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Lagos Chamber Of Commerce Responds To President Tinubu’s Address To The Nation

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Tinubu Reaffirms Nigeria's Readiness To Play Vital Role Within G-20

 

Lagos Chamber Of Commerce Responds To President Tinubu’s Address To The Nation

 

 

THE LAGOS CHAMBER OF COMMERCE AND INDUSTRY
STATEMENT ON PRESIDENT BOLA AHMED TINUBU’S ADDRESS ON THE STATE OF THE NATION ON 31 JULY 2023, BY ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, MFR, FNIM, CNIM, FIoD

 

 

Lagos Chamber Of Commerce Responds To President Tinubu's Address To The Nation

The Lagos Chamber of Commerce and Industry (LCCI) wishes to commend President Bola Tinubu on his second State of the Nation address as the country grapples with the short-term economic hardship resulting from subsidy removal and exchange rate harmonization. The President’s address showed leadership, responsibility, and accountability, and he demonstrated empathy as he unveiled a broad plan to ease the cost of living pains for Nigerians. He also provided clarity on the palliative measures and strategies for implementation.

 

 

 

LCCI also commends the President on the palliative plan to support businesses, the working class, and the most vulnerable, as well as a policy intervention to check rising inflation and ensure exchange rate stability. The President covered most of the strategic sectors of the economy, but nothing was said about security, which is a critical factor in national development.
The President described the plan to spend the 500 billion naira ($652 million) package to boost the economy by easing transportation costs, boosting manufacturing, and enhancing food supply. It will also provide conditional grants to at least a million small businesses. To ensure affordable food prices, it is good that strategic reserves of grains will be released to households, and support for agriculture, including farmland cultivation, will be a priority.

 

 

 

 

These plans demonstrate that the President is listening to Nigerians. The Chamber supports the move to invest in the manufacturing sector. However, it would be pertinent to consider more enterprises as 75 enterprises would not significantly impact the economy. However, we commend the effort to kick-start sustainable economic growth and improve productivity. We believe that if this plan is rigorously pursued, economic growth through the real sector of the economy would be achieved and could revive Nigeria’s sluggish industrialization and expand the GDP.

 

 

 

We wish to call attention to the cost of funds. The plan is to offer loans to 75 scalable enterprises with enormous prospects at 9% per annum, repayable over a maximum period of 60 months. The government would need to closely monitor the banking sector in the provision of these loan facilities so that the eventual cost of funds is not above 9% from other banking fees and charges. It may be judicious to stipulate that the total costs of funds is benchmarked to 9% regardless of the charges and fees.

 

 

 

 

The focus on improving public transportation, including providing buses to be fueled by compressed natural gas (CNG) for deployment in all the states, is a means to provide affordable transportation across Nigeria. This will help ease the problem of moving persons and goods across the nation. It will also reduce the cost of doing business which burdens most small enterprises.

 

 

 

 

