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Tony Elumelu: World-Class Banker and Africa region’s firefighter

by with No Comment BankingMonthly Post

The United Bank for Africa (UBA) and Transcorp Plc Chairman, Tony Elumelu, is a man with great foresight, resolve and compassion.  Welcome to the world of the Lion-king, the world of possibilities, lighted by the philosophy of Africapitalism.

Not every person, or even a nation, is able to stay on course while pursuing his long-term visions for growth, development and prosperity. In times of adversities, many with great vision sometimes digress, trip, falter or fail. Staying on course requires leadership’s foresightedness, resolve, consistency and eagerness to prioritize welfare of the citizenry. There cannot be a better example of this determination in Africa, right now than Elumelu, a business leader who has always delivered values, leading the youth on a path of prosperity.

Through his Tony Elumelu Foundation, (TEF) and Heirs Holdings, he has ensured the consistent funding of close to 10,000 entrepreneurs as well as job creation for millions of youths across all 54 African countries.

Elumelu is an entrepreneur who uses his resources and skills to build and nurture African youth on the path of glorious entrepreneurial journey, thereby building in them a strong psychological frame of minds to face the future. He has been at the forefront of calling on African leaders to build human capacity and competitiveness to further enhance the performance of all sectors. The goal is to ensure high quality life for all citizens through stronger and productivity to raise GDP growth.

Ever since 2010 , he has taken up the challenge of infusing African youth with hope and mentoring entrepreneurs. As a result of these, he has achieved a prominent slot in global recognitions, and has attained unparalleled celebrity position more than any African business man or philanthropist, in recent years, forming a cult-like status in the continent,  revered by youth and respected by political leaders, liberals and conservatives alike.

All these things have today made many  African youth to see a little of this man, the lion-king in themselves on television — three piece-suits, shinning shoes , seemingly meek, but ready to do lead way in the name of development.

A strong endorsement of this track record came recently when it was revealed that Elumelu stands as one of Times 100 Personalities, having achieved a prominent slot in global recognition. He is among three Nigerians named by the Time Magazine International on the 2020 TIME100, the annual roll of HONOUR of the 100 most influential people in the world. The other two Nigerians include Tomi Adeyemi and Tunji Funsho.

Elumelu is acknowledged as one of Africa’s leading investors and philanthropists for his achievements in business, industry and development not only in Nigeria in particular, but also in Africa in general. The list, now in its 17th year, recognises the activism, innovation, and achievement of the world’s most influential individuals in their respective fields of human endeavour.

His efforts has led to the development of a raft of entrepreneurs across Africa and has de-escalated tension across different regions, leading  toward gradually resolving the crises of lack of productivity, unemployment and poverty . This crisis is just one of dozens things Tony has been doing in the continent, assuming the role of the tireless firefighter.

He has developed new strategies to empower young generations with skill-sets and knowledge to fast-track the transition to a digital economy and prepare them for the future economy that will tackle the issues of sustainability and the Fourth Industrial Revolution.

He is known as a man of peace and development, the natural youth leader who most African youth look to when they need direction, an advice or an out of the box solution to a regional problem. A veteran banker who never shields away from employing his skills and big influence stature to infuse youth with possibilities, Tony has this gift which only few lead

Where there seems to be no hope, Tony functions as a symbol of hope and power to turn things around, even while operating from a disadvantage. Tony showed the power of working from a disadvantage — the more they underestimate you, the more satisfying the victory. This happened when he took over STB in 1997. He came into the limelight that year when he led a small group of investors to take over a small, floundering commercial bank Standard Trust Bank in Lagos. He turned it profitable within a few years.  And in 2005 he merged it with the United Bank for Africa during the bank consolidation era of the Central Bank of Nigeria, under the watch of Professor Charles Soludo. That banking group now has subsidiaries in 20 African countries and in the U.S and U.K. Elumelu also owns extensive real estate across Nigeria and a minority stake in mobile telecom firm MTN Nigeria, among other assets.

 

He continues to play great roles within the African continent to give hope, and bring calm even during the roughest storms that seem to continuously hit the African region in today’s world. In recent years, Tony has done many marvelous things, putting in commendable efforts across the Africa to activate private sector economic productivity and development in the continent. In  this way, he has been complementing the  effort of government across the Africa towards economic diversification, with each country taking steps to lessen the reliance on oil and mitigate the impact of its chronic volatility on their economies and people.

