Advertisment

Business

ONDO 2016: History beckons on APC Governorship Candidate, Senator Ajayi Boroffice

Published

8 years ago

June 22, 2016

Sahara Weekly

Advertisment

One of the missing factors in Nigeria’s political leadership equation, is the persisting lack of requisite experience and will on the part of the principal actors to serve the state instead of the self.Thus, we have been bedeviled by the dark-horse syndrome. The other is the internecine gambit for the plums and perquisites of office, characterized by intrigues, mischief making and sheer blackmail,sometimes using armed thugs to brow beat real and perceived political foes.Yet, a third and quite distasteful ingredient in the potpourri of power is the obscene display of ill-gotten wealth aimed at courting the voters’ favour and thereby swaying his choice, all for monetary gains. But for how long would this continue? That is the million-naira question.

Truth is, that where competent,committed,courageous and patriotic politicians emerge on the scene their path to accessing the pedestal of power is literally strewn with thistles and thorns.There is however, one concerned Nigerian well-heeled in the art and science of politics who is battle-ready to make the paradigm shift. He wants to be the exception rather than the rule. And he is none other than the two-time Senator Ajayi Boroffice, representing Akoko North Constituency,using the platform of the All Progressives Congress(APC). But he knows it is not going to be a walk in the park. As he highlighted in a recent media chat, it is sad to note that sometimes you need the money and the thugs He should know. All through his political career he has distanced himself from anything that has to do with violence or throwing money about all because he wants some fleeting political position.

Advertisment

As the Asiwaju of Akokoland; a dignifying position thrust upon him after the demise of Chief Rufus Giwa he has become a worthy role model to all. Indeed, he wants to be the exception rather than the rule of brigandage in politics. He did not condescend to the use of thugs or foul language when he contested and convincingly won the Senatorial seat on two occasions. Not even when he squared up against a formidable candidate such as Chief Bode Jumoke. And he is not going to do so currently.

Instead, he wants to make the difference-to leave a legacy of positively impacting on the sustainable quality of life of his people. This he has amply demonstrated by his several philanthropic gestures. Over the years, he has sponsored the sinking of bore holes in virtually all the towns and villages across the Senatorial District that he represents. In addition, he has engaged in youth and women empowerment for skills acquisition and self-reliance. To further this noble cause, he donated grinding machines, motorcycles, in addition to 100 cars and 200 tricycles to those who needed them most.

For someone much-respected for his loyalty to the party, Boroffice firmly believes in the principles of putting the larger picture above his selfish ambitions. His victory at the polls in 2011 was seen by some as riding on the popularity of Governor Mimiko, then on the platform of the Labour Party, LP. But his successes using the Action Congress of Nigeria, ACN and later the APC have shown that he is constantly faithful to any cause he believes in.

For instance,when in 2012 Barrister Akeredolu clinched the party’s ticket for the gubernatorial race, ahead of him he remained in the party. Even when some politicians such as the former Deputy Governor,Ola Olanusi, and others such as Olu Agunloye, Saka Lawal, Olaiya Oni as well as the Deputy Speaker of the House of Assembly left he stayed loyal and used his influence to win Akoko South-West added to Akoko North for the party. Such a rare form of unflinching loyalty he has also demonstrated when crisis reared its ugly head at the Senate.

Having stayed in the APC for the four years of its existence, combined with the ever-expanding political structures on ground and the aforementioned loyalty, Boroffice stands head and shoulders above the pack to clinch the coveted governorship of the APC.The other factor that stands him in good stead is his wealth of professional experience. This includes his untainted career,that has seen him as a professor of molecular biology at the premier University of Ibadan, subsequently as the Director/Science Coordinator at the Federal Ministry of Science and Technology and DG of NASDRA. Thus, all these have fully equipped him to have a holistic view and vision on how to transform Ondo from that of a purely civil service state,dependent on the hand out allocations from the Federation Account to becoming an industrial hub.

