Bola Ahmed Tinubu

Nigeria’s Economic & Political Landscape in 2024

by with No Comment By Tayo Are & Ibrahim Bisiolu

Predicting the future is always tricky, but peering into the political and economic landscape for 2024 reveals a complex picture. Challenges abound within the political economy, especially with regards to tackling problems of insecurity, socio-economic issues, especially cost of living crisis, caused by worrisome inflation that has pushed a lot of people below the poverty line.

The Federal government faces some tough decisions to tackle economic problems and security this year, with the possibility of President Bola Ahmed Tinubu and top echelons of the military, police force and security services going into serious dialogue and engagements with traditional rulers, elders and other stakeholders.

Tinubu needs to act swiftly. The more farmlands are destroyed and farmers killed or abducted, the more poverty worsens. This will negatively affect the nation’s Gross Domestic Product. Therefore, the government is left with no choice but to contain insecurity as terrorist groups like Boko Haram and bandits seem to have sprung up anew.

Governance outlook

The Governors Forum has a lot of job and creative thinking to do this year to enable the gains of the Federal government policies to reach the people. So also will attention of prominent national leaders be needed in the course of the year.  Among these are prominent individuals like former President Olusegun Obasanjo, Chief Ayo Adebanjo, General T.Y. Danjuma, General Abdulsalam Abubakar,  Chief Edwin Clark, the Sultan of Sokoto, the Ooni of Ife, Bishop Matthew Hassan-Kukah, Sheik Muhamad Gumi, Chief Emmanuel Iwuayanwu. Apart from these prominent people, traditional rulers , across the country, opinion leaders and youth leaders will also play some roles.

These leaders and nationalists will feature prominently on national stage this year as Nigeria grapples with numerous challenges within the socio-economic and security arenas. Their support and working with government stands as a way to curb terrorism, kidnapping and sundry crimes in the land. This is for the simple reason that these leaders symbolise unity and peace in the country and are closer to the people.

Sadly, the operations of these terrorist groups have been claiming many lives in recent times. The main motives of these assailants are to destroy property, kidnap loved ones and leave families in unending grief, with many farmers driven out of their farms.

Northern states have exposed to these more than other parts of the country. And this is affecting farming and food production in the region where the bulk of food production take place.

With the ugly scenario, analysts are of the view that the Federal Government will take some proactive measures to tackle this menace. According to them, this will involve giving some engagements with communities and traditional rulers.

This means co-opting traditional fathers, village heads and others with local security experts. The traditional rulers allocate vacant land and forest.  Knowing full well that some of the vacant lands are being used by kidnappers as hideouts, the government will work with the traditional rulers and the emirs, in the case of the North, to track and locate some of these terrorists wreaking havoc in such lands.

“Instead of sacrificing the lives of unrelenting soldiers on a daily basis, President Bola Tinubu should summon a meeting with traditional fathers, especially with the emirs of northern states

From time immemorial, emirs have been the great rulers in their local communities/districts and people accord them greater respect than political office holders.

Economic outlook

Many economists project Nigeria’s economic growth this year 2024 to be modest, likely ranging between 2.5% and 3.5%. While this falls short of the government’s target of 4.6%, it still represents a positive trajectory. The success of government policies, the global economic climate, and unforeseen events will ultimately determine the actual outcome.

Recently, the Nigerian National Bureau of Statistics reported that Nigeria’s real GDP was 2.9 percent year-on-year last year, which was in line with the market consensus and slightly lower than the official target of about 3 percent. The showing is not too bad if compared with the IMF’s forecast of 3 percent growth for the global economy last year. However, the biggest challenge Nigeria faces is not about figures, but the generally low degree of confidence inside and outside the country.

Headwinds:

  • Global Slowdown
  •  Inflation
  • Nigeria’s debt burden: debt-to-GDP ratio
  • Exchange Rate Pressures

The International Monetary Fund (IMF) predicts a global economic slowdown in 2024, impacting growth in emerging markets like Nigeria. Persistent inflation continues to butt at the country. Inflation remains stubbornly high, currently hovering around 28%, eroding purchasing power and dampening consumer confidence. The country is carrying a lot of debt burden  Its debt-to-GDP ratio continues to rise, raising concerns about fiscal sustainability and limiting the government’s ability to invest in critical sectors. Exchange rate pressures are impacting Naira. In recent times, the country has faced depreciation pressures, impacting import costs and adding to inflationary woes.

Nigeria’s economic performance in the past year had been somewhat surprising to the rest of the world. Initially, there was speculation that the country was returning to appreciable growth of  pre-COVID-19 period of early 2020 and that it would quickly lift the nation’s economy. Indeed Nigeria’s economic performance in the first quarter of last year was close to market expectations, with real GDP rising by about 1,2 percent from a year earlier,

However, Nigeria’s momentum slowed in the third quarter, with the removal of fuel subsidy by President Bola Ahmed Tinubu on May 29, 2023.  Since then, news of sluggish consumption, declining exports, a struggling property market , a  rising debt burden, part of which is commercial loans.

Exposure  to commercial foreign loans is heavy. Local debts have continued to rise as well. Data from the Debt Management Office (DMO) further put Nigeria’s public debt at N87.91trillion or US$114.35 in September 2023. Total external debt stood at N31.98trillion  or US$41.6. And domestic debt amounted to N55.93trillion .

All these have continued leading other countries to adopt a conservative attitude toward Nigeria’s economic outlook, with pessimistic predictions becoming mainstream.

Nigeria growth target for this year is similar to last year’s, as policymakers aim to boost investors’ confidence as the target is made with the 2024 budget. However, the biggest problem and a hidden concern for Nigeria’s economy is not about the give or take of one or two percentage points in the GDP growth target, but a question of overall confidence in the country.

Recently , a slew of economic data  accompanying the GDP figures showed a mixed view of the economy and suggested a fragile recovery ahead, as weak domestic consumption, low employment and further weakening of the property market continue to be key risks to country’s economy this year, and a downturn in the manufacturing sector. There is frightening rise in infrastructure deficit, unemployment, grinding poverty, socioeconomic distortions, all crystallising in some disquiet in many parts of the country. Longer-term, Nigeria is confronted with another urgent issue and that is insecurity in the land, evidenced by frequent herders/farmers clashes.

As such, fiscal and monetary policy support remain crucial to Nigeria’s economic woes, but unfortunately the measures Abuja has offered so far have not be able to turn around the country’s economy fast. From agro-business value-chain to manufacturing and to property sector. For example, last year saw land sales being quite low, falling property investment and tepid sales growth. The weak fundamentals are likely to stay unimproved this year. Coupled with the external environment growing increasingly uncertain and the withdrawal of some crucial foreign  manufacturing companies from the country’s economy in 2023. And no appreciable foreign capital came into the country.

Tailwinds:

The global oil prices could benefit Nigeria, if there’s a global price rally above 80 dollar for much parts of the year, boosting government revenue and foreign exchange inflows. Non-oil sector is recording some improvement.  Diversification efforts could  bear fruit, with sectors like agriculture, manufacturing, and services showing promising growth potential. In regards to structural reforms, Nigerian government is implementing various reforms, including trade facilitation and ease of doing business initiatives,that could attract investment and stimulate economic activity. Nigeria has strong population power. It boasts a young and growing population, offering a vast pool of labor and a vibrant consumer market.

Key areas to watch:

  • Inflation control
  • Exchange rate stability
  • Economic Diversification away from oil dependence.
  • Governance and transparency

 

Bringing inflation under control is crucial for stabilizing the economy and boosting consumer confidence. The continuous depreciation of the naira, petrol subsidy removal, and insecurity have contributed to the persistent rise in inflation. Those tasked with the management of the economy appear bereft of ideas on how to tame the surging inflationary pressure.

The excessively high rate has been partly blamed for Nigeria’s deepening poverty. Between January and May 2023, inflation plunged an estimated four million people into poverty, per the World Bank. It stated that the continued spike in inflation would push a further 2.8 million people into poverty by 2023’s end.

The bank said, “Sluggish growth and rising inflation have increased poverty from 40 per cent in 2018 to 46 per cent in 2023, pushing an additional 24 million people below the national poverty line.”

On its part, the IMF said, “Growth in Nigeria is projected to decline from 3.3 per cent in 2022 to 2.9 per cent in 2023 and 3.1 per cent in 2024, with negative effects of high inflation on consumption taking hold.”

In the immediate, the main triggers of the high rate are government’s unification of the naira rates and the removal of subsidy on petrol, which led to an instant increase in fuel and commodity, as well as goods and services’ prices without a corresponding rise in income.

The unification of the different exchange rates has failed to achieve the desired effects of eliminating the need to navigate through various rates and associated complications by allowing the CBN to better manage inflation, interest rates, and money supply, thereby fostering economic stability and predictability.

The naira opened at 464.51 per dollar on May 26, three days before President Bola Tinubu was sworn in. At the parallel market, a dollar sold for N780 on May 28, 2023. On January 23, the official exchange rate of the US dollar to the naira was N900.26 and N1,365 at the parallel market.

The weakening naira and forex fluctuations, as well as insecurity are causing multinationals to divest from the country at a very alarming rate.

So far, most of the knee-jerk interventions it has applied are not working. Olayemi Cardoso, the CBN Governor, said, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.” This is overly optimistic.

Analysts say government must re-strategise and implement robust solutions to attain this target, adding that President Tinubu needs to constitute a solid Economic Management Team to rejuvenate the economy by promoting productivity, cutting down on wastage, and catalysing employment through the private sector.

Productivity is severely hampered by the miserable power supply of around 4,500 megawatts, with manufacturers relying heavily on self-generated electricity. The tariff on the little being generated keeps rising.

They point out that inflation rose worldwide after COVID-19, but it is tapering down elsewhere, Nigeria should not be an exception. The government is going to rely heavily on borrowings to fund the promised increment in workers’ salaries, and this can only mean one thing: the road ahead is long, winding, and uncertain.

