Business
Chief Rasaki Akanni Okoya @84: Industrialization Can Make Nigerian Youth Productive
Published
11 months agoon
Chief Rasaki Akanni Okoya @84: Industrialization Can Make Nigerian Youth Productive
…My Hope is that the Current Administration Makes the Industrialization of Nigeria a Cardinal Goal:
…Nigerian Youths have Potential and Can be Stronger with Greater Empowerment.
…Wealth Creation in Nigeria’s Rural Communities will Prevent Urban Migration
Born on January 12, 1940, Chief Rasaki Okoya is a billionaire industrialist with a Midas touch. The Aare of Lagos is the owner and founder of Eleganza group of companies and RAO Investment Properties whose tentacles have spread across Nigeria and the West African countries. With his experience as an industrial magnate spanning over 6 decades, he knows it all and he has seen it all. Chief Okoya’s journey from humble beginnings to becoming a billionaire is a testament to his unwavering vision, strategic insight, relentless and perseverance. As he turns 84, Okoya talks about the secret of his success, and how government can make the youth productive using industrialization.
Life Lesson at 84 and secret of his success
Consistency, perseverance, hard work commitment, passion and integrity are the only vehicles that can drive you to success and not by cutting corners. Also, it is by being true to oneself in what one is doing. I am passionate about my business. I am committed to it and I have been consistent over the years by getting involved all the way by not playing the boss. At Eleganza, we try to work within our means particularly by working with the local market. It has helped the business to grow this far.
His advice, proposal and recommendation for job creation for the youth:
I have decided to use this opportunity to propose a recurring vision that has plagued me. My warmest regards and Congratulations! to our President His Excellency Asiwaju Bola Ahmed Tinubu and the Vice President His Excellency Kashim Shettima for their steady management of the economy. We pray for peaceful and successful terms ahead. From working and monitoring the manufacturing industry for over 60 years. My hope is that the current administration makes the industrialisation of Nigeria a cardinal goal: utilising our youths and empowering increased incorporation of manufacturing through the establishment of many cottage industries and factories during their term. Did you know, a significant percentage of the country’s GDP is derived from MSMEs and it can be approximated that majority of these enterprises are youth-owned?
Making the Youth Productive Via Industrialisation
Our youth have potential and can be stronger with greater empowerment. If you open the eyes of a blind man, he will never want to go back to the darkness. I think to myself regularly on how do we utilise our dominant working population. The picture in my mind places all 36 states and the federal capital territory as industrial hubs, varying in speciality where the average Nigerian citizen should be able to live, work, shop, have access to healthcare and other conveniences (e.g., recreational, worship facilities etc.); all without leaving their state of origin, within their industrial hubs. Bringing this into realisation could be initiated through investment in incubation centres, in each state (dispersed based on the requirements and geographical advantages of the state). Preparing one-unit warehouses of approximately 5,000 sq m per cluster, having 10,000 of each unit/micro industry in each state including the federal capital territory, Abuja. Similarly, provision can be made to private estate developers to create infrastructural extensions in areas with existing low- income housing to include warehouses. This will enhance the appeal of opportunities in our rural states, transforming them into vibrant economic zones and serving as significant Industrial infrastructure for each state.
Leveraging on international connections:
In addition to the above, Nigerian Government can invite specialists and international machine manufacturers (e.g. China/India etc.)to train our graduates in vocational skills and provide crucial technology transfer through the sale of machinery, and equipment for daily need products in exchange for local minerals via the use of a barter trading system. By opting to further facilitate local manufacturing of products, the government can consider onward sales of the above mentioned machines to the youth on a long-term basis.The government should protect our industries by imposing strict prohibitions of imports and policing the markets to enforce the ban on importation. With these, I believe we can conserve our precious foreign exchange, increase GDP, and strengthen our local markets/producers.
Making electricity available will turn the economy around, the youths and existing industries:
Power supply should be made available to our youths and other existing industries. If small-scale factories could work without generators, it would solve majority of the country’s crippling problems. Requiring each unit to adhere to contemporary demands of sustainability, preservation of natural capital and utilisation of renewable energy will ensure longevity and create backups to the national grid power supply. Incorporating training to pre-empt and prevent environmental degradation, learning from the case of China. This will provide practical experience that would give our youth a strong sense of belonging, and a promise of hope. It is our duty as Nigerian seniors, to help our youth the truth to know.
