Business

‘We will embarrass old Politicians in 2019’ – Nigerian Youths rage

Published

7 years ago

August 21, 2017

As the 2019 elections approach, various youth groups in the country have expressed readiness to effect generational power shift, sending a signal to old politicians that they would be disgraced in the forthcoming elections.

Latching on to former President, Chief Olusegun Obasanjo’s call last week on youths to democratically wrest power from old politicians, they said older generation of politicians should give them a chance or the youths would utilize their numerical straight to vote them out of office. Arewa Youths Leader, Yerima Shetima, said: “Come 2019, they would be disgraced if they participate in politics.

We constitute 65 or 70 per cent of votes in the country and we will ensure that our votes go to ensure that we have order in this country.

We will disgrace them in 2019. We will make sure they are massively embarrassed.“ Obasanjo, at the Youth Governance Dialogue in Abeokuta, Ogun State, last week, said since the old guards are unwilling to quit the stage and would not give leadership positions to the youths on a platter of gold, it was high time the youths picked the gauntlet.

”Nobody will choose you; you have to choose yourself. Why can’t you become president at the age 40? Why can’t you become president at the age of 35?

Why can’t you become president at the age of 30? General Gowon became Head of State at 33. I became Head of State at 39. And it is because of my track record. But how are you prepared? Are you really prepared?” he challenged the youths.

Expressing youths’ readiness for the challenge, Yerima said, “The likes of Obasanjo should go back to their homes and relax and be ready to offer useful advice when necessary to younger generation of leaders, on technical matters on governance. We will learn some lessons from their history, but we would not work in line with what they did during their tenure.”

Ohanaeze Youth Leader, Chukwuma Okparaezeukwu, in a similarly vein, said the youths feel greatly challenged by the call. “We are not only challenged, but highly encouraged, motivated and feel reawakened.

It is a call for a positive, diplomatic and sustainable revolution. It must not be the regular revolution that comes by force or bloodshed, but one that comes with strategy, raising youth’s consciousness and participation.

“However, as much as we feel highly motivated by former President Obasanjo’s statement, we the youths must wake up and embrace our responsibility because this is our time.

Otherwise, the next generation will vilify us the way we do the older generation today.

“You see, for now, some of the youths have allowed themselves to be used by the current crop of politicians to dish out hate speeches which polarise the youth groups across the country. But we will narrow this gap in the current reawakening towards the current move in order to work strategically and work in unity towards the goal.”

Also, Protem National Chairman, Alliance for New Nigeria, (ANN) a political association seeking Independent National Electoral Commission’s registration, Dr. Jay Osi Samuels, said, “The statement is not only appropriate but timely, because we, the youths, can no longer wait for them to give power to us, rather we are stepping out to grab it from them.”

He said the declaration was in tandem with the “objectives for the ANN, “because we are creating a credible platform apart from all the other platforms that are being managed by the older politicians.

That platform is what we will use to actualize our goals of grabbing power from the old generation. It is a movement being created for the new leaders of Nigeria. Samuels, a Harvardtrained medical doctor, said the youths have the numerical advantage. “Potentially, we have the bigger number.

I mean the youths constitute majority of the eligible voting age in Nigeria, but what we have witnessed over the years have led to loss of faith in the political system in Nigeria, but what we are going about to let people know is that they cannot just despair, they cannot lose hope, that there is a light at the end of the tunnel and if we put our acts together, we can collectively take over the reins of power from these older generation of leaders.

Reminded of the role Obasanjo played in the election of Buhari, who belonged to the older generation politicians, he said: “We are not relying on any past leader…

We are not relying on anybody, what we are doing is that we want to show that with or without them, we can do it by ourselves. They themselves got into power years ago, when they were even younger than us.

So we are taking the bull by the horns, with or without their support, we are going to achieve our aim.

The Presiding Minister of Trinity Center, Pastor Ituah Ighodalo, joined his voice, but was quick to add that anyone of the age of 35 and below cannot rule the nation for now because such a person will be too young for governance at that level. “From my own personal perspective, youths of ages 30 and 35 might be too young for president. The ideal age will be between the ages of 45 to 55.

That sort of person has seen life to an extent, made some mistakes, has fallen, risen and still has the energy to run around and still has reasonable contact base. We can go as low as 41, 42, 43; but not 30.

The world view of anyone of that age is not as broad,” he said.

Ighodalo however, warned that no room should be left for any particular group of persons to anoint a youth for presidency in the manner that so-called godfathers in the Nigerian political space have been doing in the past, insisting also that power is never relinquished but consciously taken by anyone who is truly interested and makes himself available for service.

Ighodalo said the space “is wide open for any serious person, youth or not, that truly wants to get involved and get closer to the people and offer their service to the people, urging such people to start from the grassroots to learn and be ready to make their way up.

They should join any party of their choice, become important in the parties and get selected for position and bit by bit money politics and god-fatherism will fade.

It is not going to be a short run but they will get there.” “From my own personal perspective, youths of ages 30 and 35 might be too young for president.

The ideal age will be between the ages of 45 to 55. That sort of person has seen life to an extent, made some mistakes, has fallen, risen and still has the energy to run around and still has reasonable contact base. We can go as low as 41, 42, 43; but not 30. The world view of anyone of that age is not as broad,” he said.

Mr. Gbadabo Rhodes- Vervor, a youth in his early 30s who contested for the chairmanship in Ikeja Local Government in Lagos State, recently on the platform of the KOWA Party, scoring less than 1,000 votes, said “We, as a generation, need to get more involved, not just on whatssapp groups or on other social media, but in our communities and people in our wards….political participation is not just about running, political participation is diverse.

“Youths can either contest or sponsor political party/candidates whom they believe in their ideals. They must also join a political party and be active and most importantly register to vote for folks they believe in on election day,” He said the youths need to actively start making a difference in the communities so that they can become influencers.

Business

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman By Rabiu Usman

Published

4 hours ago

November 15, 2024

Sahara Weekly

Zacch 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.

Business

Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

Published

9 hours ago

November 15, 2024

Sahara Weekly

*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

Business

ATMs empty as banks ration withdrawals

Published

2 days ago

November 14, 2024

Sahara Weekly

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.

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.