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FASHOLA DEDICATES STEPHEN J. SOLARZ AWARD TO TEAM WORK

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·         As Founder of Mo Ibrahim Foundation, Dr. Mo Ibrahim, commends the former Lagos State Governor for good governance
·         “It’s for commitment to resolving social, economic and security challenges in the world’s most challenging urbanenvironments”, says ICG

Immediate past Governor of Lagos State and Minister Designate, Mr. Babatunde Fashola SAN, in faraway New York, dedicated the honour of the prestigious annual Stephen J. Solarz Award presented to him by the International Crisis Group (ICG) to team work saying he was only privileged to be head of a dedicated team of men and women who devoted their lives to a chosen cause.

 

Fashola, who becomes the seventh recipient worldwide, got the award during the 2oth Anniversary Dinner Award of the global conflict
resolution organization in New York “for commitment to resolving
social, economic and security challenges” in Lagos, considered by the
world body as “one of the world’s most challenging urban
environments.”

 

In his short remark after receiving the award presented on behalf of
ICG by founder of Mo Ibrahim Foundation, Dr Mo Ibrahim, Mr. Fashola
insisted that what happened in the eight years he governed Lagos State
happened only because he was privileged to lead “a team of dedicated
men and women who devoted their lives to the same cause”.
While thanking the organization for the honour of the award, Fashola
noted, “When you talked of Ebola, when you talked of security, it was
the health workers and the Police who did the work and as leader of
the team, I was only blessed with the men and women who really were
ready to serve in the place we call home”.

 

The Minister Designate, who said he would have brought the whole team
to New York for the award if it were possible, added, “For me it is an
honour and it is on their behalf that I accept this award. Let me say
that such honour will continue to inspire us to make our State and our
country a better place to live for our people”.

Describing himself as lucky to be blessed with such a team, Fashola
declared, “In all our life’s journey we encounter, we meet people who
lend a hand, we meet people who inspire, we meet people who support
and all of the things that happened throughout the eight years I
served as Governor of Lagos State did not happen because of me”.
He congratulated the International Crisis Group for the work it has
been doing in the past two decades which he described as remarkable
and also thanked the Group for the honour accorded him in presenting
the award adding that the works of Stephen J. Solarz in whose memory
he was receiving the honour has continued to inspire good leadership
especially across Africa.

 

Fashola, who expressed his delight to have received the award from Mo
Ibrahim who he described as “my brother”, praised the Founder of Mo
Ibrahim Foundation for his commitment to the development of good
governance and the eradication of poverty in the Continent of Africa.
Earlier in his remarks before presenting the prestigious award, Mo
Ibrahim described former Governor Fashola as “a wonderful man” who,
for eight years, exhibited good governance in Nigeria, “a country
which suffered for many years from bad governance”.
According to Mo Ibrahim, the former Governor came and gave a new face
of governance to Nigeria and showed in his eight years in office that
he understood what he was sent to do, which according to him, “is to
deliver service to the people”.

 

Pointing out some of the remarkable landmarks of service by the former
Governor and his team, Mo Ibrahim declared, “For instance, before he
came into office, transport from the airport to the city was a
nightmare. But when he came he did a wonderful job and things began to
move”.

He recalled that before Fashola came into governance security was a
major challenge in in the country and the State with the Police in bad
shape due to lack of institutional support adding that with the coming
of the Governor, a new initiative was introduced into security
management whereby he invited the private sector and other major stakeholders to support.

 

According to him, the police were equipped with vehicles decent uniforms and other security gadgets and equipment and Lagos became safe again through the initiative adding that the former Lagos State Helmsman also did the same in the Education and Health sectors.
He recalled that in the area of Education, which according to him is a major challenge in Africa, Fashola invited the Private Sector and they supported in building new schools and equipping them with modern learning aids adding that in the area of Health his most prominent Achievement was the eradication of Ebola.

 

“I can keep going on and on about all his achievements but the important thing here is that all these happened in Nigeria where governance was a major issue. That is why I am happy today to offer this award to a man who has provided good governance in Nigeria”, he said.

 

The International Crisis Group is an independent, non-profit,
non-governmental organisation committed to preventing and resolving deadly conflicts across the globe with Mission and Method which include Field Work, Analysis and Advocacy in crisis locations based on seriousness of a situation, value to international understanding and response, availability of fund and safety of operation.

 

Former Governor Fashola was accompanied to the high profile event by several prominent members of the Class of 2011 – 2015 of the Lagos State Executive Council including former Commissioner for Economic Planning and Budget, Mr. Ben Akabueze, his Works and Infrastructure, Finance and Commerce and Industry counterparts, Dr. Obafemi Hamzat,
Mr. Ayo Gbeleyi and Mrs. Olusola Oworu respectively.

 

Also in the entourage were former Special Adviser on Public Health, Dr. Yewande Adeshina, and former General Manager of the Lagos State Pensions Commission, Mr. Kunle Hussien, as well as a Chieftain of the All Progressives Congress (APC) in Lagos, Pastor Akintola Daramola, among others.

 

And present at the impressive ceremony were Nigerian members of the Board of Trustees of ICG including the Vice Chairman and prominent legal practitioner, Mr. Ayo Obe and Founder of Fate Foundation, Mr. Fola Adeola, President & CEO of ICG, Mr. Jean-Marie Guehenno, fellow honorees including President Emeritus of the Group and former Minister of Foreign Affairs of Australia, Mr. Gareth Evans, who received the Founder’s Award and former Minister of Foreign Affairs of Italy, Ms Emma Bonino as well as Founder of Mo Ibrahim Foundation, Dr. Mo Ibrahim, who presented the Stephen J. Solarz Award on behalf ICG to

Mr. Fashola, among others.