The Chamber hereby expresses concerns about the role of the State and Local governments as well as transparency in the implementation of the palliative strategies as the government plans to introduce an Infrastructure Support Fund for the states to invest in critical areas and revamp healthcare and educational infrastructure.
·        We urge the government to ensure smooth and promising implementation of the measures and regularly engage the citizens and the organized private sector to ensure accountability. There should be proper monitoring and evaluation of the implementation process to ensure benefits to the people.
·        We also wish to nudge the government to share in the sacrifice made by Nigerians by reducing the high cost of governance in all its tiers and ensuring fiscal leakages and corruption are strategically dealt with. As we commend the government’s courage in enacting a series of policies, we trust that government would be courageous enough to cut the cost of governance. This will demonstrate to Nigerians that the leaders share in the suffering and sacrifice of the people. The perks available to public office holders are so enormous that it is difficult for the average Nigerian to understand why they suffer so much and those in leadership are unaffected. We urge Mr. President to do the needful, and we expect further announcements on the measure to cut the cost of governance.
·        As mentioned, security has not been given sufficient attention. It is also of utmost importance to deal with the issue of insecurity because, without security, there can be no prosperity. If the issue of insecurity is not adequately dealt with, the implementation of these strategies could be in jeopardy.
·        The issue of oil theft must not be sidelined at this stage, as it has critical implications for the rule of law and our economic well-being as a nation. This will demonstrate that there is a holistic effort to revamp the economy and chart a new path for Nigerians. Government should also track down and apprehend the culprits of oil theft as this will act as a deterrent and communicate powerfully that crime must be punished.
·        The fuel subsidy regime is sometimes described as a scam due to the opacity and lack of integrity of the arrangement, and it has indeed become a burden on the economy and a source of enrichment for a select group of individuals. Therefore, the Chamber calls on the government to make the required effort to identify and investigate the select group of individuals that plundered our national wealth and enriched themselves through the fuel subsidy regime. They should be brought to book to prevent a recurrence of such criminal actions that have destroyed our economy. Going forward, the system should also have sufficient transparency, accountability, and integrity, particularly with product pricing.
·        We urge Nigerians to exercise some patience, as emphasized by the President. The degradation of our economy has occurred over several decades and it can not be reversed within a few short months. It would take a concerted effort by all and focus on the strategic alignment of our national goals for change to occur. In reality, it is inevitable that we suffer some pain for these reforms to be successfully implemented. We all want a better and brighter future for Nigeria, so let us work together to make it happen.
ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, MFR, FNIM, CNIM, FIoD
PRESIDENT / CHAIRMAN OF COUNCIL,
LAGOS CHAMBER OF COMMERCE & INDUSTRY
1 AUGUST, 2023

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Nollywood’s Wumi Toriola Sparks Drama

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I Want More Babies with My Ex—Not Marriage!” — Wumi Toriola Shocks Fans with Bold Confession

LAGOS, NIGERIA – In a revelation that has left fans stunned and the internet buzzing, popular Nollywood actress Wumi Toriola has openly declared that she has no interest in getting married again — but still wants to have more children with her ex-husband.

The outspoken actress, known for her fiery roles on screen and blunt takes off-screen, made the confession in a recent interview that has gone viral across social media.

“I’m not interested in getting married now, but I want to have more babies with my ex-husband,” she said without hesitation.

Toriola, whose marriage ended in 2023, explained that despite their separation, she and her ex-husband maintain a solid co-parenting relationship — and even share mutual respect when it comes to parenting.

“My ex-husband told me that I may not be a good wife to him if we come back together,” she revealed.
“But he also told me that I’m a good mother to our children.”

Nollywood’s Wumi Toriola Sparks Drama

A Marriage Built on Conflict

In a tell-all moment last year, the actress disclosed that the marriage broke down due to constant emotional clashes, with her ex allegedly throwing past mistakes in her face during arguments — a pattern she said became too toxic to continue.

Yet, in a twist that has captured public attention, Toriola seems to be embracing a non-traditional family dynamic, openly stating her desire for more children with a man she no longer sees herself marrying.

 “More Babies, No Ring”

Her candid take has ignited hot debates across social media, with fans divided — some praising her honesty and progressive mindset, others questioning the complications such an arrangement might bring.

While her ex-husband is reportedly not remarried, Toriola admitted she doesn’t know if he is in a new relationship, but emphasized that their current parenting arrangement is working just fine.

Social Media Reactions

Reactions have been pouring in:

“This woman is just being real. Marriage isn’t for everyone.” — @RealtalkNaija
“More babies with your ex? Sounds like a soap opera plot.” — @AmakaUnfiltered
“Respect to her for owning her truth, but I hope the kids are okay in all this.” — @ParentingNg

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“I Am Severely Damaged” — Kemi Olunloyo Breaks Silence on Childhood Trauma’

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“I Am Severely Damaged” — Kemi Olunloyo Breaks Silence on Childhood Trauma, Family Rejection, and Her Father’s ‘Bondage’

“I Am Severely Damaged” — Kemi Olunloyo Breaks Silence on Childhood Trauma, Family Rejection, and Her Father’s ‘Bondage’

LAGOS, NIGERIA — Controversial media personality and self-styled investigative journalist Kemi Olunloyo has once again sent shockwaves across the country with a raw, deeply personal revelation about her lifelong trauma, fractured family ties, and her decision to walk away from journalism for good.

