Politics
Tinubu Breaks Record On Heels Of Historic Closing Bell Ring At NASDAQ
PRESIDENT TINUBU BECOMES FIRST EVER AFRICAN LEADER TO RING CLOSING BELL AT NASDAQ; WOOS LARGE SCALE INVESTMENT AT THE NIGERIA-U.S. EXECUTIVE BUSINESS ROUNDTABLE
In honour of President Bola Tinubu’s determined global push to aggressively attract foreign direct investment into Nigeria, the world’s second largest stock exchange, the National Association of Securities Dealers Automatic Quotation System (NASDAQ), on Wednesday in the world’s financial capital, invited President Tinubu to ring the closing bell, making him the first African President to ever receive the honour.
The President, surrounded by Nigerian business leaders and officials of the Nigerian Stock Exchange, in trademark fashion, did not fail to seize the opportunity presented by the historic moment to boldly advance his foreign investment push as he stood, live, in front of financial markets at the famous stock exchange.
“It’s a great honour for me to be here. I am happy to bring Nigeria to your doorsteps and I am honoured that we are here today with a bubbling Nigerian stock market that will evolve in the West African sub-region. The greatest economy in Africa is Nigeria, there is an immense opportunity in Nigeria where you can invest your money without fear,” the President said.
The President noted that his government continues to address longstanding problems and impediments, such as his work to restore and unify the foreign exchange rate market to a stable and trustworthy level, allowing new investors to seamlessly bring their money into the country, free of worries about whether or not they can take their money out at any point in time.
“You’re free to take in your money and bring out your money. I count on you to invest in Nigeria,” the President exclaimed under the lights.
At the Nigeria-U.S. Executive Business Roundtable held just after the closing bell, President Tinubu assured prospective investors that while he recognizes that investment capital is cowardly in nature, he intentionally brought successful Nigerian industrialists and public officials to share their experiences and operational plans respectively, in addition to all that he has already done to boost the confidence of the global investment community in Nigeria’s presently reforming fiscal, monetary, regulatory and tax policy environment.
“Nigeria is an opportunity that is impossible to replicate or find elsewhere in any part of the world. We have brilliant young people who both innovate and consume at a large scale. Our entrepreneurial spirit is a major part of what makes our market totally unique, aside from demography. Nigerians build businesses and Nigerian businesses partner with other businesses to conduct larger business. There is enough value to spread around. Be careful of what you hear about Nigeria. You may be dissuaded out of a major opportunity that others will take up. We are here for you. We will give you all the support you need to succeed and succeed abundantly,” the President assured the roundtable as he pointed out cabinet officials.
On behalf of the U.S. Government, U.S. Deputy Treasury Secretary, Wally Adeyemo, told U.S. business leaders that he was just a few hours removed from arriving in New York from Lagos, Nigeria, where he was on an official visit that later became a fact-finding mission.
“In Lagos, I saw first hand some of the major reforms you implemented as the Governor of Lagos and the transformative effect it has had on Nigeria’s commercial capital. People have attested to the fact that the reforms you have put in place as President are quickly enhancing confidence. American business is paying attention to that and from what we have seen for ourselves, Nigeria is proving to be a new frontier for investment. We will encourage our companies from our end as those reforms continue to deepen,” Mr. Adeyemo said.
The American Business Council President, Mr. Sops Ideriah, said that the extensive turnout at the roundtable by American Business Chief Executives served as a testament to the degree to which confidence is rising in response to the actions and words of President Bola Tinubu’s administration with respect to ease of business, investment promotion, and his willingness to personally intervene where required to ease the historical concerns of American business people about doing business in Nigeria.
“Having all the stakeholders in the room, His Excellency the President of Nigeria being here, from government actors at the federal and state level to ministers and tax authorities present, as well as private sector industrialists in Nigeria. We are very positive about the potential of Nigeria and we are just reinforcing to our colleagues the message about the economic opportunities that exist there,” Mr. Ideriah said.
Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, assured the American Captains of Industry that under the leadership of President Bola Tinubu, the nation’s apex tax authority will be focusing its efforts not on taxing the seed, but only on the proportionate taxation of the fruit of fully formed industry, through efficient policy synergy with Nigeria’s sub-national authorities.
“The President is a business enabler, not a handicapper. Everything we do will be geared toward making your tax assessment and payment processes as digitally efficient and transparent as possible. We are not after the seed, but the fruit and we will keep to this commitment,” Nigeria’s new tax boss affirmed.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
September 21, 2023
Breaking: Speaker Obasa Debunks Allegation Of Spending N17b On Assembly Gate
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, on Thursday described the allegation that the House spent N17 billion on the fixing of a gate as spurious and funny.
A self-proclaimed group, Lagos State Anti-Corruption Coalition, had accused the Assembly of spending the amount to construct a gate. The group also sought investigation of the claim.
Speaking at plenary, Dr. Obasa said the allegation stemmed from the fear of some people over 2027 which is still more than two years away.
Obasa further debunked the claim that the House spent N200 million on its recently organised 22nd thanksgiving service for staff.
“It is so funny. How much is the allocation of the Assembly in the whole year that we will decide to spend N17 billion on a gate? They even claimed that we expended 200 million on thanksgiving that did not hold.
“We are aware that at a period like this when we are approaching elections in 2027, we should expect such things. I think some people are scared and I don’t know why.
“This House did not and has not embarked on any such project. We are not that reckless. We had our thanksgiving last Friday and dignitaries from various parts of the State attended it,” the Speaker said.
Addressing further claims by the group about the alleged relationship between him and the chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, the Speaker denied attending the latter’s screening and confirmation by the National Assembly.
“They said that I was at the National Assembly when they were confirming the EFCC chairman. I want to believe that there are CCTV cameras at the National Assembly to identify those who attended the event. The press must have written about it too. So the group should do more to confirm if I was there.
“This is just to deny the allegations in the interest of the public and not the writers because the writers are not those we should be joining words with,” the Speaker said.
Earlier, the House, through its spokesperson, Hon. Stephen Ogundipe, had addressed the allegations noting that the Assembly bases its activities on integrity, transparency and accountability.
“It is ludicrous the claim about constituency intervention funds and constituency project funds and their handling by Speaker Mudashiru Obasa and Clerk of the House, Barr. Olalekan Onafeko as claimed by the group.
“One would have expected a self-acclaimed anti-corruption crusading group to do its groundwork before jumping across the fence with conviction that it hit a jackpot to malign an institution of repute in the name of politics.
“Simply put, the Lagos State House of Assembly does not have any such funds. The Assembly does not embark on constituency projects. Instead, once every year, the House holds stakeholders’ meetings simultaneously across the state where constituents have the opportunity to tell the lawmakers their expectations and make requests for the betterment of the state.
“These requests and expectations are compiled and sent to the executive arm of government for consideration as inputs in subsequent budgets. If this is what the group takes as constituency intervention or project funds, we are sure this explanation has given the required education, moreover, it is common knowledge that it is the responsibility of the Executive arm to execute such projects,” the earlier statement by Ogundipe read.
Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly.
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