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Category: Business News

  • Review of Grassroots Economy, Key To National Development –Princess Akobundu

    Review of Grassroots Economy, Key To National Development –Princess Akobundu

    The National Coordinator/ Chief Executive Officer, African Union Development Agency- New Partnership for Africa’s Development, AUDA-NEPAD Nigeria, Princess Gloria Akobundu has reiterated that for the nation to attain greater heights in global economic circle, there is need for self-assessment of economic practices particularly at the grassroots with the aim to embrace and work towards global best practices.

    Akobundu made the call as a member of the Panel of Discussants on day-two of the Inaugural Partnership Economy Summit Abuja with the theme “Translating Global Goals into Local Businesses in Nigeria organized by the Federal Ministry of Special Duties and Inter-Governmental Affairs.

     

    She made the submission while responding to a paper presented by Princess Adejoke Orelope-Adefulire, Senior Special Assistant to the President on Sustainable Development Goals, titled ‘Partnership Economy Nigeria as a Multi-stakeholders platform in pursuit of Translating Global Goals into Local Businesses for SDGs in Nigeria adopting Peer Review Mechanism among the participating Local Government Councils and Areas on the platform of the Government Citizens Partnership.

     

    Akobundu, was represented by Director, APRM Department, AUDA-NEPAD, Mrs Adefunke Adimula.

     

    She reiterated the need for sub-national government to embrace Peer Review Mechanism in order to attain global development standard in their areas of comparative advantages.

     

    According to Akobundu, there is need to introduce technology into every economic activity at the grassroots.

     

    “What to do is not really a challenge as every society in Nigeria is notable for one production or the other but there is an urgent need to transform to global way of production to maximize output.

     

    “Farming is common to every community, but when compared to how it is done in other climes where they have greater outputs and toil less you will discover that the difference is the use of the right technology.

     

    “Let us Peer Review each other’s economic system with love, not to shame each other so that together we can fast track the growth of our local businesses.

     

    “African Union came up with  APRM for voluntary self-assessment among member states and it has also helped in the pursuit of AU- Agenda 2063 ‘Africa We Want’, APRM tool can also be adopted at the sub-national level for greater development.

     

    Orelope-Adefulire, represented by Ms Patricia Aniebue, said all the 17 Goals of SDG-2063 would make individual society and by extension, the country to become condusive for all.

  • BREAKING: EFCC Chairman Slumps

    BREAKING: EFCC Chairman Slumps

     

    The chairman of the Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa on Thursday slumped during an event at the Banquet Hall of the State House at the Presidential Villa.

     

    Bawa was addressing dignitaries at the event organised by the National Identity Management Commission (NIMC) meant for the celebration of National Identity day before the incident.

     

    As soon as he took the podium, he said his address would have been a long one given the importance of National Digital Identity but he would cut it short because of the death of a senior EFCC staff in Ibadan.

     

    He said he would be heading to Ibadan immediately after the event in Abuja.

     

    Bawa began by saying National Identity was “significant for instance there was a young man arrested in Ibadan with 116 SIM cards…”

     

    At this point, Bawa became emotional and sobbed before stating “let me stop here”.

     

    On descending from the podium, he broke down and was rushed out of the auditorium.

     

    The Minister of Communications and Digital Economy, Prof Isa Pantami and other dignitaries stopped the event and rushed to assist him.

     

    The Master of ceremony at the event later announced that “the EFCC Chairman has stabilised and he is doing ok. “

     

    Details shortly….

  • Globacom Chairman, Mike Adenuga Promises To Reconstruct Otta-Idiroko Expressway

    Globacom Chairman, Mike Adenuga Promises To Reconstruct Otta-Idiroko Expressway

    Billionaire mogul, Dr. Mike Adenuga Jnr. will be handling the reconstruction of the busy but dilapidated Otta-Idi-Iroko International Highway subject to approval by the Federal Executive Council.

     

    Ogun State Governor, Prince Dapo Abiodun revealed this on Wednesday when he led the Minister of Works and Housing, Mr. Babatunde Fashola, SAN, on an inspection of the ongoing construction of Toll Plaza at Lotto area along the Lagos-Ibadan Expressway.