The Central Bank of Nigeria needs to pay serious attention to its core mandate of maintain stability, in the two spheres of the term-price stability and exchange rate stability. In the first sphere, CBN needs to do serious inflation targeting. The apex bank’s recent interest rate hikes are a step in the right direction, but continued vigilance is needed. It should also pay attention to exchange rate stability. Stabilizing  the Naira is essential for promoting investment and trade. The Central Bank’s interventions and efforts to boost non-oil exports and the SMEs could play a critical role here. Moving away from oil dependence and nurturing other sectors like agriculture and manufacturing is vital for long-term economic resilience. Improving governance and transparency and tackling corruption will boost investor confidence and attract much-needed foreign capital.

Nigeria’s economic future in 2024 hangs in the balance. While challenges persist, growth opportunities also exist. The government’s commitment to sound policies, effective implementation, and fostering a conducive environment for businesses will be crucial in determining whether Nigeria navigates the headwinds and unlocks its full economic potential.

This year faces even more difficulties and risks a downward trend for another year unless Abuja greatly and effectively expands its policy support.

1680016383713

Inflation and Foreign Exchange Crisis: A Call for Prudent Economic Measures

by with No Comment Editorial

For quite sometimes now, Nigeria, the economic powerhouse of Africa, has been grappling with  some challenges, which include unemployment, low capital, poverty, inflation and insecurity,  in some parts of the country. But, inflation, so far, has been the most formidable of these. Today, it is a challenge that threatens the country’s stability and growth – inflation coupled with a foreign exchange crisis. These twin crises have far-reaching implications for the country’s economy, its citizens, and the broader regional landscape. Addressing these issues demands a multifaceted approach, grounded in sound economic principles and political will by President Bola Ahmed Tinubu and his team. There is need to look the free market principles now if Nigeria must survive inflation woes.

With a gap of over 6percent between core inflation and headline inflation, inflation in Nigeria is no longer creeping. It is walking!  With the removal of fuel subsidy by President Tinubu on May 29, 2023 when he took over power, prices of basic commodities have soared to alarming levels, especially in the last one year, seriously eroding the purchasing power of the citizens and putting pressure on household budgets. Worryingly, it seems the Central Bank of Nigeria (CBN) under Dr Yemi Cardoso is not working hard enough to ensure stability in the economy, on the two legs of the term-price stability and foreign exchange stability.

The root causes of this inflationary surge are multifaceted, though subsidy removal is the major catalyst. Others include supply chain disruptions, fiscal mismanagement, and external shocks such as the Russia-Ukrainian War. The unchecked printing of money by the Federal Government, under former President, Muhammadu Buhari, to finance its expenditure has further exacerbated the situation, fueling inflationary pressures.

The consequences of runaway inflation are dire. It diminishes the value of savings, discourages investment, and undermines consumer confidence. Moreover, it disproportionately affects the most vulnerable segments of society, pushing more people into poverty and exacerbating social inequalities.

While inflation rages on, Nigeria faces a foreign exchange crisis, simultaneously. The transition to floating exchange rate seems to have created more problems than when the country was in fixed exchange rate regime, characterized by a widening depreciation of the Naira. This reflects underlying weaknesses in the country’s external sector, including declining oil revenues, limited export diversification, and persistent capital flight. As a result, businesses struggle to access foreign currency for essential imports, hindering productivity and stalling economic growth.

The scarcity of foreign exchange not only hampers business operations but also undermines investor confidence and deters foreign direct investment. It creates uncertainty in the market, leading to speculative activities and further depreciation of the local currency. To address this crisis, government must pursue policies aimed at bolstering its foreign reserves, promoting export-led growth, and enhancing investor confidence through transparency and stability.

Telescope Magazine believes that resolving Nigeria’s inflation and foreign exchange crises necessitates bold and decisive action on multiple fronts. The government must prioritize fiscal discipline, curtail excessive borrowing from the Central Bank of Nigeria through money printing, and pursue structural reforms to enhance the efficiency of the economy. Additionally, there is a pressing need for greater transparency and accountability in the management of public finances to rebuild trust and confidence among investors and citizens alike.

Furthermore, President Tinubu must pursue a diversified economic strategy that reduces the country’s reliance on oil exports and fosters the development of non-oil sectors such as agriculture, manufacturing, technology and support for activities that can support youth employment. This diversification will not only enhance resilience against external shocks but also bring in more foreign exchange, and create new opportunities for growth and employment.

In conclusion, Nigeria stands at a critical juncture, grappling with the formidable challenges of inflation and a foreign exchange crisis. Addressing these issues requires a concerted effort from policymakers, businesses, and citizens alike. By embracing prudent economic measures, fostering innovation, and promoting inclusive growth, Nigeria can navigate through these turbulent waters and emerge stronger and more resilient in the global arena.

Dumo lulu

The Outstanding Impact of Dumo Lulu-Briggs, the Golden Boy of Leadership and Philanthrophy

by with No Comment By Tayo Are

The tall, handsome and soft-spoken man greets you politely as you are ushered into his palatial office in Portharcourt, Rivers State. With smiles on his face, he listens to what you want to say and then he engages you in honest and frank dialogue on why he needs to do more for his people. He discusses objectively and helps you understand things better as you seek the best paths.

We need leaders that quickly overcome the barrier of misunderstanding to promote dialogue to reach cooperation again and again. Chief (Barr) Dumo Lulu-Briggs is one of these. DLB as he is fondly called is creative and down to earth and street-smart.

Rivers State has always been blessed with great men, and it continues to be so, amid all uncertainties. One of these blessings is Chief (Barr) Dumo Lulu-Briggs, OON, chairman of Platform Petroleum Limited, a reputable indigenous oil exploration and prospecting company. He is also the Chairman and chief executive officer of DLB group, a conglomerate of companies with interest in oil & gas, and marine.

 

He is one of the entrepreneurs who help not only to strengthen Nigeria’s economic power with their endeavors, but also flank the nation’s socio-cultural space and diplomatic thrust and enhance the reservoir of goodwill for the country.

Chief Lulu Briggs hails from an illustrious Portharcourt family. And this probably accounts for his long chain of values. No wonder, Briggs’s uncontested moral leadership in different fields –service, business, community development.

Lulu-Briggs also demonstrates great sartorial elegance, cultured breed and accommodation, humility and humanitarian bend. He is known for his admirable dressing style,  enthralling  presence that endears him to people-old and young alike and  his allure, and more so for his brave, generous, and effective contributions to  the development of  Nigeria through commerce and industry,  peace-building, tolerance  and community development.

Lulu-Briggs is a seasoned legal practitioner of over 35 years experence, an accomplished businessman, technocrat, politician, philanthropist and grassroots mobilizer. Born on June 13, 1964 in the city of Lagos, Nigeria to the family of High Chief O.B, Lulu-Briggs, he hails from Abonnema, a community in Akuku-Toru Local Government area of Rivers State.

Chief  Lulu-Briggs started his education at Port Harcourt Township primary school from 1970 to 1975. Then fro his secondary school education, he moved to Government Comprehensive Secondary School Port Harcourt, between 1975 – 1980. He attended Ahmadu Bello University, Zaria (1985) where he bagged an LLB degree in Law. He also holds a Masters degree (LLM) in Law from the prestigious London School of Economics (University of London); and was called to the Nigerian Bar in October 1986. He did his National Youth Service at the Institute of Legal Administration, Katsina State Polytechnic, Katsina, from 1988 – 1989.

As soon as he finished the National service, he took up appointment in a law firm and began to build his career before moving into business. Thus he has an excellent and distinguished working career in the private and public sectors in Nigeria. He was in Private Legal Practice from 1989 to 1994. He was the legal adviser/company secretary and contributing editor to Associate Media Limited 1990 – 1991, Solicitor and Notional Head of Chambers, Edu & Mohammed (Solicitor) 1991 – 1992, Principal partner in Nwoka & Lulu-Briggs Law office from 1992 – 1998. He also worked as Company secretary/Legal adviser to Moni Pulo Limited (Petroleum Development). He later served as the Managing Director, Pioneer Executive Director and Chief Operating Officer of Moni Pulo Limited; an indigenous, independent oil and gas exploration and production company from 1995 to 2004. He sits atop and/ or chairs several boards of Oil, Gas & Marine companies. He was past Chairman of two Federal Parastatals (Boards) namely, chairman, governing council, Maritime Academy of Nigeria, Oron, and Chairman, Board of Management, Federal Medical Centre, Owerri. He was a Member- Rivers State Economic Advisory Council for four years (2007-2011).

In the quest to build his leadership capacity, Lulu-Briggs attended several executive leadership courses including Southern Methodist University, Dallas, Texas, USA in 1999 to study Senior Executive training on Oil & Gas and JFK School of Government (Harvard University) Boston, Massachusetts on Training in Leadership for the 21st in 2001.

 

Political philosophy

Chief (Barr) Dumo Lulu-Briggs has not given up on his dream of “changing people’s life” as his passion has always been to serve the people where it matters most. And he does not have to be a ‘professional politician’ to do that. In fact, Lulu-Briggs is wary of people making a living from politics. The tag “professional politician” is a toga he argues nobody should be proud to adorn. Successful politicians, he points out, should make their mark in a profession or business of theirs.

As a man that has good intentions for the future of people of Rivers, Lulu-Briggs believes that the basis of politics and governance is to secure the life and well-being of the people as a guarantee for the future of the nation. According to him, “While some politicians think about how to enrich themselves, he thinks of how to secure the future through fostering a healthy nation with equal opportunities for all and not for a few.”

Lulu-Briggs is a very rare Statesman; He has a pet project, Women for Development, an initiative driven by his Dumo Lulu-Briggs (DLB) Support Group, which focuses on women’s health and development. He is also the Grand Patron of one of the most outstanding non-partisan youth organizations in Nigeria: the Dumo Lulu-Briggs Youths Foundation (DYF23), founded and duly registered and preaching peace amongst youths. This is a major tool for youth enlightenment and development. DYF23 since its inception, he has been mentoring youths to be worthy ambassadors in all ramifications, prepared to help build a strong and inclusive Rivers State and ultimately Nigeria and Africa, and preparing our youth for leadership.