His thoughts on wealth creation and urban migration
Ultimately, promoting urbanisation in the rural areas of the country, and stemming rural-to- urban migration by wealth creation in our rural communities will prevent overcrowding in urban areas; keeping our youths off the streets, by encouraging them to get a house and job opportunities. We need to instil a sense of pride and dignity through respectable labour in our youth. The creation of varied and sustainable industrial cities will be pivotal in the national stimulation of progress. All this could be financed in the government budget with the aid of private sector investment schemes and the youth could be required to pay back within 10 to 25 years, and/or enjoy grants to support them. This will unleash and enable patient capital required to catalyse economic growth, jobs and entrepreneurship for our youths. Better to light the candle than curse the darkness. Give light and the darkness will disappear of itself. This vision enacted would enable us to manufacture a better Nigeria. To ensure the success of this proposed economic remedy, Nigeria, the economic powerhouse of Africa should entirely and unitedly embrace a propensity of population utilisation, to supercharge the entire African continent. I believe more technical details and possibilities have to be discussed on the above ideas.
His praise to the current administration:
Asiwaju Bola Ahmed Tinubu is a visionary leader who is passionate about Nigeria. I am sure this administration will promote commerce and industry. I pray for the President and Vice President, with the aid of Allah SWT, to consider this and include it in their good programme as a blueprint for the rebirth of our great nation.
Why Eleganza is still standing six decades after:
We believe in Nigeria and we have promoted Made in Nigeria Products over the years. The Eleganza Industrial City Limited is a testament to our vision as an established. It is place where you find various products under one roof. Under the new industry, the company produces luggage/bag that can be branded for companies, pilgrimage, government parastatals and family trip. It also manufactures over 68 different designs of standard chairs for churches, parties, eateries, hotels etc. It also has sets of coolers and food warmers in different shapes and design. This attests to the fact that consistency, not compromise on standard and quality have been the guiding principles that have kept the company going in the past four decades
On his humanitarian gesture:
Many of my activities revolve around religion and service to humanity through various philanthropy. This cut across the various sectors of the society. At various times, I have supported medical establishments and hospital homes by donating lifesaving equipment. With modesty, ELeganza is one of the biggest employers of labour by giving employment to thousands of Nigerians. I also believe in quality education and the foundation under my name in recent years has thrown its weight in support of the Nigerian educational sector. Several undergraduate students have benefited from his Alhaji Akanni Okoya Scholarship Awards.
His advice for the youths:
As said in my previous interviews, it took me 60 years to build the Eleganza conglomerate through dint of hard work. Nigerian youths are hard working and resilence If they can embrace hard work more and more, they will be successful because they have what it takes with enabling environment.
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Sahara weekly online is published by First Sahara weekly international. contact [email protected]
Business
DANGOTE GROUP, SUBSIDIARIES SHINE AT NECA’S 2024 VISIBLE IMPACT AWARDS
Published
49 minutes agoon
November 25, 2024DANGOTE GROUP, SUBSIDIARIES SHINE AT NECA’S 2024 VISIBLE IMPACT AWARDS
…Dangote Cement, Refinery win Sectoral, Groundbreaking investment awards
In a blitz of honour, the Pan-Africa Conglomerate, Dangote Industries Limited (DIL), and its subsidiaries Dangote Cement Plc and Dangote Refinery and Petrochemicals stole the show at the weekend in Lagos when they carted away excellence awards bestowed by the private sector employers’ body, Nigeria Employers Consultative Association (NECA) during its 2024 annual night of recognitions.
Dangote Group was recognised under the Visible Impact Award for Resilience & Entrepreneurship; Dangote Cement won the Sectoral Excellence Award in the Chemical and Non-Metallic Products category, while the 650,000bpd capacity world’s largest single train refinery, Dangote Refinery won the Groundbreaking Investment award.
Basking in the euphoria of the recognitions, Dangote Industries Limited’s Vice-President, Oil and Gas, Mr. Devakumar Edwin, who was on ground to receive the awards described them as reflecting the values of Dangote Group and its subsidiaries as top employers of labour showing resilience in the face of tough business operating environment.
He said the award would only spur the management of Dangote to continue in the trajectory of the fine best global best practices in business with more investments in the task of rejuvenating the nation’s economy.
In the same vein, Minister of Industry, Trade and Investments, Dr. Jumoke Oduwole and her counterpart in Aviation and Aerospace Development, Mr. Festus Keyamo (SAN) were recipients of the “Visible Impact in Public Service Award.”
This year’s awards, dubbed “Defying the odds”, NECA said, is geared towards promoting and encouraging best practices in Corporate Performance, People Management and Industrial Relations practices amongst employers in Nigeria.