     

    According to Ogun State Chief Executive, just like the partnership that the state has built with the likes of Alhaji Aliko Dangote who also is using his tax credit to build the Sagamu Interchange to Papalanto Road, the State has spoken to Dr. Adenuga and he has graciously accepted that he was going to use his tax credit to fund the construction of the road, but that has to go through a process, for him to fund the road.

     

    He explained that Federal government must accept his (Adenuga) design, valuation and a lot of things have to go to the Federal Executive Council.

     

    “On the Ota-Idiroko road like the Minister Fashola has shared with us, that road is not under contract, but graciously, we spoke to Otunba Mike Adenuga. This has never happened before this Government came on board. These people have been in Nigeria and they’ve not partnered with the state or federal government before. We must be doing something right to make Dangote to decide to use his tax credit to construct two major roads. Papalanto is almost N70 billion and also the Epe-Ijebu-Ode road going through Odogbolu road, it is another road he has accepted to do,” Governor Abiodun stated.

     

    The Governor also announced that the people of Sango-Ota and its environs would soon heave a sigh of relief as palliative works will soon commence on the bad portions of the Lagos-Ota and Ota-Idi-Iroko roads, and to be concluded by December.

     

    He stated that the palliative which would be done by December, is to reduce the hardship being experienced by commuters along the roads.

     

    The Governor also said the failed portions, which would be reconstructed by the Federal Road Maintenance Agency (FERMA) would cost N13.4bn and would be part of the N56bn revived contract sum.

     

    “In the meantime, the Minister has graciously instructed that FERMA fixes those places and immediately begin to carry out palliative works on that road.

     

    “We have given the commitment that we will relocate traders; we will control and manage traffic, whatever that it is we need to do, we will ensure that we begin to bring succour and needed relief to our people.

     

    “The state of that road today is pitiable. I went on that road myself and I felt bad for our citizens, however like the Minister has explained, we have decided to find a fasttrack solution and I must thank the Minister. He has graciously decided to extract those failed portion, those very terrible portions, not just at the old Toll Gate but about two kilometers of all the failed portions along the length of that road up to Abeokuta.

     

    “They’ve identified those portions, they are costing them right now, they are extracting them from the main contract, they have costed them to be about N13.4 billion. He is going to find money using SUKUK bond to pay the contractors so they can focus on those places, not just rehabilitating them, but actually reconstructing them so that when the rest of the road construction commences, they will just commence and compliment those ones, so that is what is being planned.”

     

    Prince Abiodun who described Ota as the industrial hub of the State, noted that there were lot of emotion concerning the deplorable condition of roads in the town, saying “with work about to commence on the roads, succour would soon come to the people before the end of the year.

     

    “There are other issues that have been in the social media and in the news in the last few weeks, particularly issues that deal with the state of Ota roads and the reason for that is very simple, Ota is the industrial hub of this country and enjoys a lot of overflow of traffic from Lagos. So, of course, there is a lot of emotions about the state of roads in Ota and like the Minister and I discussed, Ogun State has probably the largest federal roads in this state.”

     

    Speaking earlier, the Minister for Works and Housing, Mr. Babatunde Fashola said the Lagos-Ota road, inherited from the previous administration, was first awarded in the Year 2000 with the contract sum of N6bn and now needed the sum of N56bn for its completion.

     

    He said though work started and completed on the Lagos end of the road, the bridge head at Ota had been in deplorable condition for sometimes now, pledging that FERMA has been saddle with the responsibility of fixing the fail portions of the road.

     

    On the Ota- Idi-Iroko road, the Minister said measurements, designs and office work were going on just as the State government was committed to clearing the road for construction of gutters to commence.

     

    While sympathising with those who ply the road, Mr. Fashola said government needed the support of lawmakers in making funds available for infrastructural development in the country.

     

  • Rising Unemployment Can Wipe Out Nigeria as Elite Are Unsafe –Ngige

    Rising Unemployment Can Wipe Out Nigeria as Elite Are Unsafe –Ngige

     

    The Minister of Labour and Productivity, Chris Ngige, has said the rising rate of unemployment portends danger for the country.

