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MICDEE Completes Groundbreaking Workspace Project for MTN

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MICDEE Completes Groundbreaking Workspace Project for MTN

MICDEE Completes Groundbreaking Workspace Project for MTN

 

MICDEE, a leading provider of innovative workspace solutions, proudly announces the successful completion of a high-profile project for MTN. This milestone marks a significant achievement in our ongoing commitment to delivering exceptional workspace solutions tailored to the unique needs of our clients.

Our recent project for MTN underscores MICDEE’s dedication to excellence and innovation in workspace design and execution. By transforming MTN’s office space, we have not only met but exceeded our client’s expectations, setting new standards in the industry.

MICDEE’s client-cantered project management style has been pivotal in achieving this success. Our indigenous company, led by Architect Michael Awonowo, prides itself on understanding and meeting the specific requirements of each client, ensuring every project reflects their unique vision and operational needs.

Architect Michael Awonowo, Chief Executive of MICDEE Designs, remarked, “Our strategic communication efforts are designed to drive brand visibility and attract new business opportunities. By showcasing our innovative solutions and the successful outcomes of our projects, we aim to position MICDEE as the go-to provider for workspace transformation in Nigeria and beyond.”

We extend our gratitude to MTN for their trust and collaboration. Their support has been instrumental in our success, and we look forward to continuing our partnership in future endeavours.

For more information and to view our portfolio, visit our website at micdee.co. Follow us on social media to stay updated on our latest projects and innovations.

MICDEE is a premier workspace solutions provider dedicated to creating functional, aesthetic, and innovative work environments. With a team of experienced professionals and a client-centric approach, MICDEE delivers bespoke solutions that enhance productivity and foster creativity. For more information about MICDEE and our services, please visit our website at micdee.co.

MICDEE Completes Groundbreaking Workspace Project for MTN

 

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As Wale Edun Re-awakens an Economy on the Edge of Collapse

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As Wale Edun Re-awakens an Economy on the Edge of Collapse

As Wale Edun Re-awakens an Economy on the Edge of Collapse

When President Bola Tinubu appointed Olawale Edun as Nigeria’s finance minister and coordinating minister of the economy in August 2023, many analysts wondered how he, alongside his colleagues in the fiscal and monetary authorities, would rejig an economy on the edge of total collapse.

As Wale Edun Re-awakens an Economy on the Edge of Collapse

A few months before the appointment was announced, Tinubu had just won a brutally disputed February 2023 presidential election, which was being challenged by his main opponents in court at the time. Vice President Atiku Abubakar, candidate of the People’s Democratic Party (PDP) and Peter Obi, the candidate of the Labour Party, both came second and third in the keenly contested elections. Both men claimed that the elections were rigged, and that Tinubu should be so removed from office.

Although Tinubu’s elections would later be confirmed by the election tribunals and the Supreme Court, the administration at the time faced serious legitimacy issues.

In that sense, among market analysts and economic experts, Wale Edun’s job was considered near-impossible.

It is important to state clearly that the scepticism that trailed his appointment didn’t stem from any doubt about Wale Edun’s expertise and competence to drive the reform; far from it!

In fact, he came very prepared for the job, as results of the past few months have shown.

Olawale Edun has a background in merchant banking, corporate finance, economics and international finance at both national and international levels. He is a former Chair of ChapelHillDenham Group, Lagos, a leading investment bank. He was an executive director of Lagos merchant bank, Investment Banking & Trust Company Limited, now Stanbic IBTC. He is also the Chair of Livewell Initiative, a not for profit organisation that specialises in health literacy advocacy and practical training in Nigeria, and a Trustee of Sisters Unite for Children, a not for profit institution that focuses on helping street children in Lagos.

But there were just too many hurdles for the President Bola Tinubu government to cross at the time, amid poor fiscal position, widespread poverty, dwindling revenues and drifting economy.

At the time of Edun’s appointment, Nigeria’s inflation rose to an 18-year high in July 2023. The country also faced widespread insecurity, mounting debt burden, high unemployment and slow growth which stoked tension among the population already struggling with a high cost of living.