This, it explained, is in a bid to celebrate outstanding contributions of enterprise to national development, noting that the award provided a platform for celebrating the resilience, doggedness and outstanding performance of employers in Nigeria.
In his welcome address, President of NECA, Dr. Ifeanyi Eric Okoye, noted that the award ceremony was to celebrate the excellence, resilience, innovation and unwavering commitment demonstrated by businesses across the various sectors of the Nigerian economy in 2024.
He said the Awards’ theme, “Defying the Odds,” reflected the indomitable spirit of the Nigerian enterprises that had consistently risen to the challenges posed by the dynamic and demanding local and global economic landscape.
Said he, “This annual ceremony is a testament to remarkable progress made by organisations that share our vision of a thriving private sector as the bedrock of national development. Over the years, the NECA’s Excellence Award has become a hallmark of prestige highlighting organisations that exemplify best practices in corporate governance, industrial relations and environmental sustainability.
“Our honours tonight do not only serve as a beacon of hope, and a reminder that in the face of adversities excellence is achievable, it is also an opportunity to increase visibility by highlighting their achievements and innovations to a wider audience.
“As we celebrate tonight, let us not only celebrate the achievements of the award recipients; let also celebrate all businesses here present and those that have left in the past few years and recommit ourselves to fostering innovation, inclusivity and resilience in all that we do. Together we can build a future where Nigerian enterprises thrive as global leaders.”
Also speaking, the Director General of NECA, Mr. Adewale-Smatt Oyerinde, explained that the awards were a statement that, irrespective of the challenges the private sector employers have been facing “since January till now, there is time for all of us to sit down and just breathe and celebrate the resilience, doggedness, innovations your businesses were able to bring on-board and their contributions to national development”.
Oyerinde stated further: “So, we are gathered this evening to celebrate your businesses, contribution and support to NECA. We have broken away from the traditional issues of labour and employment that you know us with and are now dealing with all fundamental issues that affect your businesses either now or in the future like Environmental, Social and Governance in sustainability issues.
“We are also deepening our collaboration with CIPE moving into the realms of ethics with emphasis on doing business correctly. We are also deepening our engagements with the International Labour Organisation (ILO) in the context of responsible business conduct for our members to operate responsibly within the context of the law.
“This strengthens our hands to advocate against unfavourable business regulations that see businesses as cash cows rather than agents of national development.”
Lagos State Governor, Mr. Babajide Sanwo-Olu, who was represented by Head of Service, Lagos State, Mr. Shuaheeb Agoro, commended NECA for its remarkable legacy of championing enterprise, competitiveness, responsible business practices and industrial harmony describing the award as another remarkable way of motivating employers in the private sector.
Sanwo-Olu said, “This year’s theme could not to be more apt as it speaks to the determination that Nigerian employers have continued to demonstrate in overcoming challenges to sustain businesses, create jobs and drive national development. This resilience is a reflection of enduring entrepreneurial spirit that defines our great nation.”
The governor pointed out that the award inspires the culture of best practices in corporate governance, industrial relations, environmental sustainability and responsible business conduct.”
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Business
No Disparity,’ NUPRC Confirmed 1.8m bopd NNPC Ltd Oil Production Figures At NAPE Conference
Published
3 hours agoon
November 25, 2024‘No Disparity,’ NUPRC Confirmed 1.8m bopd NNPC Ltd Oil Production Figures At NAPE Conference
‘1.54m bopd production figure (quoted by THISDAY for October) is for September, not October,’ What NUPRC boss told highest body of petroleum explorationists and stakeholders in Lagos.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the 1.8 million barrels of per day (bopd) production figures earlier released by the Nigerian National Petroleum Company Limited (NNPC Limited) at the conference organised by the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
This newspaper, which reported the Commission boss, Gbenga Komolafe, to have said this to stakeholders, maintained that the development is contrary to a report making the round that the NUPRC contradicted the NNPC Ltd figures.
Speaking at the 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos, Komolafe said that Nigeria’s crude oil output, including condensate, increased by 16.56 per cent to 1.8 million barrels per day, bpd in October 2024, from 1.54 million bpd in September 2024.
He said that as a result of this feat, Nigeria has exceeded the 1.5 million bpd quota of the Organisation of Petroleum Exporting Countries, OPEC.
“This represents an increase of 253,710,
bpd to reach 1.8 million bpd in October, up from 1.54 million bpd in September 2024, representing 16.56 per cent month-on-month rise,” he said.