There is no doubt that human, social and cultural growth go hand in hand with developing and improving financial resources, which Tony has been concerned with. All these have combined to bring him accolades from across the world, including the TIME 100 award.

Elumelu is the Founder and 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 and healthcare. He is only one of four Africans on the 2020 list, recognised for his track record of business turnaround and value creation, and economic empowerment of young Africans.

Elumelu is also the Chairman of a pan-African financial services group, the United Bank for Africa (UBA), operating in 20 countries in Africa, the United Kingdom, and France. UBA is reputed to be the only African bank with a commercial deposit taking licence in the United States.The bank provides corporate, commercial, SME and consumer banking services to more than 21 million customers globally.

Elumelu also chairs Nigeria’s largest quoted conglomerate, Transcorp, whose subsidiaries include Transcorp Power, one of the leading generators of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

On the plain of entrepreneurship Elumelu, who is the most prominent champion in Africa, in 2010 created The Tony Elumelu Foundation (TEF), the philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication.

Since its creation, the TEF has ensured the creation of millions of jobs for youths across all 54 African countries, particularly the funding not just under 10,000 entrepreneurs, but a digital ecosystem of over one million as part of its ten year, $100million commitment through the TEF Entrepreneurship Programme.

The Foundation, which is a self-funding institution, has increasingly shared its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, with institutions such as the United Nations Development Programme (UNDP), the ICRC and leading European development agencies.

Heirs Holdings, which serves as a corporate role model for African businesses, and the Tony Elumelu Foundation will both celebrate 10 years of impact in November. Their mission continues to be inspired by  which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.

It is Tony’s belief therefore that the development models in African countries should not only focus on raising economic growth levels, but also prioritize education, training, investing in human capital and social development, since human development is the ticket to a more prosperous and secure future.

Given this scenario, it is clear that Africa  must consider creating funding for human capital investments through leveraging commodities revenues. These funds will be allocated to prepare and train the youth, empower them with future-focused skills and learning, build their capacities, and create jobs that enable them to utilize their skills to meet future demands in their countries and help develop new sectors of a future economy – one that is ultimately independent of commodities or oil.

Tony’s  message to everyone is that Africa has no option but to excel and move ahead. Retreat is never an option. This is Africapitalism philosophy in the world of the Lion-king, the world of possibilities. Welcome to that world.

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The Silent Strategy of Dapo Abiodun- Impacting the future of Ogun state to Great Stories of Excellence

by with No Comment GoveranceMonthly Post

Governor Dapo Abiodun came aboard with characteristics of nobility, and is revered at home and recognised abroad for his protean productivity and impeccable business foresight. He has uncanny ability to spot goldmine where many see land mines. He equally understands that politics is a route to service, since leadership is service to society. And his belief that the doctrine of altruism and love must be preached as a counteraction to the doctrine of hate and greed that has overtime become the norm in political circuits powers his conduct in office as governor.

When Prince Dapo Abiodun was sworn-in as Governor of Ogun State on May 29, 2019, he made some solemn pledges in his inauguration speech. In the seventh paragraph of that speech delivered before a crowd at the MKO Abiola Stadium, Abeokuta, he affirms that: “You will always find in me, the conduct of Omoluwabi expected of Omo Teacher. I will govern with character. I will serve you diligently and sincerely. I will make your interests the core of governance. I will neither personalize nor abuse the mandate. I will not betray your trust.”

The above pledge has been consistently demonstrated and fulfilled by the governor in the course of his coming to power. It is rare to see so many politicians come into office with such characteristics of nobility.
On assumption of office, he defied expectation by not sacking workers employed by the previous government, nor abandon the projects being undertaken. Normally, people expected a new governor to follow the ‘established precedent’ of a new governor overturning what his immediate predecessor did. Rather, Prince Dapo Abiodun decided to set-up committees to look into gray areas.

These included last-minute employment and award of contracts, appointments of permanent secretaries and general managers of statutory bodies, last-minute loans and incurred financial obligations, abandoned and on-going projects, crises in tertiary institutions, and many more.

A personal friend of the governor gave a comment on this.  “In fact, those who were very agitated and expectant of drastic, it not vindictive actions, described the governor as ‘slow’, and his government as a ‘government of committees’. Yet, Dapo is trudging on, with the royalty in him taking the lead.