In a post that has since gone viral on social media, the 59-year-old daughter of the late former governor of Oyo State, Victor Omololu Olunloyo, opened up about her harrowing past, including surviving a sexual assault at age 13, her strained relationship with her father, and why she never married.

“I am especially severely damaged from the se@ual attack trauma of Ikorodu Rd as it’s April 28th (1978) again,” she wrote.
“It is one of the reasons I never married and just had children.”

The journalist claimed she had been robbed of affection and the will to trust or love a man ever since the abuse, adding that the experience permanently changed the course of her emotional and personal life.

Olunloyo, known for her controversial takes and online rants, stated that she currently lives alone in a one-room apartment, having relocated multiple times in the past two years. But now, she says, she is “finally at peace.”

 “My Father Put a Charm on My Career”

Perhaps the most explosive part of her confession was her accusation against her late father, whom she claims spiritually sabotaged her career in journalism.

“I begged through fundraising and donations to work for so long because my own father clamped a charm bondage on my career,” she alleged.
“He never liked me being a journalist. He never wanted my education to supersede his.”

Olunloyo also denounced the media industry in Nigeria, stating that many outlets branded her “mad” and refused to support her work for over a decade. As a result, she declared her permanent retirement from journalism, a profession in which she had been both celebrated and condemned.

“I cannot return to journalism as I’ve retired twice and have no interest anymore,” she said.

 A Wave of Support Amid the Pain

Despite the dark tone of her message, Olunloyo acknowledged an overwhelming outpouring of support from Nigerians who have reached out, offering gifts and prayers.

“God will lift me. I appreciate all your gifts. Continue to pray for me.”

Her message has sparked a nationwide conversation on mental health, sexual violence, childhood trauma, and the often-taboo topic of dysfunctional family dynamics among Nigeria’s elite.

As Nigerians reflect on her confessions—raw, unapologetic, and deeply personal—many are asking tough questions about how society supports survivors, especially when their voices come wrapped in controversy.

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Egbaliganza: IWA Urges Youths to Play a Greater Role in Promoting Culture and Heritage

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Egbaliganza: IWA Urges Youths to Play a Greater Role in Promoting Culture and Heritage

By Adeyemi Obadimu

In a powerful call to action, the Ogun State lawmaker representing Abeokuta South Constituency II, Hon. Wasiu Sunday Ayodele, popularly known as IWA, has urged Egba sons and daughters, particularly the youth, to actively engage in the cultural practices that define the rich heritage of Egba land.

His remarks followed the successful conclusion of the 2025 Lisabi Day Festival, a significant cultural event that celebrated the traditions and history of the Egba people.

Hon. IWA, who is the Balogun Woro Of Ijeja Land at the just concluded festival is an advocate for preserving and promoting cultural identity, he praised the organizers of the festival for their exceptional work in bringing together the community to celebrate Egba culture.

“According to IWA, the Lisabi Day Festival serves as a crucial platform for showcasing the unity, values, and customs that have been passed down through generations.

“I urge all Egba youths to participate more in the cultural activities of our land,” Hon. IWA said. “The just concluded Lisabi festival was a clear reminder that our culture is an invaluable asset that binds us together as a people. It is important that we, as the younger generation, take pride in our traditions and continue to carry them forward. By participating in these cultural events, we strengthen our identity and ensure that our legacy endures.”

He said Culture plays a pivotal role in the development of any community. It shapes our values, beliefs, and way of life, serving as the foundation of our social cohesion and unity. In Egba land, culture is not only a reflection of our past but a living, evolving part of our present and future.

Culture acts as a repository for the history, stories, and values of a people. Festivals like Lisabi Day provide an opportunity to pass down knowledge and traditions to younger generations, ensuring that Egba history remains vibrant and relevant.

Hon. IWA emphasized that the youth are the future custodians of Egba culture, and their involvement in activities like the Lisabi Day Festival is crucial in ensuring that these traditions continue to thrive for generations to come.

“The future of Egba culture lies in the hands of our youth. By actively participating in cultural events and promoting our traditions, we are ensuring that the Egba legacy remains strong and proud,” he concluded.

As the Egba people look forward to more celebrations of their heritage, Hon. IWA called on all stakeholders, including government agencies, community leaders, and the youth, to work together in fostering a stronger, more vibrant cultural community.

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