First, is the natural advantage of it being a coastal state; with the longest coastline amongst the West African countries.It has the second largest deposit of bitumen, next to Canada in the entire world and fifth largest deposit of crude oil as far as the Nigerian nation state is concerned.Other minerals found, all in commercial quantity include coal, kaolin, columbine, clay, tin, talc, quart sand, granite and limestone.

With him, investors would be interested to build state-of-the-art oil refineries. They will also assist to resuscitate ceramics factory in Okeluse and build a deep sea port at Okitipupa. This would serve as an alternative to the Lagos ports and a choice destination for importers and exporters, rather than Cotonou. With rubber, cashew and cola nut in abundance agriculture-related industries could spring up.With him in the saddle, the state could establish cocoa-based factories as the largest producer in the country. Thousands of indigenes will be employed. Lasting wealth would be created.The Internally Generated Revenue,IGR will jerk up, to put a permanent smile on the forlorn faces of the long-suffering workers currently owed months of salaries.

With the growing clamour for the diversification of the economic base from the mono-product of oil, it should be obvious that Ondo state needs an erudite, globally recognized scientist in the mold of Boroffice to turn its fortunes around. He is a man whose time has truly come. But will the good people of the Sunshine State heed the clarion call? The answer lies in the voters’ hands. They should remember that man’s destiny is guided by the choices he makes.

Advertisment

Business

NNPC cautions motorists, others against panic buying

Published

23 hours ago

May 7, 2024

Sahara Weekly

NNPC cautions motorists, others against panic buying

Advertisment

The Nigerian National Petroleum Corporation (NNPC) Limited has warned motorists and the public against panic buying of Premium Motor Spirit (PMS), commonly referred to as petrol.

In a statement signed by the Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, on Tuesday, he said the corporation emphasised that the supply and distribution of petrol across the nation have witnessed significant improvements.

Advertisment

According to Soneye, NNPC officials have conducted thorough monitoring of filling stations in various states, including Lagos and the Federal Capital Territory (FCT), where the queues have notably decreased.

He reassured the public that this positive trend will continue to expand to other states in the coming days.

The statement reads, “The Company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.

The NNPC Ltd. is also collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector and security operatives, to address hoarding and other unwholesome practices.”

The move, according to Soneye, underscores NNPC’s commitment to ensuring a steady supply of petrol across the country and mitigating any potential disruptions in the fuel distribution chain.

Earlier, NNPCL said it has addressed concerns that surround the current scarcity of Premium Motor Spirit.

It added that the scarcity in certain regions of the country stems from logistical challenges, which have since been resolved.

Advertisment

Business

Integrated System and Devices Limited Achieves IMS Certification

Published

2 days ago

May 6, 2024

Sahara Weekly

Integrated System and Devices Limited Achieves IMS Certification

Advertisment

Integrated System and Devices Limited (ISDL), a major provider of electronic security solutions, is delighted to announce the successful attainment of ISO 14001:2015 and ISO 45001:2018 certifications following a rigorous audit process conducted by Bureau Veritas Certification Holdings SAS-UK Branch.

Advertisment

In 2021, ISDL bagged the Quality management systems ISO 9001:2015, and now in 2024, with unwavering dedication to customer satisfaction, the occupational Health and Safety system ISO 45001:2018 and the Environmental management system ISO 14001:2015 have been consolidated to form an Integrated Management System.

These certifications, covering ISDL’s headquarters and branches, signify the company’s unwavering commitment to upholding the highest standards of quality management across all facets of its operations. According to Engr. Oluseun Mabogunje, the Managing Director of ISDL, the scope of the certifications encompasses the design, procurement, supply, installation, integration, maintenance, and after-sales support of various electronic security and Extra Low Voltage (ELV) equipment.

Engr. Mabogunje expressed his elation at receiving the IMS certifications, emphasizing ISDL’s dedication to delivering exceptional quality and service to its clientele. He emphasized that this achievement underscores the company’s ongoing pursuit of continuous improvement and customer satisfaction.

ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 are internationally recognized standards for Quality, Occupational Health & Safety and Environmental management systems, emphasizing a process-based approach to meeting customer requirements and enhancing satisfaction, protecting the environment and also providing safe and healthy working conditions to prevent work-related injuries and illnesses among our employees, contractors and visitors. ISDL’s certification demonstrates its ability to consistently provide products and services that not only meet regulatory requirements but also exceed customer expectations.

