thank every member of our team for the unwavering commitment and dedication which resulted in the strong revenue growth and operating profit vs 2022 in spite of the challenging economic environment.
“The devaluation of the Nigerian Naira in 2023 which led to a revaluation of our foreign currency obligations undoubtedly impacted our financing cost and consequently the profit after tax.
“However, we remain optimistic of our capacity to overcome the current economic difficulties and emerge stronger,” he said.
The Nestlé Nigeria Managing Director expressed the company’s dedication to its purpose of unlocking the power of food through responsible local sourcing and confection of high-quality nutritious food and beverages for families across Nigeria.
“We also remain steadfast in optimising our operations to ensure the availability and accessibility of affordable and nutritious products to our consumers in anticipation of a timely turnaround in the business environment,” he said.
Nestlé Nigeria is a leading food and beverage company in Africa, known for its quality, excellence, and commitment to creating shared value.
The company in 2023 received recognition for its contributions to society through its CSV initiatives.
Some of them include Sustainability, Enterprise and Responsibility (SERAS) CSR 2023 Awards for Best Company in Rural Population Integration, Best Company in Food Security, and 2nd Runner-up for Most Responsible Organization in Africa among others.
(NAN)
Seventeen individuals have been apprehended and two vessels loaded with unlawfully refined automotive gas oil (diesel) have been seized by the Joint Task Force, Operation Delta Safe (OPDS) in Rivers State.
Rear Admiral John Okeke, the Commander of OPDS, revealed this information during a press briefing held at Onne, Rivers State, on Wednesday.
The detained individuals were crew members of the seized vessels.
One of the vessels, named MV King James, was found carrying 400,000 litres of diesel, while the other, MV Messiah 1, was transporting 100,000 litres of diesel.
Both vessels were intercepted by OPDS at the Federal Ocean Terminal in Onne, and the crew members were apprehended on the Onne River.
MV King James was seized along with its seven crew members, while MV Messiah 1 had ten crew members onboard at the time of arrest.
The confiscated petroleum products have been transferred to the Nigerian Navy Ship Pathfinder, and assurances have been given by Okeke that the detained individuals will be handed over to the appropriate authorities for potential prosecution.
Furthermore, it was highlighted that the vessels lacked the necessary approvals and legitimate documentation for transporting the oil products.
“The OPDS which I represent for the navy is the statutory agency for oil approvals. It means that when a vessel is found without requisite documents, it has defaulted,” stated Okeke.
Okeke also urged those involved in oil theft, illegal oil refining, and other illicit activities to cease their actions and pursue legitimate ventures, warning that they will face legal consequences if they continue to operate outside the law.
The House of Representatives has mandated its Committee on Finance to carry out a comprehensive investigation into the non-remittance of tax revenues amounting to N1.8 trillion ($342 million) to the federal government by Multichoice.
This followed the adoption of a motion moved by Sa’idu Abdullahi at the plenary on Wednesday.
Presenting the motion, he said the investigation was necessitated due to suppression of information discovered from the submissions in the company’s home country, South Africa.
He said, Multichoice, a prominent multinational corporation operating in Nigeria, has been accused of non-remittance of tax revenues due to the federal government, as evidenced by the suppression of information.
Abdullahi said that the Nigerian economy was facing significant challenges, with dwindling revenue posing a threat to the overall fiscal stability and development of the country.
He added, “The Federal Inland Revenue Service had engaged a consultant in 2021 under a whistle blowing contract to carry out an audit of the tax obligations of Multichoice Nigeria and MultiChoice Africa with a view to ascertaining the company’s tax indebtedness to the country. Their findings led to a back audit and investigation carried out by the FIRS from 2011 to 2020.
“The previous attempts by FIRS to recover the unpaid taxes through legal means, including court proceedings and the subsequent resolution to settle out of the court by both parties, have not yielded the desired result.
“The systems audit and investigation revealed enormous indebtedness to the tune of over N1.8 trillion in back total taxes for MultiChoice Nigeria, and $342 million in Value-added tax, for MultiChoice Africa that had never paid any taxes since they started business operations in Nigeria. Both amounts were levied upon the Multichoice Group by the FIRS”.
He further stated that, there were arrangements to sell Multichoice Nigeria and other Multichoice Group subsidiaries in Nigeria to a foreign Interest, while the tax indebtedness remained outstanding.
He added, “If urgent actions are not taken to recover these tax revenues from the Multichoice Group, Nigeria may lose such huge revenue that can inject life into the economy.”
The House adopted the motion and cautioned potential buyers of Multichoice Nigeria, Multichoice Africa or other subsidiaries of the Multichoice Group operating in Nigeria to be aware of the alleged outstanding indebtedness which may have been covered in their papers.