Through this youth foundation, DYF23, he is able to reach out to youths in the 23 local government councils in Rivers State, campaigning against anti-socio vices and youth restiveness in the society, He has inspired and empowered countless youths into entrepreneurship, equipping them with the tools they need to succeed in this 21st century. He is ever ready to employ benevolence and selfless service to humanity. Dumo Lulu – Briggs Youths Foundation (DYF23) driving motto is: REPOSITIONING THE YOUTH FOR A BETTER TOMORROW!

He is a well acknowledged Giver and Philanthropist of high repute who does not relent in reaching out regularly to the less privileged in places like The Children Home, Home for the Elderly, and The Home For Street Kids in Port Harcourt. He gives grants regularly to women to start small trades, and pays for vocational training for young men and women to acquire relevant and marketable Skills.

As a result of his numerous contributions to development Chief (Barr) Dumo Lulu-Briggs is honoured with some chieftancy titles. He is a traditional title holder of the Iniikeiroari VI of Kalabari Kingdom and the Paramount Head, Oruwari / Briggs War Canoe House of Abonnema in Rivers State.

Quite religious , he is a church worker, contributing immensely to church activities both physically and financially. Yearly, he awards scholarships to indigent students from Rivers State across the 23 LGAs. He also gives financial assistance to persons with different health challenges including sponsorship of major surgeries locally and abroad. He is very passionate about helping the less-privileged because he believes that ultimately, it is in giving that humanity finds fulfillment. The true worth of a man is in the ways he responds to his environment he often preaches. Most of the beneficiaries of his philanthropy he may never know

One great thing about Chief Lulu-Briggs is religious tolerance. He recited two psalms in the course of responding to questions on religion. He embraces christain hymns passionately. Of course,

No wonder Lulu-Briggs is so tolerant and accommodating. Of course, he attributes this to family upbringing and culture. Listen to his views on religion.

“What is religion? It is just about serving God and you love your neighbor. That’s it.”

The world has already noticed Chief Lulu-Briggs on the entrepreneurial landscape and political scene or more than 20 years now without a blemish on his name or business brand. He is Nigeria’s entrepreneurial mirror. So young people aspiring to leadership should look into this mirror, as the world is about to start noticing your progress too, even though the majority have not made much progress.

This is the world of Chief Dumo Lulu-Briggs, a man on a mission to do more for his people and help move Rivers State to the next level.

custom boss

The Innovative Leadership of Bashir Adewale Adeniyi in the Nigerian Customs Service

by with No Comment By Kunle Olu Ojo

Bashir Adewale Adeniyi, Comptroller General (CG), Nigerian Customs Service (NCS), is a leader-manager who inspires by developing trust, coaching and teaching, and attracting and nurturing talent. With these values, he has been repositioning the NCS by institutionalizing credible leadership and strong managerial acumen to achieve the objective of the federal government.

In a landscape where leadership often falters, CG Adeniyi stands as a beacon of hope, spearheading a transformation within the Nigerian Customs Service (NCS) that resonates with trust, innovation, and meritocracy. Since assuming the role of Comptroller General (CG) on June 19, 2023, Adeniyi has redefined the contours of leadership, reshaping the NCS into a dynamic service for progress.

On 5 February 2024,  CGC Adeniyi, presented the Service’s 2024 budget to the Nigeria Senate Committee on Customs at the National Assembly. The CG, while defending the 2024 budget of 706.43 billion naira, focused attention on consolidating carried-over projects, increasing staff welfare by improving and motivating officers’ performance, and integrating technologies into Customs processes. Regarding Officers’ welfare, CG Adeniyi mentioned that Officers would  be encouraged in various ways to increase efficiency and improve their well-being, adding  that this would be done through awards, promotions, and payment of allowances.

Additionally, the Comptroller General pledges to surpass the revenue target of 5.079 trillion naira in 2024. According to him, the revenue target for 2024 is 27.75 percent higher than the target of 2023. Furthermore, the Comptroller-General outlined strategies to achieve the 2024 target, including implementing the National Single Window championed by the Federal Ministry of Finance. He also harps on strategies to agonize and standardize Customs processes, port decongestion, collaboration with other agencies for efficiency and competitiveness, anti-smuggling operations, integrating ICT into operations, investing in capacity building, and stakeholder engagement, among others.

The CG also emphasized supporting local production and taking food security seriously. He stated, “We intend to grant waivers to vehicle owners to pay duties within a specific time to avoid sanctions and to regularize the importation of vehicles through payment of duties.” He added, “The service plans to recruit 1,600 personnel in 2024. The low figure is due to the small vacancies we have available. These vacancies are primarily for junior staff who will carry out Customs operations and guard duties. In subsequent years, more recruitment exercises will be carried out.” CG Bashir, however, noted that the Service had a shortfall by 12.62 percent in its 2023 revenue target, citing concessions in section 99 of the Common External Tariff (CET), import duty exemption certificates, cash crunch, general elections, and other factors affecting revenue generation negatively. He assured of a positive outcome in 2024.

Senator Isa Jibrin, Chairman of the Senate Committee on Customs, applauded the CG for the progress and success achieved in his brief tenure in Office, beckoning him to perform better as the house will support him in terms of remuneration and infrastructure to meet up with the 2024 target. The senator is right, indeed, for then CGC has made some achievements since coming into office.

Adeniyi’s ascent to the pinnacle of the NCS was not a result of political patronage or ethnic affiliations but a testament to his unparalleled expertise and commitment. Few can match his dexterity in navigating the Nigeria Customs’s matrix or relationship rapport with its partners and global players. Appointing such a distinguished talent to the CGC level also signalled meritocracy in play. Against this backdrop, the waves of praises witnessed when he was appointed stand astonishingly to the type of person he is.

Thus he is no outsider parachuted into leadership level overnight by political patronage or ethnic connections.  His leadership ethos revolves around the principles of trust-building, coaching, talent nurturing, and institutionalizing credible leadership. Under his stewardship, the NCS has undergone a profound metamorphosis, driven by a relentless pursuit of excellence and a vision for a modernized customs service.

At the heart of Adeniyi’s strategy lies a digital creative drive aimed at enhancing customs’ efficiency. Leveraging cutting-edge technologies such as robotics and Artificial Intelligence (AI), Adeniyi has orchestrated a wave of innovation within the NCS, yielding tangible and verifiable results. Collaborations both locally and internationally have paved the way for transformative projects that not only empower customs personnel but also bolster the nation’s economy.

Through this, he has helped in creating innovative projects that are repositioning the fortunes of Customs personnel, officers and the overall economy at large. He has shown leadership and value creation in different fronts.

Adeniyi’s leadership acumen has earned accolades on multiple fronts. His adept navigation of the complexities within the NCS and his strategic rapport with global stakeholders underscore his unrivaled dexterity. By championing meritocracy and value creation, Adeniyi has set a new standard for leadership excellence, inspiring a wave of praise and admiration. In the area of human resource development, he is doing wonders. Here CG Adeniyi on this.

“In order to achieve our objectives, it is imperative that we bridge the current human resource gap within our ranks. We recognize the importance of capacity building and career advancement for our officers. The administration will work diligently to implement career advancement opportunities approved by the board, ensuring that competence remains.”

According to him, the sole criterion for assigning responsibilities and measuring effectiveness is by merit. Said he: “Our focus is on cultivating a highly skilled workforce that is equipped to face the challenges of a rapidly changing world.”

This, he has accomplished, in part, through training and graduation of over 50 customs officers. The Ag. CG also inspected the proposed 100 hectares of land for the Federal Operations Unit A, Government Warehouse and Customs Training School, close to the Ogun Agro International Airport Project Site, on Monday, 7th August, 2023.

In asserting the relevance and authority of the Zonal Headquarter, Adewale Adeniyi said the office will be relocated and given a facelift – this is coming after 48 years.

In the area of NCS staff welfare, the CG is also doing much. He acknowledge the harsh and hostile environment in which his officers and men are compelled to function. As a result, he prioritize the welfare and well-being of customs personnel.

“By providing better remunerations, improved accommodation, life insurance, and quality healthcare, we aim to create an environment that supports and motivates our workforce. We understand that a well-motivated team is instrumental in achieving our aims and objectives.”

While speaking on this development, he also  highlighted the need for collaboration and partnerships. “We value the relationships we have built with our Partner Government Agencies and the private sector. These collaborations have been vital to our adoption of technology as a tool to enhance revenue generation and streamline processes.”

The partnerships, he said, would be strengthened with more stakeholder engagement, through revitalized platforms.

Equally, last August 2023, under his watch, 50 Officers of Junior (Course 16) graduated from the Nigeria Customs Command and Staff College in Gwagwalada, Abuja. The feat was in the commitment of the staff college’s dogged efforts to refine the work efficiency of the Officers and Men of the Nigeria Customs Service through training and re-training,

He further ensured insurance gaps were bridged and additional accommodation were also provided for officers. Similarly, the Ag. Comptroller-General of Customs Bashir Adewale Adeniyi MFR, following his tour to the Kaduna Area Command, paid a sightseeing visit to Customs Primary School, Barnawa, to assess the condition of the facility with the aim of renovating the school. This aligns with his efforts to promote education through Customs’ Social Program to the society.

Speaking to the School’s Assistant Headmaster, Adeshina Fatai, the CGC vowed to address both the short, medium and long-term needs of the school to create a conducive atmosphere for teaching and learning.
According to him, the Nigeria Customs Service, under his leadership, will view the problem at a superficial level and will do the best to raise the spirit of the school to educate the wards of the residents properly.

In the same August CGC, Adeniyi , extended a hand of fellowship to Dorian Home in Akure, Ondo State, an Orphanage home for Charity and Social Development.

According to him, the service has a responsibility to support and assist communities where they operate and carry out their mandates. Dorian Home has the structure, commitment and passion to drive its objectives.

He said the home has a capacity for almost a thousand kids, as there will be a need to feed, clothe and administer the proper medication to them. He assured of the assistance of the Service to the home.

The Customs CG also pledged his support to establish Customs primary and Secondary Schools Nationwide; he pledged after receiving the COWA delegation led by the National President and Wife of the CGC, Mrs. Kikelomo Adewale Adeniyi.