Engr. Mabogunje extended profound gratitude to the workforce for their contribution to this achievement, attributing it to their team spirit and unwavering dedication to hard work, resilience and excellence. He urged the staff to continue offering top-notch services to their clients.

About Integrated System and Devices Limited (ISDL):
Integrated System & Devices Limited (ISDL), incorporated in 1988, is a leading provider of Electronic Low Voltage(ELV) and Security systems, that provides a total turnkey service for the design, supply, installation and continued effectiveness of security systems for medium and high-risk locations. ISDL has over 30 years’ history in the delivery of professional electronic security services in integration, maintenance and after sales support of various electronic security and related equipment. ISDL has her head Office in Lagos, and two branch offices in Abuja and Port Harcourt, Nigeria.

For more information about ISDL, please visit www.isdlnig.com

Advertisment

Business

ZENITH BANK SHOWS CONTINUED MARKET LEADERSHIP WITH 189% GROWTH IN Q1 EARNINGS

Published

2 days ago

May 6, 2024

Sahara Weekly

ZENITH BANK SHOWS CONTINUED MARKET LEADERSHIP WITH 189% GROWTH IN Q1 EARNINGS

Advertisment

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2024, with an impressive triple-digit growth of 189% in Gross Earnings, from ₦270 billion reported in Q1 2023 to ₦781 billion in Q1 2024. This is despite the challenging operating environment and tightening monetary policy stance.

From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, 3rd May 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax (PBT) rose to ₦320 billion in Q1 2024, representing an increase of 270% from the ₦87 billion reported in Q1 2023. Profit after tax (PAT) equally grew significantly by 291% from the ₦66 billion reported in Q1 2023 to ₦258 billion in the current period.

Interest and non-interest income contributed significantly to the growth in gross earnings. Interest income grew by 155% from the ₦192 billion reported in the quarter ended March 2023 to ₦489 billion in the period to 31 March 2024. The growth in interest income is due to the repricing of risk assets, owing to the increase in the central bank’s Monetary Policy Rate (MPR), which currently stands at 24.75%. The growth in net interest income is primarily due to the increase in fees and commissions as well as trading grains.

The Group reported an impairment charge of ₦56 billion for Q1 2024, up from ₦8 billion recorded in Q1 2023. This is attributable to significant growth in risk assets, primarily driven by the revaluation of its USD loans, which necessitated additional impairment on the bank’s foreign currency-denominated loans.

The cost of funds grew by 48% from 2.7% in Q1 2023 to 4% in Q1 2024 due to the high-interest rate environment, while interest expense increased by 157% from ₦71 billion reported in Q1 2023 to ₦182 billion in the period to March 2024. Notwithstanding the year-on-year (YoY) increase in interest expense, net interest margin (NIM) grew by 20% from 6.9% in the 3 months ended March 2023 to 8.3% in the current period ending 31 March 2024. Return on Average Equity (ROAE) and Return on Average Assets (ROAA) increased year-on-year (YoY) by 114% and 119%, respectively, due to improved profitability.

Gross loans, which are largely funded by customer deposits, grew by 30% from ₦7.1 trillion in December 2023 to ₦9.2 trillion in March 2024. Customer deposits also grew by 11% from ₦15.2 trillion in December 2023 to ₦16.8 trillion in March 2024, underpinning continued customer confidence in the Zenith brand. Total assets increased by 19% to ₦24 trillion within the same period.

The Group has consistently maintained all prudential ratios well above the minimum regulatory requirement. At the end of Q1 2024, Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 20% and 67%, respectively, demonstrating the Group’s ability to maintain a strong and liquid balance sheet.

The Group is making progress on the planned capital raise to support future growth and is very optimistic about meeting the new minimum capital requirements in line with the CBN’s recapitalisation directive. As the Group accelerates migration to its new technology architecture and also transitions into a holding company, it remains poised to maximise value for all stakeholders.

Advertisment