Business
PASEDA BEMOANS LACK OF CONTINUITY IN GOVERNANCE ……urges President Buhari to make political office less profitable
The Ogun State governorship candidate, Unity Party of Nigeria (UPN) in the last general elections, Otunba Olatunde Rotimi Paseda has berated political leaders in the country for their overzealousness and lack of continuity in the style of governance.
Otunba Paseda stressed that, Nigeria’s politicians are not matured enough to be managing the nurtured democracy gained by the earliest nationalists like Dr. Nnamdi Azikwe, Chief Obafemi Awolowo, Alh. Tafawa Balewa and others.
The business merchant cum politician who addressed journalists at the weekend during the 31st Sagamu Day Celebration, held at Makun High School, Sagamu, Ogun State, said the way political gladiators in the country were practicing democracy does not portray Nigeria as a developing country, and worthy to be called giant of Africa.
“I totally disagree with the way politics is being played in Nigeria. My style of politics differs from what is being played out among our political gladiators in the country today.
“Governance is a continuum. It does not matter who or which party that comes in, we must be able to bridge the lapses of the outgone government, rather than defacing or annihilate past administrations projects.
“It is mockery to our style of governance in the country and turning it into shambles, thus, making us laughing stock before the outside world.”
The Omu-Ijebu Prince therefore applauded President Muhammadu Buhari for his bold step towards ensuring stable economy for the country, urging him to make politics less competitive and unprofitable for political office holders.
He said this would stabilize and balance the polity, as only politicians who are ready to serve the country selflessly would show interest.
“Though, as a businessman, I’m affected by Buhari’s economy policies, because our credit cards now has limitation to amount of money it can transfer or carry around, but at the end, the benefits are enormous.
“I am surprised and happy as well when the President said, the country is financially constrained to pay 49 ministers. He should go beyond that, the President should make political office nonprofitable and less competitive, so that people don’t go there to make money.
“How would somebody go into politics, without a job career? Politicians in foreign countries have their businesses before dabble into politics, they only collect attendance allowances not as we have it here”.
Prince Rotimi Paseda however, took a swipe at the Ogun State Government for handling the burial arrangement of late Mrs. Hannah Idowu Awolowo with politics.
Paseda said the state government is not doing enough to honour the Matriarch, rather frustrating efforts of indigenes of the state to immortalise the late Chief Awolowo’s wife.
He accused the State Government for removing the monumental billboard he did in honour of the late Matriarch, describing it as barbaric and disrespect for the Awolowo family.
“I’m not bothered about the removal of my billboard I did in honour of Mama H.I.D Awolowo. I want to put it on record that, I paid all the required fees demanded by the Ogun State Advertising Agency before the billboard was erected. So, for someone in the government to have said the billboard is causing environmental hazard is barbaric and insult to Mama H.I.D Awolowo we are celebrating.
“If the state government actually wanted to celebrate and immortalize the late icon as they claimed, they shouldn’t be bothered about other people’s efforts to do so.
“They believe they are attacking Paseda or they don’t want to see my face, but they have forgotten that, the billboard in question was for Mama H.I.D, so it is not me they are attacking or insulting, they are insulting the late woman and Awolowo’s family entire. The death of Mama is not Ogun State issue alone, but national affairs.”
…BUA Foods Will Be Nigeria’s Biggest Flour, Pasta Milling Company In 2024 – Abdul Samad Rabiu
Shareholders of BUA Foods Plc (“BUA Foods” or “the Company”), at the 3rd Annual General Meeting (AGM) held at the Transcorp Hilton Hotel, Abuja, on Thursday, 26 September 2024, approved the proposed final dividend payment of ₦5.50k per share.
The indigenous food manufacturing giant announced impressive financial performance as it recorded a revenue of ₦729.4bn, a 74.4% increase compared to the previous year. Profitability remained strong, demonstrating its resilience amidst evolving market dynamics, especially rising input costs. Profit after tax showed an impressive year-on-year growth, up 23%, from N91bn reported in 2022 to ₦112bn in 2023.
Addressing shareholders during the meeting, the Chairman of the Board, Abdul Samad Rabiu, thanked the shareholders for their undaunted commitment to the company’s shared vision. He mentioned that BUA Foods’ strategic focus on capacity expansion, and market penetration coupled with sound governance, yielded significant success.
He said: “Last year we successfully expanded and commercialised additional capacity in flour, pasta, and rice divisions, resulting in impressive volume growth across these divisions and overall strong business performance. With recent strategic agreements and new facilities planned for completion next year, we will become the country’s biggest pasta and flour milling company.
“Our performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance. We are also focused on the optimisation of our internal processes to maintain excellence in a fast-changing world. With the dedication of our Management and staff, we will continue to deliver exceptional value to all stakeholders.”