Most importantly, CG Adeniyi has engaged in strategic discussions with partners such as the WCO, Japan International Cooperation Agency (JICA), and the Japan Customs Administration. The discussions aim to garner support for establishing a customs laboratory, a significant milestone in enhancing customs operations and trade facilitation across Nigeria.

The NCS laboratory will provide comprehensive solutions to address challenges such as counterfeit goods, smuggling, and non-compliant imports, thereby bolstering revenue generation and ensuring the protection of public health and safety.

With its advanced analytical capabilities, the laboratory is expected to deliver precise identification, verification, and classification of goods, enabling efficient enforcement measures and informed decision-making while fostering an environment of trust and credibility within Nigeria’s trade ecosystem, marking a transformative step towards achieving seamless customs operations, trade competitiveness, and national economic growth in line with the vision of the President Tinubu-led Administration.

His engagements extended to fruitful discussions with relevant experts and donors, focusing on crucial areas such as conducting a Time Release Study (TRS), implementing the Authorized Economic Operator (AEO) program, leadership, and management development. These discussions underscore his commitment to comprehensive improvements and his inclination to adopt innovative solutions across various customs domains, ultimately enhancing operations.

In the area of port decongestion, he is at full throttle.
Reinvigorated by the collaboration with the Federal Ministry of Transport to decongest ports, the Permanent Secretary, Ministry of Transportation, Magdalene Ajani, and her team paid a visit to the CGC at Customs Headquarters Abuja on 6 July 2023. At the meeting, CG Adeniyi stressed the need to implement policies that create sufficient space at the ports.

The Permanent Secretary also assured the CGC that the overtime cargo disposal committee is working assiduously to implement policies that will decongest the four major ports in the country. “We are working in different dimensions, but the result will be prodigious, after launching a sensitization exercise to stakeholders and members of the ports community about the process.” She said,

Another of CG Adeniyi’s success strategy is sustaining critical bond with stakeholders.
Being a former PRO of the customs, he has no problems with consensus building. He has started a sustainable stakeholder’s parley, starting with sister security agencies. He has personally been to all the zones across the country leaving behind him, unbreakable bonds sealed with MoUs and partnership agreements.

Such bonds are visible with the Federal Road Safety Corps (FRSC), the Nigerian Drug Law Enforcement Agency (NDLEA), the Nigeria Police Force, as well as leaders of neighboring countries that share land borders with Nigeria, amongst others.

In July, 2023, he paid official visit to Seme border  in Lagos State and Jibia border Katsina State At Seme, Badagry and its environs, he urged local communities to support Law Enforcement Agencies in enhancing border security. His first port of call was the Palace of the Akran of Badagry Kingdom, His Royal Majesty, De Wheno Aholu, Menu-Toyi I.

Shortly after the decision by President Ahmed Tinubu to shut down the Nigerian/Niger borders, the Customs Boss visited the Governor of Katsina State, Dikko Radda, to solicit cooperation of border communities. He emphasized that while implementing the closure of the Jibia border, the Service will also devote energy to sensitize members of the communities on the reason behind the decision.

As a leader, Adeniyi through his accomplishments, is instilling on officers of the NCS and Nigerians, hope for success and a belief in the system. And as a forward-looking leader he is pro-actively empowering the workforce and also inspiring them to effortlessly accomplish their assigned duties.

The CGC is in renewed collaboration with Yobe State to ensure the state continues to benefit from the Service. He has also strengthened Customs community relations in Oyo State. The NCS has further aligned with the Borno State government to re-establish Cross-border Trade in the Northeastern part of Nigeria.

In July 2023, during a courtesy visit to Mr  Babajide Sanwo-Olu, Governor of Lagos state, which controls 70 to 75 percent of NCS’ total revenue collection. There,  CGC Adeniyi said he was  committed to steadily maintain a sound relationship with the state, where the bulk of its revenue comes from. He pledged partnership with the state government.

His words: “I also need to inform you that there’s an approval for a Badagry port. The whole idea is to build strategic infrastructure for our citizens; Lekki is on the eastern part, Badagry is on the western part so that we can decongest Apapa and Tin-can that have stretched their capacity”, he noted.

Critical Posting and strategic appointments forms a plank of his achievements. To boost service delivery, CGC Adeniyi made some strategic appointments and announced significant redeployment within the Customs department. They included the appointments of Comptrollers Florence Nanu Ogar-Modey and Queen Ogbudu as Acting Assistant Comptroller Generals Training and Doctrine Command (TRADOC) and Zonal Coordinator Zone B, respectively.

Also, some of the Comptrollers redeployed to various Customs formations, including Compt. Jaiyeoba Jide from Oyo/Osun Area Command to Apapa Area Command, Compt; Dera Nnadifrom Seme to Tin-Can Island Port; Compt. Timi Bomodi from KLT to Seme; Compt. Ahmed Abe from PCA Zone ‘C’ to Kaduna Area Command; and Compt. Babandede Mohammad from Lilypond Export Command to Lagos Free Trade Zone Command.

In addition to the redeployment, Compt. Dauda Ibrahim Chana from Investigation Headquarters to Kano/Jigawa Area Command, Compt. Martina Tilleygyado from Non-Intrusive Inspection to KLT Area Command, Compt. Oloyode Adekunle from Tin-Can Island Port to Import &/Export Headquarters while Compt. Zanna Chiroma will be leaving Import & Export for PCA Zone ‘C, among many others.

The newly appointed and redeployed officers were charged to double their effort in achieving the service’s core mandates of revenue generation, suppression of smuggling, and trade facilitation.

Under his guidance, the NCS has been achieving significant milestones, marking a paradigm shift in its operational landscape. From streamlining processes to fostering innovation. As the custodian of the NCS, Bashir Adewale Adeniyi epitomizes the transformative power of visionary leadership. Through his unwavering commitment to excellence and innovation, he continues to redefine the narrative of the Nigerian Customs Service, ushering in an era of prosperity and progress. In him, Nigeria finds not just a leader, but a catalyst for change, whose legacy will endure for generations to come.

Takang

Armstrong Takang: Shaping Economic Renaissance & Safeguarding the Commonwealth of Nigeria at the Ministry of Finance Incorporated

by with No Comment By Benard Ekwegbara

Dr Armstrong Ume Takang, the Managing Director/CEO of Ministry of Finance Incorporated (MOFI), is a forward-thinking leader with ability to cultivate high-performing teams, fostering a culture of continuous learning and collaboration. He is one of the brightest resources in the landscape of finance and governance in Nigeria. And he is more than capable to meet the present challenges and proactively shape the future of financial governance in Nigeria through MOFI.

Happily, his being in office as the CEO of MOFI is a strategic move toward ushering in a new era of financial leadership, inclusivity, and discipline in managing public investments. Under his watch, MOFI has been strongly supporting the Federal Government’s efforts towards addressing economic challenges, while spurring the renewal of the economy.

This year brings a landmark action at MOFI, so dedicated to financial governance and performance from government assets, all of which are being revived for strong performance so they continue to earn revenue for government. Much of this work is inspired by the commitment of Dr Takang, as someone who feels deeply connected to a commitment to transparency, innovative thinking, and talent development.

Takang is fascinated by practices, such as,transparency that fosters trust and high standards of fiscal responsibility. But he has progressive mindset for success in the face of evolving economic landscapes. He also places a premium on talent development and team collaboration to drive sustainable growth.

He could, of course, just be a big metaphor for something great and encouraging in Nigeria and in the human psyche. He perhaps represents order at a time of chaos. Perhaps, most of all, he represents something within us, that part of ourselves which strives to achieve the best for one’s country.

His blend of academic excellence, extensive experience, commitment to transparency, innovative thinking, and emphasis on talent development makes him the perfect fit for steering MOFI towards greater heights at this time when government’s revenue earnings need to be improved.

Amazingly, not many are aware that Dr Armstrong was pivotal in designing and implementing several national initiatives like the Integrated Payroll and Personnel Information System (IPPIS), the Office for Nigerian Content Development in ICT under NITDA, the ICT component of the Economic and Financial Crimes Commission (EFCC)/Nigeria Financial Intelligence Unit (NFIU), among others.

And with his experience, track record and what he represents, Takang is  a most ideal candidate for the leadership role at the Ministry of Finance Incorporated, bringing with him a wealth of experience, a proven track record, and a vision for transformative change.

This transformation he has started with the power sector now. This January, MOFI took over the Federal government 40 equity holdings in the eleven power Distribution Companies from the Bureau of Public Enterprises (BPE).

The federal government had in 2013 privatised the Power Holding Company of Nigeria.

According to a statement signed by Dr Takang, it followed a directive by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, to the Board of Directors of MOFI to terminate the Power of Attorney (POA) granted by MOFI to the Bureau of Public Enterprises (BPE) in 2012.

According to Takang, MOFI is to assume ownership, control and management of all outstanding federal government equity in all existing electricity successor companies. MOFI is a statutory corporation-sole established by the MOFI Act, 1959.

Takang explained that because MOFI could not exercise its powers due to constraints posed by the Act, the power of Attorney had to be given to the BPE to enable it fulfill the legal requirements and complete the various electricity privatisation (share sale) transactions.

“BPE had since then held shares in the Discos on behalf of MOFI. This continued for over 10 years after the sales were completed in 2013, until the recent order by the Minister of Finance, Takang said.

According to  him, “MOFI would restructured and repositioned as an active asset management corporation; develop a strategy for creating a National Assets Register that aggregates and profiles all national assets and investments; develop and implement policies and regulations that ensure the creation and management of assets from debt-related transactions; develop and implement policies and regulations that ensure creation and management of assets from concession-related transactions; and create a robust pipeline of FG-owned and FG-linked investment opportunities.

“It was further determined that in line with global best practice, MOFI would take on an expanded and more active role, not to directly take over and run the corporate entities created around these FG assets but rather to work with its co-promoters and co shareholders to develop and implement corporate policies and practices that ensure that these assets are operated for maximum value.”

Takang further said that the process of reform and restructuring would lead to consolidation and assumption of the ownership rights of MOFI’s shareholdings across various asset classes.