Represented by Enorense Amadasu, Executive Commissioner for Development and Production at NUPRC, the NUPRC boss declared that efforts were underway to further increase oil output to two million bpd by December 2024.
Highlighting the theme of the conference, “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability”, Komolafe, said the organization is committed to expanding Nigeria’s oil production capacity.
Checks by this newspaper showed that this is the same position of the NNPC Ltd, which said it and its partners have revved up crude oil and gas production to 1.8 million barrels per day (mbpd) and 7.4billion standard cubic feet (bscf) per day.
The company announced this at a press briefing, maintaining that the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.
This newspaper gathered that these figures are, contrary to misconstrued report, the same with the ones announced by the NUPRC.
Disparity Where There Is None
A THISDAY review of the delayed October production figures by the NUPRC, which is the oil and gas sector upstream regulator, claimed that Nigeria produced 1.538 million bpd of crude oil and condensate.
The three-month low production data released by the NUPRC, the report claimed, contradicted the report announced by the national oil company and the Ministry of Petroleum Resources (Oil), which specifically put production at 1.808 million bpd.
Looking Beyind 1.8m bopd
Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, who reiterated that the Company revved up oroduction to 1.8 m bopd, declared the target to even increase the production to 2 million bopd.
Kyari congratulated the Production War Room Team that anchored the production recovery process.
“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we have from the President, the Honourable Minister, and the Board,” Kyari explained.
Giving details of the efforts of the Production War Room, the Chief War Room Coordinator, and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.
He said the interventions led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
He stressed that when the Production War Room team was inaugurated on the 25th June 2024, production was at 1.430mbpd, but the team swung into action, culminating into it sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.
Also speaking on the development, Chairman of the NNPC Ltd Board of Directors, Chief Pius Akinyelure, who also congratulated the team, said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy”.
He charged the Company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.
-END-
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ZENITH BANK LIGHTS UP AJOSE ADEOGUN STREET, USHERING IN THE YULETIDE SEASON
Published
7 hours agoon
November 25, 2024ZENITH BANK LIGHTS UP AJOSE ADEOGUN STREET, USHERING IN THE YULETIDE SEASON
In keeping with its acclaimed annual tradition, Zenith Bank once again set the stage for the Yuletide season with the Light-Up of Ajose Adeogun Street and Roundabout, Victoria Island, Lagos on Saturday, 23 November 2024. The Light-Up ceremony was performed by the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON.
The Light-Up ceremony is a Corporate Social Responsibility (CSR) initiative of Zenith Bank. Now in its 18th year, the beautiful Christmas decoration, which transforms the entire stretch of Ajose Adeogun Street (home to Zenith Bank’s Corporate Headquarters) and Roundabout into a breathtaking yuletide wonderland, has come to be recognized as an iconic tourist attraction, bringing visitors from far and wide who visit with their families and friends to take pictures and enjoy the ambience of the street.
Speaking during the ceremony, Dame (Dr.) Adaora Umeoji said “Over the years, Zenith Bank has hosted this spectacular event, transforming the entire Ajose Adeogun Street into a breathtaking yuletide wonderland. Our beautiful and elaborate Christmas decorations have become a centre of attraction and shared on social media platforms globally. As we light up the street tonight, we celebrate the essence of Christmas and Zenith Bank’s unparalleled CSR. Our customers will always be at the centre of all that we do in Zenith Bank.” She urged everyone to imbibe the message and spirit of Christmas which is about love, kindness, generosity and respect for humanity, and thanked the Lagos State Government for creating an enabling environment for the initiative.
She also praised the efforts of Quantum Markets, who have been responsible for the annual decorations, for their expertise and creativity in putting together the lovely decorations. In her words, “I want to thank the management of Quantum Markets for all the beautiful, creative and innovative ideas they keep coming up with. Quantum Markets always make it bigger and better every year, and we are always looking forward to it.”
Zenith Bank remains committed to furthering the economic, cultural and social development of its host communities. The bank’s sustainability and CSR initiatives are hinged on the belief that today’s business performance is not all about the financial numbers – the bank believes that an institution’s social investments, contributions to inclusive economic growth and development as well as improvements in the condition of the physical environment, all constitute a balanced scorecard.
As a testament to its contributions and social investments in its host communities and the society at large, the bank was recognised as the “Most Sustainable Bank, Nigeria” in the 2023 and 2024 International Banker Banking Awards and “Most Responsible Organization in Africa” at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021.
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