 

 

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

In a bid to ease financial burdens during the holiday season, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre. This follows a previous price cut to N970 per litre on November 24. The move is aimed at reducing transportation costs for Nigerians as they prepare for festive celebrations.

Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, disclosed the development in a statement, highlighting additional benefits for consumers. Beyond the price reduction, the refinery is introducing a special credit offer. For every litre of PMS purchased on a cash basis, consumers can buy an additional litre on credit, supported by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

“To help reduce transport expenses this holiday season, we’re offering PMS at N899.50 per litre and providing a credit option for additional purchases. This is part of our commitment to making high-quality petroleum products accessible to Nigerians,” Chiejina said.

The refinery also reaffirmed its commitment to providing premium-quality, environmentally-friendly fuel, while ending Nigeria’s dependence on substandard imported products.

With a capacity of 650,000 barrels per day, the Dangote Refinery is the largest single-train refinery in the world, capable of meeting Nigeria’s entire refined petroleum product demand and generating surplus for export. As the festive season approaches, the company expressed gratitude to Nigerians for their support and pledged continued efforts to ease their economic burdens.

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Setting the Record Straight: Clarifying NNPCL’s Role in the Dangote Refinery Investment

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General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Setting the Record Straight: Clarifying NNPCL’s Role in the Dangote Refinery Investment

We have received numerous inquiries from the media and concerned stakeholders seeking clarification regarding a recent report attributed to the Nigerian National Petroleum Company Limited (NNPCL). The report suggested that NNPCL’s decision to secure a $1 billion loan backed by its crude was instrumental in supporting the Dangote Refinery during liquidity challenges.

Setting the Record Straight: Clarifying NNPCL's Role in the Dangote Refinery Investment

We wish to categorically state that this narrative is a misrepresentation of the facts. The $1 billion referenced constitutes just about 5% of the total investment in building the Dangote Refinery.

Our partnership with NNPCL was established based on their strategic importance as the largest offtaker of Nigerian crude and, at the time, the sole supplier of gasoline into Nigeria. As part of this agreement, a 20% stake in the refinery was valued at $2.76 billion. Of this amount, NNPCL agreed to pay $1 billion upfront, while the remaining balance was structured to be recovered over five years through crude oil supply deductions and dividends.

If we had been facing liquidity challenges, such generous credit terms would not have been feasible. At the time of the agreement in 2021, the refinery was still in its pre-commissioning phase. Any claims suggesting financial struggles are inconsistent with the structure and nature of this agreement.

Regrettably, NNPCL was unable to meet its commitment to supply the agreed 300,000 barrels per day of crude oil due to pre-existing financial commitments tied to their crude cargoes. Given this, we extended a 12-month period for NNPCL to pay cash for the balance of their equity. However, they were unable to meet the deadline, which expired on June 30, 2024. Consequently, NNPCL’s equity stake in the refinery was adjusted to 7.24%.

It is therefore inaccurate to claim that NNPCL facilitated a $1 billion investment amid liquidity challenges. Their $1 billion investment secured a 7.24% ownership stake in the Dangote Refinery, a strategic partnership beneficial to their interests.

NNPCL remains a valued partner, and we urge all stakeholders to adhere to the facts and provide accurate information to ensure proper media representation for the benefit of all stakeholders and the public.

Anthony Chiejina
Group Chief Branding and Communications Officer
18th December, 2024

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

 

MTN Nigeria, the nation’s largest telecom company, pays over N200 billion in Value Added Tax (VAT) monthly, making it the single biggest contributor to the country’s VAT revenue, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.

Speaking at Channels Television’s Town Hall on Tax Reforms, Oyedele highlighted significant disparities in the current VAT allocation system, revealing that all VAT paid by MTN is credited solely to Lagos State, where the company’s headquarters is located, despite the fact that services generating this revenue are consumed nationwide.

“MTN is the largest contributor to VAT in Nigeria,” Oyedele stated. “They pay over N200bn every month, and the gap between them and the second-largest contributor is massive. However, all this VAT is currently allocated to Lagos, even as calls are made across states like Kano, the FCT, Ekiti, Edo, and Kebbi.”

As part of the ongoing tax reform efforts, the committee has proposed a new framework to ensure equitable distribution of VAT revenues based on consumption rather than the corporate headquarters’ location.

Under the proposed redistribution model, Lagos State, which now retains the full N200bn from MTN, would see its share reduced to around 20 per cent. The remaining revenue would be distributed more fairly among other states where the services are consumed.

“This adjustment ensures states where VAT is generated get their fair share,” Oyedele explained. “While Lagos State’s share decreases slightly, every other state stands to gain under the new system.”

The tax reform bill, designed to address inefficiencies and promote fairness in Nigeria’s fiscal policies, has sparked debate among stakeholders. Critics have accused the committee of advancing policies that may negatively impact certain regions.

Oyedele, however, dismissed these claims, arguing that the current system is flawed and in need of urgent correction. “If something is being done wrongly, how can Lagos State or anyone oppose reforms aimed at fixing it?” he questioned.

The proposed reforms, which include provisions for revenue redistribution and efficiency improvements, are seen as pivotal to ensuring fairness and sustainability in Nigeria’s tax system.

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