“This strengthens the FG’s shareholder rights and ensures that entities in which MOFI holds equity stakes fulfil their socio-economic responsibilities and generate substantial financial returns for the FGN.

“MOFI’s resumption of its rights of management of the FG’s 40% shareholding in the eleven electricity distribution companies and the various equity stakes in related energy sector companies is an essential element of this consolidation. It will drive operating efficiency, best corporate governance practices and ultimately maximise the value derived from these electricity assets, in line with alignment with the President’s economic growth agenda.

“MOFI extends its gratitude to the BPE for its stewardship of these shares. As a reformed and active entity, MOFI is taking significant steps to ensure that these assets deliver full value to the country.

“We look forward to collaborating with our key stakeholders and, through our concerted efforts, making a tangible impact in contributing to a thriving, resilient and growing Nigeria,” he further said.

Indeed, the appointment of a CEO/Managing Director of MOFI has been a blessing to the country. This plays a pivotal role in shaping the trajectory of landscape of finance and governance in Nigeria. One of Dr. Takang’s standout qualities is his commitment to transparency and accountability.

At a time when financial governance is under intense scrutiny, his track record of implementing robust financial controls and ensuring adherence to international standards is commendable.This commitment to transparency not only fosters trust but also aligns with MOFI’s mission to uphold the highest standards of fiscal responsibility. Furthermore, Dr. Takang’s innovative approach to problem-solving sets him apart as a forward-thinking leader.

All these were what prompted President Bola Tinubu to re-appoint him last year. Last November, President, Bola Ahmed Tinubu appointed a new leadership for the Ministry of Finance Incorporated (MOFI), an asset holding and management company under the Federal Ministry of Finance, with mandate as the sole manager of all federal government investment interests.

According to a statement by Presidential Spokesman, Ajuri Ngelale, former Finance Minister, Dr. Shamsudeen Usman is reappointed as Chairman of a 10-man Board of Directors of MOFI, while Dr. Takang is also reappointed to serve as the Managing Director/CEO of the organisation. According to analysts, there is no gainsaying the fact that the leadership of MOFI, is a perfect combination.

The other appointees include Tajudeen Datti Ahmed, Executive Director, Portfolio Management; Femi Ogunseinde, Executive Director, Investment Management and Mrs. Oluwakemi Owonubi, Executive Director, Risk. The non-executive directors are Mr. Ike Chioke, Ms. Chantelle Abdul, Mr. Alheri Nyako, Mr. Bolaji Rafiu Elelu and Mrs. Fatima Nana Mede.

And this tumultuous time of social and economic headwinds sets the stage for the emergence of best in MOFI. And Takang is a potent symbol for financial governance navigating a predominantly a tough scene to achieve great results, having been saddled with the responsibility of the day-to-day running of the organization.

Dr. Takang’s academic background, marked by advanced degrees in Computer Science, Finance and Business exposure/experience, sets the stage for his understanding of the intricate dynamics within the financial, business and investment sector(s). He is well equipped with strategies for exploring progressive solutions to economic challenges.

Prior to being appointed MOFI’s CEO, Takang was the CEO of Growth Alliance Partners (GAP), a pan-African firm focused on providing post-investment value-add services to Private Equity backed businesses. He helped to turn around several businesses to create shareholder value.

His decades-long career in investment consultancy and public reforms traverses the public and private sectors across Africa, and in the US, where he worked at the New York Office of the KPMG.

He was Team Lead for a Private Banking Group, managed the Integrated Financial and Economic Management Information System (IFEMIS) Project in Nigeria, and led the Voluntary Asset and Income Declaration Scheme (VAIDS).

His tenure as the Chief Executive Officer of a leading multinational corporation showcased his ability to navigate complex landscapes, implement strategic financial planning, and drive sustainable growth.

These experiences uniquely position him to bring a fresh perspective to the Ministry of Finance Incorporated.

His past initiatives, such as spearheading digital transformation in financial processes and advocating for sustainable financial practices, underscore his ability to embrace change and leverage technology to deliver result.  And at a time when agility and adaptability are crucial, Takang’s progressive mindset positions MOFI for success in the face of evolving economic landscapes.

As a leader, Dr. Takang places a premium on talent development and team collaboration. His previous roles have seen him cultivate high-performing teams by fostering a culture of continuous learning and collaboration.

This emphasis on human capital is pivotal for the MOFI, ensuring that it can effectively navigate the challenges of an ever-changing global economy. Beyond his professional acumen, Dr. Takang is known for his civic engagement and commitment to corporate social responsibility.

His involvement in community development projects demonstrates a great understanding of the impact businesses can have on society. His previous positions, leadership roles and achievements speak volumes for him.

No wonder analysts hailed President Tinubu’ decision to re-appoint the duo of Shamsudeen Usman and Armstrong Takong is an act of patriotism. They also praised him for the appointment of  Mr. Ike Chioke, the Group Managing Director at Afrinvest West Africa Limited, as a non-executive director. These analysts are of the view that with the calibre of persons on the present MOFI leadership team, failure is not an option.

MOFI is shaking the finance governance landscape positively to support the Federal Government’s efforts towards addressing economic challenges, while spurring the renewal of the economy. And these are already happening under the watch of Dr Takang., shaping Economic Renaissance & Safeguarding the Commonwealth of Nigeria.

Bakare-oki

Olalekan Bakare-Oki: A Proven Track Record and Logical Solution to Robust Traffic Management and Efficiency at LASTMA GM

by with No Comment By Ahmad Olasege

Mr. Olalekan Bakare-Oki, the Acting General Manager/CEO of the Lagos State Traffic Management Authority (LASTMA), is a proactive person with cooperative approach brewed for efficient solutions in critical times.

In an era where agility and adaptability are crucial, someone with Bakare-Oki’s progressive mindset is needed to position things for success in the face of evolving social and economic landscapes today. He has the wealth of experience, a proven track record, and a vision for transformative development which he is using to run LASTMA today.

As a leader, Bakare-Oki doesn’t joke with talent development and team collaboration. His previous roles at the Lagos State Ministry of Transport have seen him cultivate high-performing teams with a culture of continuous learning and collaboration.

This emphasis on human capital is pivotal for LASTMA, ensuring that it can effectively navigate the challenges of chaotic traffic through a robust traffic management system in an ever-changing  and growing Lagos economy.

Beyond his professional acumen, Bakare-Oki is known for his discipline, civic engagement and commitment to corporate responsibility. This commitment to corporate governance issues not only fosters trust but also aligns with LASTMA’s mission to uphold the highest standards of responsibility.

The mission of Mr. Olalekan Bakare-Oki, as the Acting General Manager of the Lagos State Traffic Management Authority, LASTMA .centers on the task of elevating LASTMA’s importance and efficiency on a bigger scale and in promoting greater understanding between the traffic management agency and the motoring public, which its serves for socioeconomic prosperity in the state. His secret to success, however, lies not only on this distinctive goal, but in on his unique approach to shaping traffic management in the state.

It takes into account the perspectives, and the concerns of the road users so the agency can further improve in its service delivery, while at the same time, taking into account the broader public perspective issue of discipline within the ranks of personnel at LASTMA itself and finding ways to marry them. As a result of these, he raises the awareness of the public to the existence of various windows through which complaints can be channeled to LASTMA office for prompt action.

And this is a unique way that allows for policy to move forward with a committed set of stakeholders,

With the way he brews traffic solution and enforce discipline, the LASTMA General manager has justified Governor Sanwo-Olu’s confidence in his appointment by rising up to the occasion, while bringing his wealth of experience to take the Agency to greater heights.

The Lagos State Governor, Mr. Babajide Sanwo-Olu, on November 23, 2023, approved the appointment of Mr. Olalekan Bakare-Oki, as the Acting General Manager of the Lagos State Traffic Management Authority, LASTMA.

At that time, a statement by the Permanent Secretary Ministry of Transportation, Mr. Olawale Musa, noted that “the appointment of Bakare-Oki is for better performance, eradicating incidences of misdemeanours among staff and continued efficient/effective traffic management on Lagos roads.”

Bakare-Oki joined the Lagos State Public Service on April 25, 2000, and rose through the ranks over the years to the post of Deputy Director, Logistics and Engineering Department of LASTMA, before his new appointment as General Manager.

He holds a Masters’s Degree in Transportation Planning and Management from the University of Lagos and has attended several capacity-building programmes on inter-modal traffic management systems locally and internationally.

Recently, five officials of the Lagos State Traffic Management Authority (LASTMA) have been dismissed while two others were reprimanded by the Personnel Management Board by the Lagos State Civil Service Commission (CSC).

According to a press statement signed by the Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, confirmed that every recommendation made by the Personnel Management Board on the 7 indicted Lastma officials during their meeting on Tuesday, 19th of August, 2023 was ratified by the Lagos State Civil Service Commission.

Mr. Adebayo said, “While Five LASTMA officials indicted for corruption received letters of Termination of appointment’, the remaining two received letters of ‘Reprimand’ for absence from duty posts without leave”.

Additionally, Mr. Bakare- Oki has stated that the disciplinary action taken was in line with the extant rules as guided by the Lagos State Civil Service Rules and Regulations. He maintained that the Agency would only get better if and when members of the public shared their experiences, including positive ones, and provided evidence where applicable of perceived misdemeanours. He implored road users in Lagos to always comply with the State Traffic Law in order not to run foul of the law, which would attract penalties as stated in the law.

Listen to him, “This is necessary for all of us to promote a Greater Lagos for the benefit of all and the realization of Governor Babajide Olusola Sanwo-Olu’s objectives in the First Pillar of the THEMES Plus Development Agenda (Traffic Management and Transportation)”.

“We wish to add by informing well-meaning and concerned Lagos residents and the motoring public that we have various windows through which complaints can be channelled for prompt action. He assured that such complaints shall be investigated dispassionately with despatch.

While enjoining every motoring public to abide by the Lagos State Transportation Sector Reform Law 2018,  Bakare Oki disclosed that cases against the remaining 14 indicted LASTMA Officials are undergoing additional administrative review.