To rejig the economy, Tinubu decided to embark on some of the boldest reforms that Nigeria has seen in years, including scrapping a popular but costly petrol subsidy and removing exchange rate restrictions.

Consequently, the naira weakened to record lows amid sky-high inflation and poverty.

Gains of Reforms

But in recent months, the pains witnessed by Nigerians seem to be paying off gradually as the gains of reforms are now manifesting.

Nothing demonstrates the confidence being restored in the local economy like how Nigeria recently achieved a milestone with its first-ever domestic dollar bond, which was oversubscribed by 180%.

Initially aiming to raise $500 million, the government finally secured $900 million in commitments. This result surprised many, given Nigeria’s fragile economic situation.

Wale Edun described the bond as a landmark for the country’s domestic market, adding that this success demonstrates investors’ confidence in the country’s ability to turn the economy around.

The bond, with a 9.75% coupon paid semi-annually over five years (an effective rate of 9.99%), is aimed at financing strategic projects in key sectors such as energy and infrastructure. The bond is part of a broader $2 billion program registered with Nigeria’s Securities and Exchange Commission. According to the terms of the issuance, the government has the option to absorb additional subscriptions up to the program’s full $2 billion limit.

The 180% oversubscription was indeed a major victory, drawing interest from Nigerian investors, the diaspora, and international institutions.

But before then, there has equally been some gains in the economy, all pointing towards Edun—-and indeed Tinubu’s—-rejig of the economy.

Already, the Federal Government no longer depends on the Central Bank of Nigeria (CBN) to fund its emerging obligations,a major part of the fruits being yielded by ongoing efforts to improve efficiency and ramp up revenues.

In September, Edun said the government has exited the use of Ways and Means advances for meeting emerging financing obligations, a practice that had been rampant until recently.

Within the periods, the federal government through the Central Bank of Nigeria cleared all outstanding matured and verified FX backlogs totaling $6 billion owed to various creditors, including foreign airlines.

All of the payments were without any depletion in the nation’s foreign reserves. Rather, the reserves have risen to a high of $41 billion, even as the nation remains at a far better fiscal position than it was before the new government came in, now meeting its obligations to creditors without hassles.

In recent months, it has become equally obvious that government was working to plug all loopholes and optimise Nigeria’s financial potential by ensuring that the country’s sovereign assets are fully harnessed for growth and development. Nigeria has huge stranded assets, which the government is expected to unlock to boost its financing liquidity, and efforts are being directed towards this path in recent months.

Another major gain of the government’s macroeconomic reforms is that the country now records a monthly net inflow of about $2.35 billion into its foreign exchange (forex) reserves in the recent months, an inrease that has contributed significantly to the stability of the naira in the forex market. Consequently, between Monday and today, Wednesday, the Naira has gained over N140 in the parallel market while strengthening and stabilizing in the orthodox market.

One equally important development that demonstrates the efficacy of Edun’s managerial competence was evident in the recent endorsement of the economic reforms by the International Monetary Fund. In her engagement with President Tinubu in November, the Managing Director of the International Monetary Fund, Kristalina Georgieva, commended Nigeria’s economic reforms under the leadership of Tinubu.

The IMF chief highlighted the progress made by Nigeria in its quest for economic stability and assured that the IMF remains strongly committed to supporting Nigeria on its path to recovery and sustained development.

What all of these have shown is that while reforms championed by Edun, Cardoso and others can be painful and tortuous, the gains can only reset a collapsing economy and fix a better future for younger Nigerians.

Like Georgieva said, the reform will surely “accelerate growth and generate jobs for its (Nigeria’s) vibrant population.” Surely, Wale Edun and others deserve all the support they can get.

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NAFDAC Begins Crackdown on Alcoholic Beverages Below 200ml

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NAFDAC Begins Crackdown on Alcoholic Beverages Below 200ml

NAFDAC Begins Crackdown on Alcoholic Beverages Below 200ml

 

The National Agency for Food and Drug Administration and Control (NAFDAC) has launched an enforcement campaign against the sale of alcoholic beverages in sachets and PET bottles below 200ml.

