Business
Mrs. Bolanle Ambode: A Profile in Humility
Published
7 years agoon
“Man is never as tall
as when he kneels before God;
never so great, as when
he humbles himself before Him.
And the man who kneels to God
can stand up to anything”
-Louis Evans
Inspiring. Instructive. Food-for-thought. Those words kept reeling round my mental horizon, as one delved deep into the compelling persona of none other than the current First Lady of the Centre of Excellence, Lagos state, Mrs. Bolanle Ambode. And why not? Like all the biblical virtuous women she must learnt a lot from, such as Sarah, Hannah, Abigail and Esther she has had her fair share of life’s challenges but she never capitulated to their whims and caprices.
Rather, she simply turned her stumbling blocks into stepping stones. She mustered the needed courage at every twist and turn of immanent Fate, with absolute faith in God to weather the storms. Like raw iron she has been purified through the fires of affliction to assume the inner strength of steel. As reflected in the book of Isaiah 48:10 KJV: God stated that: “Behold, I have refined thee, but not with silver; I have chosen thee in the furnace of affliction”
And by scaling over what would ordinarily have constituted the hitches and hurdles along her chequered life, she was drawn closer to God. Those challenges served as the tonic to reinvigorate her faith in Him. Now, by that special grace she stands solidly as the pillar of unflinching support behind her loving husband, Governor Akinwunmi Ambode, now widely acclaimed as one of the best performing governors in the country.
The lesson to glean from this is that as Christians there are some miracles that we may not have the capacity to carry, unless we have been adequately prepared to do so. Such preparation would definitely involve having to pass through some trying times. As Henry Ford rightly puts it, “we learn more from our challenges than from our successes”.
What therefore, define her today are catchy phrases such as; “ a prayer warrior”, “an epitome of care and love as the chief host in the State Government House”, “a virtuous woman”, “a lesson in humility” and “mother to all”. For those who are close to her these words do not connote hyperbole. They are apt descriptions of her true character. According to Patricia Ennis, “A virtuous woman isn’t ruled by her passions-she passionately pursues an incomparable God.”
For instance, she has used the power of prayers to propel her husband in his quest to become the state governor. Throughout the hectic periods of campaigns back in 2014 and early 2015 she never for once stepped foot in the campaign office. She attended only important rallies and seminars but was at the background galvanizing the good women of Lagos to cast their lot for her husband. As she told them and others who offered their support, his ambition was informed by “the will of God”. She would also add that, “this is God’s project and He will see it through”. What a woman of faith!
Indeed, her legendary humility was exhibited during those trying moments when she had to personally cook the delicious meals for various visitors and members of the campaign team. She would welcome each of them with her genial smile, exuding her alluring meekness and modest lifestyle.
It is on record that even at the monthly thanksgiving service at the State House Chapel, she would lie down flat for prayers and stand up to take part in the singing of songs to which she would dance to the admiration of God and man.
It is also worth noting that she has in no small measure inspired her husband’s uncommon passion in the determined drive to rid Lagos of all forms and vestiges of crimes against women from rape to domestic violence. She is an advocate of a happy and peace-loving family being a good example of one herself.
And as part of her pet project, Hope for Women in Nigeria Initiative, (HOFOWEM) she has commenced the distribution of 175,000 educational kits, consisting of school shoes and socks to children across the State public primary schools. The Foundation had in September last year launched “ Project Bright Steps’’ for public school pupils in Lagos State, during which Mrs. Ambode make the promise. Speaking at the Central Primary School, Oba Akinjobi Ikeja, one of the venues slated for the distribution exercise, Mrs. Ambode also renewed her call to parents and well-meaning Lagosians to pay adequate attention to the welfare of school pupils in the State.
In a similar vein, she has flagged-off the State’s mass de-worming exercise for primary school pupils in the State, charging parents in the state to encourage hand-washing among their children, as well as maintain a clean and healthy environment so as to prevent them contracting worm infections..
According to her, “De-worming children helps them to develop well and boost their learning capability. This is a great advantage that cannot be ignored because good academic performance will to a large extent determine the future of a child”.
She has in addition, twice successfully hosted the coming together of all the wives of the top-notch political office holders in the state to carry them along in her dream to make governance more people-friendly.
And as one with a burning desire for one, united and peaceful country, she has
enjoined Nigerians to embrace peace and love. She said this during the past Ramadan Season “For any country to thrive, she needs love and peaceful co-existence to strengthen the social bond, and overcome any challenge confronting it as a nation. It is only when we allow love to grow in our hearts irrespective of religion, language and tribe barrier that we can collectively as a nation surmount any challenge confronting us”.
Little wonder that she has through her humility demystified the exalted office of the First Lady in Nigeria. Not for her are the apparatchiks of office. Not for her is the loudness or frivolities normally linked with such political platform but to be the true soul-mate to her hard working and resourceful husband. She is there assisting in his daily sensitive and critical leadership choices and actions, with powerful prayers.
As Proverbs 31:10 states “A wife of noble character who can find? She is worth far more than rubies”. Stretching it further Proverbs 31:11-12 states that: “Her husband trusts her completely. With her, he has everything he needs. She does him good and not harm for as long as she lives”. She was born into the Odukomaiya family in Epe, Lagos, on February 15, 1964. She attended St. Theresa’s College, Ibadan, Oyo, for her secondary school and Lagos State University (LASU), Ojo, Lagos, where she graduated in Physics/Mathematics for her first degree in 1989 and later Masters degree (MSc) in Public Administration in 1994.
Until her emergence as the Wife of the Governor of the State of Lagos, she worked as staffer of the now defunct People’s Bank of Nigeria before she left to join Instant Finance Nigeria Limited and later Aguagem Consulting. She is the Managing Director and Chief Executive Officer of Rehoboth Chops and Confectioneries Limited. The Rehoboth bread is said to be very popular among Lagosians.
It would interest Nigerians to know that she and her husband were born at the same General Hospital in Epe! What a coincidence, many would exhale. But the truth of the matter is that their union is God’s own Project that can never fail.
Her life is therefore, most inspiring to the younger generation of Nigerian ladies; instructive to those praying for a brighter future and food-for-thought for all lovers of God, willing to humble themselves at His feet and who He would raise, to stand up to anything!
–Ajanaku Idowu is the S.S.A Media & Strategy to Gov. Ambode.
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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
7 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
12 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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