     

    He attributed this on Tuesday and lack of education to the problems bedevilling the country, warning that if not tackled the country might be “completely wiped out.”

    The minister said this at the inaugural partnership economy summit organised by the Ministry of Special Duties and Intergovernmental Affairs in Abuja.

     

    The summit was tagged, ‘Translating Sustainable Development Goals to local businesses in Nigeria.’

    Ngige said, “We are in trouble as a country. We are in trouble and anybody who tells you he doesn’t know we are in trouble is lying to himself and once you lie to yourself.

    “We are facing a problem that is cyclic, one begat the other. It is left for you and me the elite to decide to save ourselves, save our children and save our country.

     “If we keep on with these symptoms; buy ammunition, bomb these people, bomb kidnappers, bomb Boko Haram, you will be wasting resources.

    “If you had prevented it, it would cost you less. We must give education to these people at the grassroots.

    “Those who can’t get an education, we must provide them jobs so that they can fend for themselves. They can put a roof over their heads.”

     

    Harping on the need to provide quality education to people at the grassroots, he said the inability to provide such was responsible for why the people were lured to partake in separatist agitations, terrorism among others.

    He added, “If you don’t kill ignorance, you are breeding people would be brainwashed to believe that with Biafra all their problems will go away; Oduduwa, all their problems will go, Boko Haram.

     

    “If we don’t tackle them, we will continue like this until this country might be wiped out completely; we don’t pray for that. We must give education to the people at the grassroots.”

     

    Vice President Yemi Osinbajo, who was represented by the Minister of Trade and Investment, Adeniyi Adebayo, described Micro, Small and Medium Enterprises as the backbone of Nigeria’s economy.

     

     

  • Domino’s Pizza Delights Customers With ‘Big Flexin’ Buy 1 get 1 FREE Offer

    Domino’s Pizza Delights Customers With ‘Big Flexin’ Buy 1 get 1 FREE Offer

    “It looks like summer 2021 is coming to an end, and to brighten the mood, Domino’s Pizza has something extraordinary in store for all of us amidst this time of “Sapa” because they understand flexin’ is a must even when we have adult responsibilities.

     

    “This time, Domino’s pizza is catering to our individual “Sapa” chronicles with the amazing buy one get one FREE promo running now. That’s what is called Big flexin’ with Domino’s pizza, and you know nobody does it better than Domino’s pizza.

     

    “This offer is a fave for all pizza lovers to enjoy more fun moments when you don’t have to think about the aftermath in your wallet. All your pizza cravings are satisfied without making a dent in your wallet; now, that’s what we call guilt-free indulgence. So what are you waiting for; visit www.dominos.ng now to take advantage of this offer!! This offer is valid ONLY ONLINE! So, whip out your phone and place that order NOW to enjoy freshly baked and hot pizzas!!!

     

    “Let’s not forget school is very much back in session, and Domino’s is welcoming students back with this amazing buy one get one FREE offer available online for this period. The BOGOF deal makes it easier for parents and guardians to enjoy amazing moments with their kids in this new school season.

     

    “Visit the Domino’s pizza app today, see for yourself, or better yet, visit Domino’s pizza website, www.dominos.ngto get on this amazing offer and enjoy hot & delicious pizzas! Remember, this is a limited time offer! So get on with it today!!”

     

  • Anti-Grazing Law: We’ll Eat Fish, Gani Adams Slams Miyetti Allah Over Cows May Cost N2m Each Statement

    Anti-Grazing Law: We’ll Eat Fish, Gani Adams Slams Miyetti Allah Over Cows May Cost N2m Each Statement

     

    Aareonakakanfo of Yorubaland, Gani Adams, on Wednesday, knocked the Miyetti Allah Cattle Breeders Association of Nigeria for saying that a cow may cost up to N2 million with the anti-grazing law.

     

    According to Adams, the people of Southern Nigeria, especially the Yoruba people in the South-West will start eating fish and other alternatives to beef.

     

    He also said the North can’t use its cattle bought by the people of Southern Nigeria to threaten the people.

     

    Adams spoke on Wednesday as a guest on PUNCH Online interview programme, The Roundtable.

