Business
Death and the governor’s mother By Abiodun KOMOLAFE
Published
7 years agoon
“Life levels all men. Death reveals the eminent.”
– George Bernard Shaw
Rauf Aregbesola must be an extremely sad man, as we speak. This is because, in a spate of two weeks, the governor of the State of Osun has lost two particularly dear friends to the cold fangs of death. First to answer the final call was Olu Abiola, a foremost industrialist, socialite and philanthropist who was not only “an invaluable asset in the business world”, but also “gave his all to the cause of” Aregbesola’s administration. Abiola gave up the ghost on July 16, 2017 and the world mourned the passing of a patriot! Two weeks after, precisely, on Tuesday, August 1, 2017, the matriarch of the Aregbesola family in Ilesa, and the governor’s mother, Alhaja Saratu Aregbesola, also exited this sad, sick and insane world of war and the vagaries of its sinfulness. Rauf lost her beloved mother and a chapter in the history of his events-filled life came to a close.
Though grieving is a natural reaction to a loss, the solace in these two sad events is that both grew relatively old before accessing the hereafter. Like Abiola, Iya Olobi, as she was fondly called, will be sorely missed by the governor. Just recently, the governor informed a stunned audience that he has three homes in Osun State. First is Government House at Oke Fia in Osogbo, his official residence. Second is his mother’s, in Ilaje, Ilesa. And third is Abiola’s house in Oke Omiru, also in Ilesa. Now, two of these ‘homes’ are bereaved and one can imagine thegravity of the governor’s grief.
As we all know, being a governor’s mother, especially, in this part of the world carries along with it a lot of responsibilities. The ‘challenge’ of that office is so threateningly enormous that, once upon a time in Nigeria, a ‘Mother Excellency’ almost seized control of the powers constitutionally vested in her son as governor of a state. But Aregbesola was with a difference! I doubt if she ever interfered in governance issues in Osun. And it’s not recorded anywhere that she ever used her influence to curry favour anywhere. The present state of the road on which her house in Ilesa is situated bears eloquent testimony to this.
But, what is life that its “meter just keeps a-ticking whether you are getting somewhere or just standing still”? On the other hand, why is death described as “a gift to have more life” and why did Walker Scott see it as “the final awakening”? Of course, that’s why I seriously disagree with Will Rogers that being a hero is more of knowing when to die because “prolonged death has ruined more men than it ever made.” For instance, were Rauf to have a choice between losing his mother now, when the possibility of the state shutting down to accord her a befitting burial is high, and letting her live longer till say, when “the phones no longer ring”, I’m sure he’d have opted for the latter. That goes to explain the importance of parents in a man’s life!
Iya Olobi’s vision of life was remarkable. She trained her children, sometimes, through the seeming endless valleys of travails, to become responsible citizens in the society. She neither wavered nor faltered in nurturing them, sometimes through the physical thistles and the psychological toughness of a journey of life which, in many instances, attempted to dilute her faith. Despite the winding and the wearisome nature of the journey, she did all that’s worth doing to give her children’s future a meaning.
“Life”, in Marion Howard’s words, “is like a blanket – too short.”This“mutual hostility” is also said to be about wars; you win some, you lose some. Sadly, but with total submission to the will of Allah, Iya Olobi has lost the final struggle of life to death! So, rather than grieve over what’s inevitable, the governor and his siblings should reflect and, with hearts full of praise, appreciate God for having such a wonderful mother who has in no small way added value to their lives. More importantly, the governor should be thankful to the Allah for letting his mother see him through success, notably,asan engineer,a ‘chattered politician”, and“an astute administrator with a vision, one blessed with the ability to picture into the fortunes, hopes and desires of a future which best is yet to come for dear state.”
Like mother, like son! Japheth Omojuwa describes him as a “seemingly ordinary man with the proven extraordinary abilities” while Joe Igbokwe sees him as “a repository of trust and confidence among his followers.”Aregbesola has helped a great deal in the transformation of Osun from the shameless sensualities of the Ancient Times and the ruthless ferocity of the Dark Ages into “a developed, cleaner, safer and more beautiful state” that, in another 30 years, Osun will no doubt be a reference point to other states in terms of infrastructure development.His promise of a brighter future has been unsurpassable in the history of the state. Little wonder Aregbesola is one of the most outstanding and credible personalities the Nigerian nation has ever known.
In 1890, Crowfoot on his deathbed famously referred to life as the “flash of a firefly in the night“; “the breath of a buffalo in the wintertime“; and “the little shadow which runs across the grass and loses itself in the sunset.” Without doubt, Iya Olobi’s life brings to memory All Progressives Party (APC), interestingly, a political party co-founded and nurtured into adulthood by his governor-son. Truth be told, APC is fractured in not less than 10 states. Wolves in sheep’s clothing and politicians with no fixed identity are threatening the survival of the party and it seems as if the Father Christmas of our immediate past has lost the essence of his gift. But I believe that this challenge is not insurmountable if only the leadership can learn some salient lessons from the life, travails and the triumph of Rauf’s mother. Herinspiring life and unwavering commitment to excellence have shown that living in questionable submission to the fatal fantasies of life is not always an option.
May Allah grant the soul of the faithful departed Al-Janat!
Ameen!
*KOMOLAFE writes in from Ijebu-Jesa, Osun State ([email protected])
abiodun KOMOLAFE,
O20, Okenisa Street,
Ijebu-Jesa, Osun State.