The enforcement began at Rumuokoro Market in Port Harcourt, Rivers State, where large quantities of the banned products were discovered in two shops. A statement by the South-South Zonal Director of NAFDAC, Pharm. Chukwuma Oligbu, and signed by the zone’s Public Relations Officer, Cyril Monye, confirmed the operation.

The seized items included hundreds of cartons of alcoholic drinks in sachets and PET bottles. Efforts to remove the products were met with resistance from traders, who reportedly obstructed the exercise.

Background on the Ban

Pharm. Oligbu explained that manufacturers were given a five-year grace period, starting in 2018, to phase out the production of these beverages. This period ended in December 2023, with the official ban announced in February 2024 by NAFDAC’s Director-General, Professor Mojisola Adeyeye.

“The ban was a decision of a federal government multilateral committee involving all stakeholders. NAFDAC will not tolerate the continued endangerment of young Nigerians through the consumption of these spirits,” Oligbu stated.

Warning to Manufacturers and Traders

The statement reiterated that manufacturers must halt production of the prohibited products. NAFDAC vowed to intensify its crackdown, targeting supermarkets, shops, and street vendors across the country to seize banned items.

This action is part of NAFDAC’s broader efforts to safeguard public health and address the dangers posed by the consumption of high-alcohol-content beverages in sachets and small containers.

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Staff Members Celebrate FIRS Boss Over Enhanced Welfare Package

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Staff Members Celebrate FIRS Boss Over Enhanced Welfare Package

 

The Executive Chairman of the Federal Inland Revenue Service, FIRS, Zacch Adedeji Ph.D, on Thursday was received by jubilant workers who had assembled at the agency’s headquarters at Sokode Crescent, Wuse Zone 5, Abuja, to appreciate him for his numerous welfare packages for them.

 

As early as 8 am, the workers who said they have continuously enjoyed uncommon welfare packages from Adedeji since he assumed office over a year ago, carried placards with various appreciative inscriptions like ‘we love you Zacch’, ‘You’re a man of the people’, ‘We support you 💯…’ and many others.

They sang appreciative songs, danced and engaged in a form of gyration. No sooner had they started than the Chairman arrived. Others who had stayed under the shed for protection against the Abuja sun joined in leading the Chairman to his office.

A statement by Sikiru Akinola, Technical Assistant (Print Media) to Adedeji, quoted the staff members as saying that Adedeji has proven himself as a staff welfare-minded administrator.

The statement noted that FIRS staff were happy for the welfare packages extended to them, most especially the increment in salary.

The statement quoted a staff member as saying: “Being someone who is deliberate and intentional, Zacch Adedeji Ph.D is always concerned and mindful of those around him and people whose paths have crossed with him. He is our boss and our friend. We all can attest to that. So for us, we decided to gather today to appreciate him. This was something he had avoided. More than two occasions, we had attempted it. When the news of the increment was first spread in-house, it was well-received. During the one year anniversary, the leadership of the staff union openly revealed that this is the first time they would sleep with their eyes closed as members don’t have any complain to warrant a confrontation with the leadership of FIRS.”

Another staff was quoted as saying: “The Executive Chairman did not even brief many people before increasing staff salary and other welfare packages. He is someone who believes that those who help in making sure the audacious target of N19.4 trillion for the 2024 is met should also be properly treated to motivate them. Few months ago, in what many of us described as unprecedented, he had increased our salary. It was uncommon. This was after many other packages had been introduced. He listens to our yearnings and aspirations”, she said.

In their various remarks at the gathering, most of them agreed that no Executive Chairman of the agency had been so celebrated like Adedeji in just a year and four months of his stewardship, confirming that his magnanity to staff has been awesome and unprecedented.

Adedeji accepted the cheers by saluting the jubilant crowd, waving his hands to show his gratitude.

 

Sikiru Akinola,
Technical Assistant (Print Media).

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