     

    Adams was reacting to a statement credited to MACBAN Zonal Secretary for South-West, Maikudi Usman, during a one-day public hearing organised by the state House of Assembly on the anti-open grazing bill on September 8, 2021.

     

    Lagos consumes over 6,000 heads of cattle daily and over 1.8 million heads of cattle annually, according to the State Commissioner for Agriculture, Abisola Olusanya.

    Anti-Grazing Law: We’ll Eat Fish, Gani Adams Slams Miyetti Allah Over Cows May Cost N2m Each Statement

    The PUNCH had reported that the bill titled, ‘A bill for a law to Prohibit Open Cattle Grazing In Lagos State, the Trespass of Cattle Land And For Other Connected Purposes’, had scaled second reading in the House.

     

    The move was in consonance with the resolution of the 17 Southern governors who had on July 5, 2021, “set a timeline of Wednesday, 1st September, 2021 for the promulgation of the anti-open grazing law in all member states”.

     

    Aside from Lagos, Governor Rotimi Akeredolu of Ondo State had on August 31, 2021, signed into law, the Anti-Grazing Bill passed by the State House of Assembly.

     

    Some other governors in the Southern part of the country had also signed the bill into law in the last few weeks with a move geared towards curbing the farmer-herder crisis and attendant insecurity in the region.

     

    Speaking on the PUNCH Online programme on Wednesday, Adams commended the Southern governors for banning open grazing in the region and for supporting the move with legal backing.

     

    He said, “Countries are moving towards creating a secured environment for their people and in a situation where a profession within agriculture is creating problems, creating insecurity for us in every region, the governors of the South have right to decide how to protect the lives and property of their citizens.

     

    “I agree totally with the Southern Governors on anti-grazing laws and I believe the best thing to do now is to implement that law and to watch the states and to even appeal to them that they should sign that bill backed their state assemblies into law because it is very important because of their citizens.

     

    “If they said cows will cost two million naira, if it is too costly, we can subscribe to be eating fish and all other content that is eatable that we can use to balance our meals because our lives are very important – if you are lifeless, you can’t eat cow, if you are in an unsafe environment, you can’t eat cow.

    Anti-Grazing Law: We’ll Eat Fish, Gani Adams Slams Miyetti Allah Over Cows May Cost N2m Each Statement

    “When you are living in a panic environment, there would be no economic buoyancy because investors will not come and invest in that environment.

     

    “If they said that cows will be too expensive, we too will start our initiative based on ranching, we will start our own agricultural system and try to encourage our people to rear cows within our region. The Western Region had done it before and it succeeded by giving us our own livestock through the agricultural ministry.”

     

    Adams also commended five governors in the South-West zone for starting the South-West Security Network Agency, also known as Amotekun, while urging Lagos, and the other 11 state governments in Southern Nigeria to key in to the development and have their own security outfit.

     

    The overwhelming insecurity in the region had forced the governors of the South-West to inaugurate the security outfit last year to tackle peculiar security threats in the zone. The Amotekun Corps had also got the constitutional backing of the state assemblies in the zone.

     

    Ondo, Ogun, Oyo, Ekiti and most recently Osun states have since kick-started the operations of the security outfit.

     

    In the South-East, a joint security vigilante named Ebube Agu was inaugurated in April 2021.

     

    The security outfit had been set up by the five governors in the zone — Okezie Ikpeazu (Abia), Willie Obiano (Anambra), Dave Umahi (Ebonyi), Ifeanyi Ugwuanyi (Enugu), and Hope Uzodinma (Imo) but the outfit has not been functional since its Chairman, Major General Obi Umahi (retd.), resigned his appointment in June over lack of funding, amongst other reasons.

     

    The South-South has not come up with a regional security outfit.

     

     

  • Dana Air Committed to Nigeria’s Economic Growth, Says Jacky  Hathiramani

    Dana Air Committed to Nigeria’s Economic Growth, Says Jacky  Hathiramani

     

    • Supports 14th Annual Banking and Finance conference in Abuja

     

     

    The Chief Executive Officer of Dana Air, Jacky Hathiramani has reiterated Dana Air’s commitment to Nigeria’s economic growth.