Speaking further on growth ambitions, Rabiu said, “In 2024, we remain focused on accelerating efforts towards the completion of our Backward Integration Project in line with the extended Federal Government’s Sugar Master Plan 2.0, aimed at attaining self-sufficiency in the sugar sector.
“Additionally, we seek to further address key challenges in Nigeria’s rice production industry by enhancing local production, empowering farmers, and promoting sustainable practices. This project will contribute to food security, economic development, and environmental sustainability.”
Also commenting, the Managing Director BUA Foods, Engr. Ayodele Abioye (PhD), said, “Despite the challenging macroeconomic environment, we made good progress across key strategic pillars of expanding capacity, markets, products, and package offerings as well as expanding business capabilities with a focus on operational excellence, innovation, and sustainable growth.
“We will continue to leverage technology, innovation, and operational efficiencies to drive value creation and maintain a solid growth trajectory. We are committed to reinforcing our leadership as a home-grown food business with purpose.”
Speaking on the dividend pay-out, a shareholder, Mrs. Bisi Bakare, expressed her delight at the exceptional performance of the company.
She remarked, “We shareholders are very pleased today to receive a final dividend of N5.50 kobo from BUA Foods.
“I appreciate the board for putting smiles on our faces in this hard time. Declaring a N5.50k dividend despite the economic climate is very commendable and this has encouraged us to want to invest more.”
Another shareholder of BUA Foods, Farouq Muktar, commended the management for the year-on-year growth of the indigenous food manufacturing company.
He said, “I am very happy because of your commitment and the positive results we keep recording. This performance is highly commendable.
“We appreciate your strategic thinking which is one thing Nigerians need at this time. I commend BUA Foods management for always making us happy and not letting Nigerians down.”
In 2023, BUA Foods won several awards from reputable organizations. Among the awards won are Food Company of the Year, Innovative Indigenous FMCG Company of the Year Award, and Fastest Growing Food Manufacturing Company of the Year.
Business
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Idera Pathfinder Foundation Boosts Education Sector In Ogun*
…Donates Block of Classrooms, Educational Materials To Schools
Ogun State Commissioner for Finance and Economic Adviser, who is also the Co-founder of Idera Pathfinder Foundation, Mr. Dapo Okubadejo, has been commended for donating blocks of classrooms and furniture to his alma mater.
Commending the donor during the commissioning and handing over of the facilities to Moslem Primary Schools I and II, Isoku, Ijebu-Ode, Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, informed that the donations which include, reconstruction of one block of four classrooms, fully equipped with 80 pairs of furniture and four teaching boards in School I, was an expression of passion for learners’ success.
Prof. Arigbabu added that one block of three classrooms, was also reconstructed and fully equipped with 60 pairs of furniture and three teaching boards in school II, to enhance conducive learning environment and promote quality teaching.
According to the Commissioner, the foundation also provided school bags and writing materials to all pupils in the two schools, commending the donor for supporting the ‘Adopt a School’ mantra of the present administration in the state.
“It is not common nowadays to see people giving back to their old primary schools; that is why I’m commending Mr. Okubadejo for this laudable gesture. The gesture will linger on in the minds of the pupils because it is engraved in their hearts already”, he said.
Prof. Arigbabu, while congratulating the management, staff and entire pupils of Moslem Schools I and II, charged them to put the facilities into good use, saying, “maintenance of projects encourages donors to do more”.
Earlier, Mr. Okubadejo, represented by his wife, who is also the co-founder, Mrs. Olufunke Okubadejo, noted that Idera Pathfinders Foundation is a non-political, non-religious and non-governmental organization established by Hon Oladapo and Mrs Funke Okubadejo to support the socio-economic and human capital development through targeted intervention in education and healthcare with a focus on the indigent, vulnerable communities and micro and small enterprises.
Mrs Okubadejo added that the foundation which has supported several people in the past is a movement dedicated to transforming lives, one step at a time seeking to bring peace, comfort and posterity to the society.
The Finance Commissioner, who was the Head Boy of the school in 1979, said the gesture was in memory of his mother, who was teacher in School I and later became a Head-teacher in School II, as well as expand the capacity of the schools for more enrolment drive, thereby raising future generations of educated and responsible people.
Appreciating the donor on behalf of other students, the Head Girl of the School II, Ibidapo Kafilat, expressed gratitude to the donors, promising to make judicious use of the facilities and writing materials.
Present at the commissioning exercise include The Onimoru of Imoru-Ijebu, Ogun State, Oba Munirudeen Adeposi, Commissioner for Education, Science and Technology, Prof Abayomi Arigbabu, Permanent Secretary in the ministry, Mrs Oluwatosin Oloko, Chief Olu Okuboyejo, a former Permanent Secretary in the state and Chairman, Ogun State Governor’s Elders Advisory Council, CDC/CDA and other notable dignitaries.
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