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Sahara weekly online is published by First Sahara weekly international. contact [email protected]
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Business
Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman By Rabiu Usman
Published
6 hours agoon
November 15, 2024Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman
By Rabiu Usman
It was President Bola Tinubu that declared that in the first half of this year, the revenue of Nigeria soared to over N9.1 trillion, compared to the first half of 2023.
For instance, N5.2 Trillion accrued into the Federation Account for the period January to June 2023, while a total of N7.3 Trillion accrued into the account for the period July to December, 2023.
However, for June this year, accruals into the Federation Account rose to N2.483 trillion in June 2024. It was N2.324.792 trillion in May, meaning for the two months of May and June this year alone, about N4.8 trillion accrued into the Federation Account while N5.2 trillion accrued into the account for the first six months of last year.
The President attributed the revenue increase to the government’s efforts in blocking leakages, introducing automation, and mobilizing funding creatively, all without placing an additional burden on the people.
A few days after the President spoke glowingly of the considerable increase in the revenue of the country, a process being powered by the Federal Inland Revenue Service (FIRS), under the Chairmanship of Dr Zacch Adedeji, the Nigeria’s Zaccheus the Tax Collector, the World Bank also confirmed the progress being made in the area of revenue generation.
The World Bank projected that following the recent increase in government revenue, Nigeria’s revenue-to-GDP ratio could rise to over 10.5 percent by the end of 2024.
Ndiamé Diop, World Bank country director for Nigeria shared the forecast during an interactive session on ‘Fiscal Reforms for a More Secure Future’ at the 30th Nigerian Economic Summit, held in Abuja last month.
Also, according to data released in September by the National Bureau of Statistics (NBS), Nigeria’s Value Added Tax (VAT) revenue increased by 99.82% year-over-year in the second quarter of 2024.
During this period, total VAT revenue reached N1.56 trillion, a 9.11% increase compared to the previous quarter.
The NBS report highlighted that the revenue growth was driven primarily by local payments, which brought in about $484 million, while foreign payments contributed $242 million. VAT on imports generated $228 million.
However, despite the level of progress already made, the FIRS under Dr Zacch Adedeji is not done yet.
Various innovations are daily being introduced to ensure seamless payment of taxes by Nigerians.
Last week, the Taxpayer Services Department of the FIRS launched the new USSD code *829#, aimed at revolutionizing taxpayer engagement and access to essential tax services.
According to the FIRS, the initiative was aimed at “simplifying tax processes and providing a seamless, efficient service experience.”
With the *829# USSD code, taxpayers can now effortlessly access a range of services, including TIN retrieval, Tax Clearance Certificate (TCC) verification, and general inquiries all from the convenience of their mobile phones and with no need for internet access.
Also, Zacch Adedeji is everywhere, explaining the four tax bills currently before the National Assembly, assuring that it will not reduce the funding or operational efficiency of government agencies.
Last week Wednesday, Adedeji addressed the heads of the National Agency for Science and Engineering Infrastructure (NASENI), the National Information Technology Development Agency (NITDA), and the Tertiary Education Trust Fund (TETFUND) at the Revenue House in Abuja. He allayed concerns surrounding the proposal to rename the FIRS as the Nigeria Revenue Service (NRS), clarifying that the change is intended to streamline and improve agency efficiency.
He said the main goal was to align government revenue practices with current fiscal demands to ensure all agencies are well-funded and effective.
Adedeji further highlighted that the proposed legislation would enable government agencies to concentrate on their core responsibilities without the added task of revenue collection.
“The bills, once enacted, will allow agencies to focus on their primary functions instead of managing tax collection duties,” he explained.
Adedeji, who appears to have taken up the job of an Explainer concerning the new tax bills, further pointed out that the bills were the aftermath of President Tinubu’s administration recognition of the need for a unified tax code to reduce complexity and stimulate economic growth.
Perhaps, by the time this is being read, Dr Zacch Adedeji, will be standing before another audience to explain the ideas behind the new tax bills and their capability to further sore up the revenue base of the country, because for him, the revenue must keep increasing.
Usman, a public affairs commentator lives in Abuja.
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Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes
Published
11 hours agoon
November 15, 2024*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes
Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.
Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.
The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.
Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”
Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.
Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.
Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.
The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale
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ATMs empty as banks ration withdrawals
The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.
It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.
While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.
Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.
He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.
“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”
Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.
“It is what CBN has given us that we are using. We are confined within the limits of what is available to us. Also, because we are a big operation, we have to deal with many other businesses.
“Have you also noticed that there is a boom in the PoS business? Those people don’t take their money to the banks. The money comes out of the banks and it stays within their circle. They warehouse their funds, unlike you and I who would withdraw money and spend it which will eventually find itself back into the formal banking system. It is not the same with them. They warehouse their funds and distribute it among themselves.”
According to data from the CBN, currency outside the banks hit N4.02tn in September from N3.86tn in August. This brings it closer to the value of currency in circulation which stood at N4.31tn in September.
Meanwhile, some PoS operators on Lagos Island have increased their charges from N200 for cash of N10,000 to N300.
This was observed at both the CMS bus stop and at Obalende. However, off Lagos Island, the rates had remained at N200 for cash withdrawal of N10,000.
It was further gathered that banks have begun cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.
Findings by The PUNCH showed that the development is gradually leading to cash shortage, as many ATMs were non-functional, leaving customers with no choice but to seek alternative means of withdrawing cash.
As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.
Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.
The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.
A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.
“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”
Our correspondent received the same answer when he attempted to obtain cash.
At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.
A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.
“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.
Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.
This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.
The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.
Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.
This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.
This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.
Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.
The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.
Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.
The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.
This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.
Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.
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