     

    The Dana Air boss made this known at the 14th Annual Banking and Finance Conference with the theme “Economic Recovery, Inclusion and Transformation : The Role of Banking and Finance’’ held recently at Transcorp Hilton Hotel Abuja

     

    Jacky Hathiramani, who was represented by the airline’s Head of Corporate Communications, Kingsley Ezenwa said, Dana Air is proud to have supported the 14th Annual Banking and Finance Conference towards finding solutions to contemporary issues for rapid economic recovery, and sustainability.’’

     

    He said, ‘’Aviation is a key driver of any economy and we understand the role that the banks and financial institutions play not only in our own industry, the aviation industry; In terms of accessibility and financial inclusion, but towards achieving a faster economic recovery and transformation, which is the aim of this present administration of President Muhammadu Buhari.”

    Dana Air
    Vice President Professor Yemi Osinbajo, flanked by the Central Bank Governor Godwin Emefiele, and Dana Air’s Head Corporate Communications during the VP’s visit to Dana Air stand at the 14th Annual Banking and Finance Conference by the Chartered Institute of Bankers of Nigeria (CIBN) recently in Abuja

    ‘’We thank the Vice President Professor Yemi Osinbajo for his presence and support, the Central Bank Governor Mr Godwin Emefiele, the CIBN President Dr Bayo Olugbemi and the Chairman, Body of Banks’ CEOs Dr Herbet Wigwe for putting up a strong commitment towards Nigeria’s economic recovery and growth.’’He added.

     

    The Vice President, Professor Yemi Osinbajo also during his visit to the Dana Air exhibition stand at the conference, appreciated the airline for supporting while urging the Institute to promote sustainable growth.

     

    Dana Air is one of Nigeria’s leading airlines with over 27 daily flights from Lagos to Abuja, Port Harcourt, Owerri and Enugu. The airline is reputed for its innovative online products and services, quality onboard service and on-time departures.

     

  • 9mobile Reacts as Executive Director’s Name Appears on UAE List of Terror Sponsors

    9mobile Reacts as Executive Director’s Name Appears on UAE List of Terror Sponsors

    Following a report from the United Arab Emirates (UAE) that one ‘Abdulrrahman Ado Musa’ was part of terrorism sponsors from Nigeria, 9mobile has exonerated its executive director from the allegation.

     

    Musa’s name was mentioned alongside Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan, and Surajo Abubakar Muhammad as Nigerian terror financiers identified by UAE.

     

    The name strikes a resemblance with 9mobile’s executive director of regulatory and corporate affairs, Abdulrahman Ado, but the teleco claimed that its “purely coincidental”.

     

    In a statement released and made available to BUSINESS BELLS on Tuesday to douse the speculation, 9mobile said it was a case of mistaken identity, and that its executive directive was not involved in the criminal act.

     

    “The Management of 9mobile wishes to inform the general public that its Executive Director of Regulatory and Corporate Affairs, Abdulrahman Ado is not the same as ‘Abdulrrahman’ Ado ‘Musa’ purportedly designated along with others by the United Arab Emirates as terror financiers.” 9mobile said.

     

    The Nigerian network provider added, “Some Nigerians were included on the list said to have been ratified by the Emirate Federal Capital. One of the names on the list and that the media has latched on is Abdurrahaman Ado Musa.

     

    “We, however, wish to clarify that the so-named individual is not 9mobile’s Executive Director, Regulatory & Corporate Affairs, Abdulrahman Ado. The resemblance in names is purely coincidental, and our Director does not bear ‘Musa’.

     

    “Our Director, Abdulrahman Ado, is a respectable law-abiding Nigerian. He served the country diligently in public service for over three decades before transferring his services to the private sector.

     

    “He served in various capacities and was Pioneer Vice-Chairman of the Nigerian Electricity Regulatory Commission and Executive Commissioner, Licensing and Consumer Affairs, Nigerian Communications Commission.

     

    “As a law-abiding company that believes in the greatness of Nigeria, and the well-being of all its citizens, 9mobile would never accommodate any undesirable element within its management and staff.

     

    “We urge the general public to kindly disregard the mistaken identify media reports making the rounds.”