The agency is also working to address the issue of indiscriminate parking along the roads, especially by tankers in some parts of Lagos metropolis. Areas leading to Apapa ports, especially along 2nd Rainbow down to Mile 2 Bridge, Oshodi -Apapa Expressway are notorious for indiscriminate parking by tanker drivers.

This necessitates some enforcement operations. According to Mr. Peter Gbejemede (LASTMA Director of Operations), the enforcement exercise is in accordance with the Law and would be continuous until zero tolerance is achieved on illegal/ indiscriminate parking across the State.

Mr Bakare-Oki‘s appointment as the CEO of LASTMA is a strategic move toward ushering in a new era of leadership, inclusivity, and discipline in managing traffic in Lagos.

His blend of academic excellence, extensive experience, commitment to transparency, innovative thinking, and emphasis on talent development makes him the perfect fit for steering LASTMA towards greater heights and deliver value to the people of Lagos state.

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Breadbasket to Brink:Tackling Nigeria’s Food Insecurity

by with No Comment By Ben Ogoh

Recently the Niger state government came out with a decision to ban large-scale buying of food products for movement outside the state. That decision by the Niger state government serves as a stark reminder of our precarious food security situation. With Niger state’s pivotal role in food staples production, any disruption will have far-reaching consequences.

This clearly indicates that Nigeria faces a severe food security problem which, if nothing is done urgently, could transform into a huge crisis. Coming at time Nigeria faces the specter of high cost of living crisis, this does give analysts some fear.

The roots of this impending fooddisaster are complex, spanning from governmental neglect to outdated policies and a dearth of support for young farmers and agricultural innovators. At the heart of Nigeria’s food security challenges lies a fundamental disconnect between government policymakers and the realities of the agricultural sector. While ministries of agriculture exist at federal and state levels, they often lack individuals with firsthand farming experience or genuine passion for agriculture. Decisions made in bureaucratic offices far removed from the fields result in policies that fail to address farmers’ needs or stimulate agricultural growth. Moreover, inadequate financial support exacerbates the situation, with limited access to suitable loans deterring many aspiring farmers, particularly the youth, from entering or expanding operations.

Adding to these challenges is the government’s reluctance to embrace technological advancements and modern agricultural practices. Despite a wealth of young experts with innovative agritech skills, bureaucratic hurdles and resistance hinder their efforts to implement new technologies, stifling innovation and hindering sectoral adaptability.

The consequences of these shortcomings are stark. Rising food prices, fueled by inflation and supply chain disruptions, burden Nigerian households. The recent decision by the Niger state government to restrict large-scale food commodity purchases threatens to exacerbate the situation further, deepening food insecurity across the country.

To avert disaster, urgent action is imperative.

The situation paints a dire picture of Nigeria’s agricultural sector and its potential consequences on food security. To address these challenges, several key actions need to be taken:

  1. Policy Overhaul: The government needs to revamp its agricultural policies to better reflect the needs of farmers and encourage innovation. This includes involving stakeholders from the agricultural sector in policy-making processes to ensure that decisions are informed by practical experience and knowledge. There is need to overhaul outdated agricultural policies, prioritizing farmer needs and innovation. This includes tailored lending policies and incentives for modern farming techniques adoption.
  2. Financial Support: Access to affordable financing is crucial for farmers to invest in their operations and adopt modern techniques. The government should provide tailored financial assistance programs, such as low-interest loans, grants, and subsidies, to support farmers, particularly young and aspiring ones.
  3. Technology Adoption: Embracing technological advancements and modern agricultural practices can significantly enhance productivity and resilience in the face of challenges like climate change and resource scarcity. The government should actively support the adoption of agritech solutions and provide incentives for innovation in agriculture.
  4. Education and Training: Making agriculture more attractive to the younger generation requires investment in education and training programs that highlight the opportunities for innovation and entrepreneurship within the sector. This includes promoting agricultural courses in schools and universities and offering vocational training for aspiring farmers and agribusiness professionals.
  5. Regional Cooperation: Collaboration with neighboring countries and international organizations can help alleviate food shortages through trade and resource sharing. Nigeria can explore partnerships for agricultural development and food security initiatives within the region.
  6. Community Engagement: Engaging local communities in agricultural development efforts can foster ownership and sustainability. Initiatives such as community-based farming cooperatives and extension services can empower farmers with knowledge and resources to improve their livelihoods.
  7. Long-Term Planning: Addressing food security challenges requires a comprehensive, long-term approach that considers the interconnectedness of agriculture with other sectors such as infrastructure, health, and education. The government should prioritize sustainable development goals and invest in infrastructure that supports agricultural production, processing, and distribution.

By implementing these measures, Nigeria can mitigate the looming food security crisis and build a more resilient agricultural sector capable of feeding its population and contributing to regional and global food markets, becoming a key player.

However, swift and coordinated action is essential to address the root causes of the crisis and prevent further deterioration of the situation. So, government needs to take decisive action before it’s too late, as the consequences of inaction are too grave to ignore. Together, Nigeria must strive for a future where agriculture thrives, ensuring food security for generations to come.

AUTO-DAMAGE-scaled

Third Party Insurance and Prompt of Insurance Claims

by with No Comment Insurance

In Nigeria, automobile third-party insurance is a crucial aspect of vehicle ownership and operation. It provides financial protection against liabilities arising from third-party bodily injury, death, or property damage caused by the insured vehicle. Understanding the intricacies of third-party insurance is essential for both vehicle owners and road users. This article aims to shed light on the significance, coverage, and regulations surrounding automobile third-party insurance in Nigeria.

Significance of Third-Party Insurance: Automobile third-party insurance is mandated by law in Nigeria under the Compulsory Insurance Act of 2003. Its primary purpose is to protect third parties, such as pedestrians, passengers, or other motorists, from financial losses resulting from accidents involving insured vehicles. Without third-party insurance, vehicle owners risk facing legal penalties, including fines or vehicle impoundment.

Coverage Offered: Third-party insurance provides coverage for the following scenarios:

  1. Bodily Injury: Compensation for medical expenses, rehabilitation costs, and loss of income incurred by third parties injured in accidents involving the insured vehicle.
  2. Death: Financial support for the dependents of individuals who lose their lives in accidents caused by the insured vehicle.
  3. Property Damage: Reimbursement for repair or replacement costs of third-party property damaged in accidents.

It’s important to note that third-party insurance does not cover damages to the insured vehicle or its occupants. Vehicle owners may opt for comprehensive insurance to safeguard against such risks.

However, without claims being made by insurance companies, people are not likely to take up insurance up insurance policies, and insurance companies will not maximized profits. Thus claim payment in insurance contracts serves as spice that contract to potential policy holders to insurance patronage.

The National Insurance Commission (NAICOM) needs to make its regulatory power felt on insurance companies with regard to third party insurance and response to claims. It needs to look into challenges and solutions necessary to curb sharp practices, as some insurance companies do play game with response to third party claims. Since NAICOM oversees the regulation and supervision of insurance activities in Nigeria. It sets guidelines and standards for insurance companies operating in the country, ensuring compliance with applicable laws and regulations. Insurance companies offering third-party insurance must adhere to NAICOM’s regulations regarding pricing, coverage, and claims settlement procedures.

Despite the legal requirement for third-party insurance, compliance remains a challenge in Nigeria. Many motorists either purchase fake insurance certificates or operate without any coverage, exposing themselves and others to significant financial risks. To address this issue, stakeholders, including regulatory authorities, insurance companies, and law enforcement agencies, need to collaborate on awareness campaigns, enforcement efforts, and technological solutions such as digital verification platforms to curb fraud and enhance compliance.

Automobile third-party insurance is a vital component of road safety and financial security in Nigeria. By understanding its importance, coverage, and regulatory framework, vehicle owners can fulfill their legal obligations and protect themselves from potential liabilities. Continued efforts to promote awareness, improve enforcement, and enhance insurance industry practices are essential for ensuring widespread compliance and effective risk management on the nation’s roads.

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Rear Admiral Kasimu Bushi and The Task of Building Transparency in Nigeria Public Finance

