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‘Without Tinubu, APC wouldn’t be in Power’ – Buhari

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Nigeria Election

 

 

President Muhammadu Buhari has attributed the triumph of the All Progressives Congress in the 2015 general election to the vision of a National Leader of the party, Asiwaju Bola Tinubu.

Buhari said this in a recorded tribute which was presented at the 8th Bola Tinubu Colloquium in Abuja on Tuesday.

At the event, which was held to commemorate the 64th birthday of Tinubu, the President said the former governor of Lagos State was the brains behind the merger of Nigeria’s main opposition parties in 2013.

He said without Tinubu’s vision and intelligence, the party would not have been formed and the APC would not be in power today.

Buhari stated, “If Bola Ahmed Tinubu did not participate, there wouldn’t have been a merger and there wouldn’t have been an APC government at the centre. That is absolutely clear.

“He should thank God that he has gone through so much and has remained relevant, that he is healthy and young.”

Earlier in his address, the President had contended that Tinubu remained one of the most important figures in Nigeria at the moment.

Buhari added, “There are very few patriots, alive or departed, who can match the commitment, resilience and creativity that Asiwaju Bola Tinubu has, over the past few decades, demonstrated in organising Nigeria’s public life for good.

“As he adds another year today, my best wishes and prayers go out to a man who deserves a lot of commendation for what he continues to stand for.”

The President’s address, which centred on the theme: ‘Agriculture: Action, Work, Revolution’, highlighted the several opportunities which abound in the agricultural sector.

According to him, it is unfortunate that Nigeria is importing food when it should be exporting.

Buhari said, “Nearly all our crop-based farming activities are dependent on rain-fed agriculture, and this makes our agricultural productivity entirely vulnerable to the effects of climate change.

“In the past few years, on the average, we have spent in excess of $11bn annually importing wheat, rice, sugar and fish. We need not, and indeed we cannot afford to continue on this trajectory.

“Agriculture is the key to our economic growth and social investment policies. Our administration’s key strategy is to ensure that Nigeria becomes self- sufficient in the foods that we consume the most.

“Maize, rice, corn, millets, fruits, poultry products and their derivatives can all be produced at home if we put our hearts into it. Our policy is simple: We will produce what we eat! It is not only logical, it is necessary.”

In his tribute, the Minister of Transportation, Mr. Rotimi Amaechi, recalled the role Tinubu played in bringing aggrieved Peoples Democratic Party’s governors into the APC after the crisis in the Nigeria Governors’ Forum.

Amaechi said Tinubu convinced the members of the APC to allow the New PDP members to join its fold at the time.

He said, “He was able to gather the leadership of the political class together. He was key; more than gathering the public because once you gather the leadership of the political class and ensure that there is unity of purpose, they could share to the public jointly this change mantra.

“We in the New PDP were in constant contact with him and we virtually negotiated through him. By the time the President (Buhari) and others got involved, we had gone far with Asiwaju. He played a key role.”

Also speaking in the tribute video, the Emir of Kano, Muhammadu Sanusi II, described Tinubu as a visionary, noting that the ex-governor of Lagos was dependable and loyal.

Sanusi, a former Governor of the Central Bank of Nigeria, said, “It was people like Tinubu that insisted that this country could not afford another four years of that kind of thing (past administration) and basically laid down their lives, laid down their resources and gave their all to ensure that change happened.

“He is extremely loyal and that is how you know your friends. It doesn’t matter where you are or what happens to you, you can always be sure that Asiwaju will be there.”

Tinubu, while speaking at the event, recalled that the 2015 presidential election coincided with his birthday.

He said Buhari’s victory at the polls was his biggest birthday gift yet.

The ex-governor described the PDP-led Federal Government from 1999 to 2015 as a deceptive one.

The APC leader recalled that the PDP government claimed that it had established a Nigerian Commodity Exchange to provide a practical solution to a number of challenges that have adversely affected the growth and development of the Nigerian agricultural sector, contending that the initiative was a sham.

He thanked guest speaker and Ethiopian agric expert, Dr. Eleni Gabre-Madhin, for exposing the dubiousness of the PDP-led Federal Government.

Tinubu said, “We have had a series of promises in the last 50 years and particularly in the last 16 years. I remember the article I wrote after the presentation of the book, Financialism: Fetching the water from a dry well’. It was about this commodity exchange.

“The deceptive government at that time announced immediately that same week that commodity exchange had been established. It took an Ethiopian to discover its lies, but thank God, we are taking it more seriously now.

“I salute the President and the entire cabinet that Nigeria is being redirected. There is no option for us but to revalidate our faith in our country and take the hard decision now. Our renaissance must come from within. We have the land, the mind, the capacity and the ability.”

Earlier, several of the contributors at the event decried the over $11bn that Nigeria had spent yearly on the importation of wheat, rice, sugar and fish products.

They noted that the whole of Africa accounted for a mere 5.6 per cent of the global meat production while Asia accounted for 42.3 per cent; Europe, 18.7 per cent; Asia, 42.3 per cent; America, 31.4 per cent; while others accounted for two per cent.

It was generally agreed that the narrative must change for the better.

Some of the dignitaries, who attended the event, included The Oba of Lagos, Oba Rilwan Akiolu; the Emir of Kano, Alhaji Muhammadu Sanusi II; and the Ooni of Ife,Oba Adeyeye Ogunwusi.

Others were the National Chairman of the APC, Chief John Odigie-Oyegun; the governors of Lagos, Ogun, Osun, Oyo, Niger, Kebbi and Imo states; several senators and members of the House of Representatives.

Senate President Bukola Saraki; the Speaker of the House of Representatives, Yakubu Dogara; and the Minister of Works, Power and Housing, Mr. Babatunde Fashola (SAN), were, however, not at the ceremony.

Source: PunchNg

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

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*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

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ATMs empty as banks ration withdrawals

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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NNPCL Makes New Leadership Appointments

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NNPCL Makes New Leadership Appointments

NNPCL Makes New Leadership Appointments

 

The Board of Directors of Nigerian National Petroleum Company Limited (NNPCL) has just made fresh leadership appointments.

A communication by Olufemi Soneye, Chief Corporate Communications Officer of the nation’s oil company, announcing the development reads…

The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes
reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

The following key appointments have been made:
1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.
2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.
3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Limited
November 13, 2024S

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