     

  • Only FIRS Should Collect VAT And Share, Not States, Says Umahi

    Only FIRS Should Collect VAT And Share, Not States, Says Umahi

    Ebonyi State Governor David Umahi says the state is not in support of Rivers, Lagos  and other states in their moves to collect Value Added Tax.

     

    Umahi stated this at a dinner organised in honour of a former Chief of Army Staff and Nigerian Ambassador to the Republic of Benin, Amb. Tukur Buratai, on Monday night.

     

    Umahi said Ebonyi was solidly and would continually throw its weight behind the Federal Inland Revenue Service’s collection of VAT.

     

    Speaking at the dinner held at the Governor’s Lodge, Centenary City, Abakaliki, Umahi reiterated that the state would not support any of the states collecting VAT, adding “Evil will continue to thrive if good people keep quiet.”

     

    He said, “We must make Ebonyi State very exceptional by rising to the challenges. When we shout true federalism, I say, I agree; but it should be administrative restructuring.

     

    “Ebonyi State is not in support of any state collecting VAT. We are in support that FIRS should continue to collect tax and share.”

     

    While urging the country’s leaders to speak up against dissenting voices that were capable of polarising the nation, Umahi stressed he was open to debate with any governor from the stable of the Peoples Democratic Party, who felt he had delivered more democracy dividends to his people than the APC-led administration in Ebonyi State.

     

    “People are taking special interest in Ebonyi State and her Governor, positively and negatively; but it is very important to be in the news than for you to say there are 36 states, you will name 35 and say what is the other state?

     

    “We have aborted it; we are now a state to reckon with and we have no apologies.

     

    “When I say I have no apologies, you can talk everything about me but you can not say we have not delivered and so when people open their mouths in PDP to talk about APC, they should know that I belong to APC and if they like, let PDP offer any of their best Governors to come for debate with me and I will defeat any of them; it’s not just to be talking and talking. You don’t sit on people’s sweat and resources and be talking nonsense.

     

    “We have no regrets taking our people to the centre. We have always played at the centre. We are not playing party politics, we are playing politics that will be an advantage to our people, criticise me; no problems. But we need resources, we need friendship with the centre,” Umahi stated.

  • FG To Raise $75bn From E-Commerce By 2025 -Ministry

    FG To Raise $75bn From E-Commerce By 2025 -Ministry

    The Federal Government has said that it is targeting an increase in e-commerce trading, from the current market value of $13bn to about $75bn by 2025.

     

    The Permanent Secretary, Ministry of Industry, Trade and Investment, Dr Evelyn Ngige, who disclosed this on Tuesday in Abuja at the second National E-commerce Roundtable organised by the ministry, noted that e-commerce had grown from 14 per cent in 2019 to 17 per cent in 2020.

     

    Ngige who was represented by the Director, Commodities and Export Department, Suleiman Audu, said the encouraging trend had attracted the entrance of payment service providers in the e-commerce market.

     

    She said, “Interestingly, e-commerce provides an alternative to sustain businesses and preserve millions of jobs in the face of COVID-19 challenge.

     

    “For instance, in China, e-commerce companies played a key role in the supply of food and other essential commodities to residents of Wuhan during the knockdown period in 2020.

     

    “In addition, Amazon, a U.S. based company, as a leading e-commerce company in the world expanded and employed additional 175,000 new workers during the period due to increasing online demands for goods and services.”

     

    According to her, the second edition of the e-commerce roundtable session will consolidate the achievements of the first session and align discussions to current realities especially in the impact of COVID -19.

     

    She said the advent of the pandemic had turned global attention to the importance of e-commerce in the conduct of businesses around the world.

     

    Ngige said the event was expected to highlight critical issues that required the attention of relevant stakeholders in order to develop a strategic framework that would improve the performance of the e-commerce sector in Nigeria.

     

    She said in view of the cross-cutting nature of e-commerce, the ministry was open to any form of collaboration that would support the development of the e-commerce ecosystem in Nigeria.

     

    Also, the Director, Commodities and Export Department, FMITI, Mr Suleiman Audu, who was represented by the Deputy Director of Commodities and Export Department of the Ministry, Mr Kaura Irimiya, said that one of the thriving and promising markets globally was the e-commerce market.