by with No Comment by The Telescope Magazine

On Thursday, May 18, 2023, the Nigerian Army Resource Center, Asokoro , Abuja , was agog with activities. That day marked the launch of a book written by the Chief of Account and Budget in Nigeria Navy Rear Admiral (Dr). Kashimu Bushi. (Ph.D), a man the public can rely on where trust, honesty, and accountability are required.
Titled: “Fundamentals of Nigerian Public Finance and Accounting”, it was presented to the reading public as a jewel that will advance the public account sector and help enhance innovation and accountability in Nigeria’s public finance. It is the third book from the stable of Rear Admiral Bushi.
The book launch was well attended by many distinguished Nigerians from all walks of life. Prominent among those who graced occasion included royal fathers, top military officers, politicians, captain of industries. These included but not limited to the , Emir of Lafia, Hon. Justice Sidi Bage Mohammed 1, and Emir of Kano, Alhaji Aminu Ado Bayero , the Chief of Naval Staff,, Chairman, Senate Committee on Navy, Sen. George Sekibo, Prof. Ibrahim Saleh, Deputy Dean, Faculty of Management Sciences, Federal University, Kashere, Gombe State and other prominent Nigerians.
In his remarks, Rear Admiral Bush explained that the book was written in response to the u to adequately prepare young graduates and newly employed accountants in public sector for the job. He said he also realized that throughout his 29 years of service in the public sector and indeed in the Nigerian Navy, most work experiences in different sphere of endeavours were not documented.
According to him, accounting graduates are not exposed to the practical issues in public sector accounting and those that are newly employed in the public sector are not well equipped with the knowledge of public sector financial management and accounting.
“Even public sector accountants are barely exposed to the regulatory aspect of public sector accounting, which often serves as a guide to accounting functions. Suffice to state that most accountants in government sectors improve their knowledge and skills of public financial management and accounting through safe efforts. Therefore, there is need to involve professional training of the public accountants.
“This informs the publication of this book to add value to the existing body of knowledge in the field of public finance and accounting in Nigeria.
“The accountants, as we know, are the key driver of government financial management system, which is key to economic development and prosperity because all policies are hinged on finance, budget and the accountants are the key implementers of our budgets,” he said.
Bushi said that getting it right at the training stage would help the finance managers and accountants to have the knowledge of implementing policies effectively and would impact the achievements or success of the budget.
He added that developing the knowledge and skills of accountants would help in improving the performance of the national budget. The book also provides the requisite knowledge on public sector financial management and accounting.
The Chief of Transformation (Navy), Rear Admiral Okon Eyo, who represented the Chief of Naval Staff, described the author as forthright officer with high sense of dedication and passion to service.
Rear Admiral Eyo said the senior officer had continued to make the Nigerian Navy proud both in service to navy and contribution to national development, adding that Rear Admiral. Bushi was a disciplined officer and a go-getter. According to him, it is a clear reflection of the attitude he brings to bear in his primary responsibility as the Chief of Accounts and Budget and the books that are churned out.
“He is quite becoming a prolific writer because this is the third book in quick succession and they are all on financial subjects.
“So I think he is trying to share his experience and the knowledge he has gathered both in classroom as students and practically on the on the job so people can learn from it,” he said.
The Chairman, Senate Committee on Navy, Sen. George Sekibo, commended the author for giving back to the public his wealth of knowledge through the book. And he charged the author to continue to write more books so that Nigerians could learn and benefit from his knowledge as the country would be better for it.
The book, presented to the reading public by the Institute of Governance and Leadership Studies in Africa (IGLSA), was reviewed by Prof. Ibrahim Saleh, Deputy Dean, Faculty of Management Sciences, Federal University, Kashere, Gombe State.
A lecture with the theme: Public Financial Management and Accounting: Impact on the Nigerian Economy’ was delivered by Prof. ABC Akujuobi, a former Head of the Financial Department, Federal University of Technology, Owerri.
Who really is Rear Admiral Bushi? Kasimu Bushi was born on 5 April 1968 in Kumbo, Donga Local Government Area of Taraba State. As someone who is mindful of what he wanted to become in life, he wasted no time to advance his academic pursued. He started his primary and secondary education early and gain admission in one of the prestigious Universities in the country, Ahmadu Bello University, Zaria and graduated with a Bachelor of Science Degree (B.Sc.) in accounting in 1991.
Rear Admiral Bushi did his National Youth Service with Dayo Oloje & Co (Chartered Accountant) in Akure, Ondo State and completed the National Youth Service Corps (NYSC) in 1992.
After his service years, he enlisted into the Nigerian Navy on 23 August, 1993 and was commissioned as a Sub Lieutenant on 23 August, 1994. He rose through the ranks. He became Rear Admiral in 2022, a course of direction which remains his career pursued till date.
It is this undeniable zeal to serve the nation that made him join the prestigious Nigerian military force. Bushi has become a true iconic example of a citizen who places national interest above personal one, whose passion is to serve the nation with his life inborn.
The personality of Bushi is very amassing; humble, patriotic, loyalty, perseverance, hardworking and dedicated to service. In Nigeria today, the desire for self-attainment and self-aggrandizement has taken a center stage rather than patriotic service to fatherland. Leadership challenges have contributed immensely to the current problems faced in the country such as corruption, banditry, militancy, kidnappings, rubbery among others.
Thus, the need to spot charismatic and dynamic young and up-coming leaders that can be trusted with leadership positions is important. It is in this light that, individual personality in the public sector (including the military) who through their selfless service, dedication to duty, exemplary and good leadership qualities as well as contribution to the development of their organizations, communities and the nation in general are often identified and honored for good performance as motivation for enhance service delivery.
In many circles, Bushi has made his mark in this regard; contributed immensely to the Nigerian Navy and the nation at large both professionally and otherwise.
In an attempt to improve his academic prowess, Bushi attended several schools. Some of the things that stands out clear and highly paramount is that he has an uncompromising interest in the field of Accounting and Finance as well as Public Administration.
In his quest to achieve the best, he has attended many courses. These included his stint at Ghana Institute of Management and Public Administration where he obtained PGC in Public Administration 2002. He also attended Federal University of Technology (FUTO) and obtained PGD in Financial Management and MBA Finance in 2001 and 2008 respectively.

He further enrolled for MSc Programme in National Mathematical Centre affiliated to University of Abuja in 2015 and obtained MSc Financial Mathematics and a PhD in Finance. As a result of his sterling qualities and service to the nation, Admiral Bushi has received several honours and awards. These include Productivity Centre Merit Award, Humanitarian Service Award, Financial Prudency Award, Ethical Ambassador Award, Integrity Award, Good Ambassador of Taraba State Award, ICON of Hope Award and the prestigious National Public Service Award (NPSA) amongst others.

A highly trained and very discipline officer, Admiral Bushi has attended several conferences and seminars both local and abroad, prominent are: International Conference on Pre-retirement Planning at Ghana in 2015, International Conference on Public Finance and Administrative Strategies in the Post Covid era held at Kigali, Rwanda in 2021, Chartered System Accountant International Conference at Louisiana, USA in 2022, ANAN. Chartered Institute of Finance and Control (FIFC) yearly conference amongst others.
He has several decorations which includes Forces Service Star (FSS), Meritorious Service Star (MSS) and Distinguished Service Star (DSS). Others are Chieftaincy titles; Santali of Gudape, Bebeji of Lafiya Kingdom and Katuka of Gire Adamawa.
Equally, Admiral Bushi has been honoured with two honorary Doctortate degrees. He has honorary Doctorate Degree in Leadership and Good Governance from South American University as well as honorary Doctorate Degree in Business Affairs from University of Benin Republic.
Bushi also had his military training in the Ghana Armed Forces Command and Staff College as well as Armed Forces Command and Staff College, Jaji, Nigeria where he obtained Pass Staff Course (psc).
Bushi is highly decorated and also, an astute professional and certified accountant whose knowledge and competence has gained him several Fellows both national and international institute which include: Fellow Chartered National Accountant (FCNA), Fellow Chartered Institute of Taxation (FCTI), Fellow Chartered Institute of Finance and Control of Nigeria (FCIFCN), Fellow African Institute of Strategic Managers (FAISM), Fellow Institute Corporate Administration (FICA), Fellow Chartered System Accountant (FCSA-USA), Fellow Occupational Safety and Health Association – UK (FOSHA), and a Certified Fraud Detector (CFD) UK.
In terms of service delivery, Dr. Bushi has proved himself as an effective financial manager and administrator, an inspiring motivator and intelligent leader. He gets job done on unobtrusively and efficiently and communicate well with creative ideas which he can see it to completion. He certainly has led a very good example of reliability, dependability, loyalty, and commitment.
He has also made a remarkable impact on the cultural ethics of public service life and led by example in all he has done. This has been attested by his trust to hold several sensitive and crucial appointments on financial management and public administration; a job which requires trust, honesty, and accountability.
His first appointment was Staff Officer (Cash) in Western Naval Command Headquarters, Lagos in 1995 – 1999. He was then transferred to Defence Headquarters in Abuja to work as Staff officer finance in 2000 – 2006. He later became the Base Account and Budget Officer (BABO) in Nigerian Naval Base, PATHFINDER, Port Harcourt from 2007 – 2009. For his outstanding performance void of malpractices and with his enthusiasm and discipline, he was later made Assistant Director (AD) Computer, Military Pension Board (MPB) between 2007 and 2010. A period which witnessed unprecedented transformation of the Military Pension Board. He brought dynamism in the management affairs of the Military Pension Board.
Dr. Bushi was instrumental to the introduction of biometric data system in the management and Administration of military pension which drastically curtailed corruption, manipulations and other forms of financial malpractices that were militating smooth administration of the Pension Board. He screened and vetted all the pensioners’ data in the retirees’ payroll and ensured that only eligible pensioners were enrolled into the biometric data system. He also ensured the integrity of the personnel payroll data.
In addition, he intensified measures to eliminate fraud and financial malpractices in an organization. Dr. Bushi deployed some strategies to deepen transparency in the financial management system. All these were achieved through constant training and sensitization of the personnel on the need to be ethical and professional in the discharge of duty.
Another area of competence of the officer is developing financial ideas that tends to solve problems in the society: he developed annuity funding model for the implementation in FMBN for loan disbursement to the benefit of public servant who are contributors to Federal Housing Scheme of Nigeria. In 2019, Dr. Bushi was a member of the committee for the Manual of Accounting and Financial Administration approved by Mr. President C-in-C for the Armed Forces of Nigeria which brought enhanced salary and allowances to the Armed Forces personnel.
Furthermore, Dr. Bushi focus is to ensure that the grass root, cleric accountant and all the people involve in keeping financial records in the navy are kept abreast of the accounting standards and practices. This informed his decision to publish a working book titled ‘Understanding the Basics of Nigerian Navy Financial Management and Accounting System’ in 2020.
Ever since Admiral Bushi’s commissioned into the Nigerian Navy, he has not disappointed that institution, one day, with his conduct and activities. He has not only been sustaining the rich tradition and ethics and principles of the accounting profession, he has been galvanizing the people for development and productivity.
He has sponsored countless entrepreneurship and empowerment programmes to build capacity for youth and make them useful to themselves.
What is unique about this admiral? Well, almost everything. First apart from being a distinguished scholar, he is a man who radiates much goodwill. His physical presence is a delight and inspiring. A man with graceful gait, Rear Admiral Bushi is a man with a chord of empathy. And he speaks with wisdom and the most kindness upon many things of common interests.
Some people are inspiring like chancing upon a fine poem; people whose handshake is like a brimful of unspoken fondness. Meeting Admiral Rear Bushi is one such experience. Second, he is a strong message of hope for young public sector accountants. He offers a unique vision for global well-being and competitiveness.
The essence of Admiral Bushi’s philosophy is that a conscious attention to productivity, discipline, moral responsibility be seen as parts of the public sector account. Then the practitioners should key-in to unlock the full potentials and deliver great services to the country. To him, walking on the path of these values is the only way to solve some the problems that face public sector accounts in Nigeria.
Over the years, Admiral Bushi has worked commendably towards these and developing those values and strengthening the public awareness of truth and integrity, hardwork and creativity in public sector finances.
All these explain why the people hold him dearly for his simple, yet life-impacting activities and scholarship. No wonder, his works are gaining wider acceptance. Thus, his influence and popularity continue to grow.

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TONY ONYEMACHI ELUMELU-THE AFRICAN CHILD @ 60: HIS TASK OF HELPING YOUNG AFRICANS TO THRIVE

by with No Comment by The Telescope Magazine

Tony Elumelu, chairman of United Bank for Africa (UBA) and founder of Heirs Holdings leaps with energy, innovation and ideas. He gets his energy and creativity in a quiet place. And usually, when he geos somewhere alone, he finds that new ideas just begin to flow and gets so much connected with himself.

Personal connections generate new thoughts and ideas for him, as he travels the world and works hard to make great things happen. He gets so tired of being in specific places, so moving around gives him fresher energy. It displaces old ideas.

So he keeps dreaming about great things, about a great nation, about a greater , prosperous Africa, about a peaceful world, about how the African youth can survive and flourish in a new world order of Industry 4.0, about how do we design international institutions for a world in which the liberal dream of growing harmony is in flood.

“My successes – and yes failures – have always driven me to create opportunities for young people. I believe that our young have the talent and the zeal to transform our world.” Said Elumelu.

This enigmatic global business leader clocks 60 this month. And what does Tony mean to business people, the youth in Nigeria and Africa generally? Role model, enabler, a man of great vision who helps so turn their lives around.

Elumelu went through banking career at Standard Trust Bank where after growing in leadership he found himself to be the youngest managing director of a bank, nationally , at that time And a very creative one, for that matter. Tony became a bank chief executive at the age of 34, one of the youngest in the industry at that time, by a dint of hardwork and luck. He was the CEO of the defunct Standard Trust Bank (STB) at the time before a business combination with UBA saw him become the chief executive of the new larger entity.

“I owed my accelerated career and successes to two things: hard work and luck, and I know firsthand how these factors are inextricable in success,” Elumelu said in a Facebook post recently.

Mr Elumelu currently chairs Heirs Holdings, a family-owned investment holding company, and also Transnational Corporation of Nigeria, where he holds a 2.1 per cent stake. He has a 7 per cent interest in UBA also.

His philanthropic initiative Tony Elumelu Foundation empowers young entrepreneurs in Africa and has active presence in 54 African countries.

Elumelu noted that the time he took the helm at Standard Bank coincided with a period of fast-paced transformation in banking when “reform-minded policymakers had opened up paths for consolidation and strengthening our sector”.

He added that even though competition was stiff within the industry, being young posed no barrier. Hence his commitments to putting the youth on sound footing in terms of leadership and entrepreneurship. The idea came to him when he was still in the banking sector.

While working in bank, in UBA as managing director, Tony was stunned by the problem of poverty in Africa. Even though he grew up to know there was poverty in Africa, it was really his banking career and travelling round Africa that helped him to uncover the real magnitude of poverty in Africa, and its impact on the continent. He was intrigued and in the end, felt like this is the path he needed to take. Something that would change lives in Africa.

He felt what concerned him at the moment was really trying to figure out how he could create the biggest impact  in the continent. And he saw many avenues to do that. One is working alongside young people and being an encouragement to them in any way he could through making them creatively productive. But also to engage differently in society just to see areas that he could help to make improvements in people’s lives.

More important to him , of course, is working with youth on entrepreneurship through his philosophy of Afrocapitalism. And as they learn leadership and entrepreneurship, he also ensures they are so versatile with technology, so comfortable with it. He painted different scenarios about these and the future of Africa.

He thought and thought, and eventually decided to launch a war on poverty. To do this he must create  a sort of liberal new order among African youth to smash apart the triple rocks of poverty, unemployment and productivity turmoil. Tony’s priority then became how to make as many people as possible productive, prosperous, truly independent and not rely on others.

Some years later, he floated the Tony Elumelu Foundation to solve the problems of poverty and unemployment through leadership training and entrepreneurship for African youth.

To him, the wealth that our parents accumulated or built is not ours to brag about.
We have no idea how long it took or what situations they went through to build themselves up.
We must build our own from sweat and guts, only then we will know the formulae.

This formulae he knows so much. And he is initiating many African youth into its secret through his philanthropic initiative the Tony Elumelu Foundation. In 2010, he created The Tony Elumelu Foundation (TEF), the pan-African philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries.

With this Foundation, encouraging the youth into innovation and productivity became easier, so they can be the change they want to be for their generation. To him, there is no need to fear for the youth, now that we are in the advent of the fourth industrial revolution, because they are born at a time like this to handle the challenges of the day like this. Not to fear but to guide them to make a difference. That is his task now across Africa, more than anybody in the continent.

Since inception, the Foundation has funded over 20,000 entrepreneurs and created a digital ecosystem of over one million Africans as part of its ten year, US$100m commitment through its flagship Entrepreneurship Programme. Self-funded, the Foundation is increasingly sharing its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, with institutions such as the United Nations Development Programme, the International Committee of the Red Cross and other global development agencies. His businesses and Foundation are inspired by Tony’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent. Tony sits on a number of public and social sector boards including the World Economic Forum Community of Chairmen and the Global Board of UNICEF’s Generation Unlimited. He was named in the 2020 Time100 Most Influential People in the World, recognised for his business leadership and economic e

The Foundation empowers young entrepreneurs in Africa and has active presence in 54 African countries. It is the leading champion of entrepreneurship in Africa, with purpose being to empower women and men across the continent, catalysing economic growth, driving poverty eradication and ensuring job creation. We believe the private sector’s role is critical for Africa’s development and that the private sector must create both social and economic wealth.

The great thing about the foundation is that people are always at the heart of all the strategy of its activities. When it comes to young people, the strategy is clear: TEF is focused on ensuring that tomorrow is always better than today  for young people, through their own empowerment and the betterment of the communities where they live and develop.

For Tony, he believes that youths are fundamental to build a better shared future. For that reason, he developed programs to aid young people in entering the labor market. For example, BoothCamp training which seeks to promote the entrepreneurship of the youth, it has already reached more than 500 young people throughout the African continent to date, and Tony hopes to continue increasing the offer of training and participant quotas in the coming years. All programs are free and 100% online, aimed at young people who reside anywhere in Arica.

This has already impacted more than 39,000 young people in African communities spread throughout the 54 countries in the continent.  Of the total number of beneficiaries, more than 80,000 entered the labor market.

In addition, he seeks to boost their talents through quality opportunities and inclusive education. I’m proud to say that we employ 240,000 youths of the region. We know we cannot do it alone, so we work on these efforts with many allies across Africa. We will keep working on providing better and more opportunities to boost their talent and help them achieve their dreams.

At a recent forum, Elumelu urged successful leaders to champion young people who are focused, hardworking and committed to making a difference in their communities, because their drive and determination make things happen.

“More than ever, all of us who have attained success must become role models for the younger generation, so that the next generation can learn from our mistakes and achieve even more than we have,” he said.

“I believe that prioritising our youth – supporting their dreams and aspirations – is how we can create a sustainable future for the world.The greatest success in leadership is leaving a legacy and pathway for the next generation.”

Part from this, Elumelu believes that leaders must focus on long-term goals and succession planning to build a lasting legacy and ensure long-term success.

Elumelu is one of Africa’s leading investors and philanthropists. The Chairman of Heirs Holdings, his family owned investment company committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy including financial services, hospitality, power, energy, technology and healthcare. Tony is the Chairman of pan-African financial services group, the United Bank for Africa (UBA), which operates in 20 countries in Africa, the United Kingdom France, and is the only African bank with a commercial deposit taking presence in the United States. UBA provides corporate, commercial, SME and consumer banking services to more than 21 million customers globally. He also chairs Nigeria’s largest quoted conglomerate, Transcorp Plc whose subsidiaries include Transcorp Power, one of the largest generators of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand. He is the Founder and Chairman of Trans-Niger Oil & Gas Limited (TNOG), an upstream oil and gas company which owns and operates Nigeria’s OML17, (with 2P reserves of 1.3 billion barrels of oil equivalent) and committed to creating resource based added value on the African continent. Tony is the most prominent champion of entrepreneurship in Africa.  And he is one of the most impactful role models for the African youth right now, more than any African at present.

At 60, Tony is helping to put Africa on a sound footing beyond being just exporter of crude resources. He is a most visible protagonist of productivity and philanthrophy in Africa. his desire is to bail out the continent from the clutches of underdevelopment in a world of “global discord” that desperately needs a John Maynard Keynes or a Milton Friedman who can range over a variety of disciplines like a master, but also translate them into gripping English.

Tony is helping to put Africa on a sound footing beyond being just exporter of crude resources in a world of “global discord” desperately needs a John Maynard Keynes or a Milton Friedman who can range over a variety of disciplines like a master, but also translate them into gripping English.

Now at 60, Elumelu wrestles with the chaos and confusion assailing Africa, amidst a raging global disorder, trying to help put some order.

And as Adrian Wooldridge has written in Bloomberg early January, 2023 “the overall impression is one of extraordinary flux and confusion: Europeans are trying to come to terms with the US’ growing nationalism; companies are flexing their supply chains for an unstable world; emerging powers are shifting their alliances; economic globalization, and national and regional politics are pulling in different directions at once; global organizations are losing their legitimacy; and the academics who are supposed to make sense of these things are so immersed in their subdisciplines that they either cannot see the bigger picture or, if they can see it, they cannot explain it to lesser mortals. The world of disorder remains a world of confusion as well.”

In some decades from now, historians would at least be able to bring the benefit of African children the significant contributions of Tony Elumelu to the socio-political and economic liberation of Africa.

This is the world of the Lion king,  “ the African child” who has been able to help Africa maintain some order and stability when global chaos rages.

As individuals, we too need to make great things happen. As individuals, we need to set goals and work towards our dreams. Let us not be spectators in life. We need to be working hard.
We need to be putting our heads down. We need to be able to dream again. If anyone has put his own dream in the coffin, it’s time to remove it from there. You have to see your dreams become a reality. This is the lesson in Elumelu’s activities across Africa as his ideas and mentorship become pivotal to African youth prosperity.