‘Omo Teacher’ decided to regularize and accommodate into the civil service, the over 1,000 workers hurriedly employed by the immediate past administration. He noted that despite flaws noted in the appointments and recruitments, his government has decided to be magnanimous, as a people-centred administration and not be vindictive. type

Despite flaws, he upheld all the appointments of the permanent secretaries made in the twilight of the last administration.

In the last one  and half years, and in spite of the fallouts of the coronavirus pandemic currently ravaging the world, Governor Abiodun has made a startling difference, elevating populations long treated as mere statistics in government circles into active participants in a new, project-driven and progressive era. This is why testimonies across the state continue to show the huge impact he and his stellar cabinet, a welter of distinguished intellectuals and trail blazers, have made in just a short while. Admittedly, though, only a few of the achievements can be mentioned in this piece.

From security to infrastructure, and from agriculture to business, tourism and spirts development, Abiodun has shown what it means to have a proven and time-tested wealth creator and agent of change at the helms of affairs. Governor Abiodun wasted no time in addressing security issues. He bought100 vehicles and 200 motorcycles to arrest security threats in the state after having first provided communications equipment for the security agencies. That was far from fortuitous: as a consultant, he had helped Lagos State conquer cross-border banditry in the 90s.

In the area of infrastructure, the Governor also did very well. No sooner than he was sworn in when he took the gospel of road construction to every nook and cranny of Ogun State, rejecting the window dressing of state capitals that frequently passes for “good performance” in this clime. Suddenly, he began to work in different places , including remote areas, where politicians typically only visit during campaigns. All these areas have now begun to feel government’s presence.

 

xxxxxx The provision of infrastructure is critical for socio-economic development in any nation. Like many states, nations and sub-regions around the world, Ogun State has had its share of infrastructure dearth such that the systems like transportation, housing, environment, education, healthcare, agriculture, power, security and social services, portable water are in dire need of maintenance and upgrade.

On assuming duties as the fifth Executive Governor of Ogun State in 2019, Prince Dapo Abiodun was unhappy with the deplorable condition of amenities within the state: the roads and bridges, school buildings, public hospitals and water plants, etc. He had to figure out ways of bridging the infrastructure gap to accelerate the socio-economic development vision, which was top priority.

With his diverse private sector experience on purposeful governance and robust developmental blueprint summarised as ‘Building our Future Together,’ Prince Abiodun was determined to open up all the nooks and crannies of the state through capital investments in infrastructure.

He facilitated massive road construction and rehabilitation within the 236 wards across the three senatorial districts, such that despite the meagre resources available to the state, over 50 roads have been completed and 19 are in progress within his first year in office.

Some of the road construction works include the Epe-Ijebu Ode and Sagamu-Abeokuta federal roads constructed by past administrations, but recently rehabilitated by the Abiodun administration through Public-Private Partnership. Others are Itoikin-Ibefun-Ijebu Ode, Iperu-Ilisan, Sango-Ojodu Abiodun, Ilaro-Owode, Abeokuta-Sango-Ota-Lagos, Osi-Ota-Awolowo-Navy-Kola and Balogun Kuku in Ijebu Ode. The ongoing works include the reconstruction of Opako Bridge in Adigbe, Abeokuta, several township roads and the abandoned 32-kilometre Akute-Ajuwon-Alagbole road.

Furthermore, the creation of Ogun State Public Works Agency (OGPWA) following the passage of the Ogun State Road Maintenance Agency (OGRMA) amendment bill into law has birthed several cost-saving opportunities through the massive construction, rehabilitation and maintenance projects. They have created streams of job opportunities, improved productivity, increased mobility and alleviated poverty within the state.

Noticeably, Abiodun’s view of road infrastructure is holistic and includes boosting agriculture and micro, small and medium enterprises (MSMEs) growth. The state government is also giving special attention to infrastructure development in the Agbara-Atan-Ota, Ewekoro-Ifo and Sagamu-Ogijo industrial hubs.

As a means of exploring the state’s proximity to the country’s commercial hub, the visionary governor is also partnering with the Lagos State Government on key joint ventures. This will help to fast track development and spill over of commercial opportunities.

Noteworthy is the fact that the people of Abeokuta North Local Government in particular, are excited by Governor Abiodun’s infrastructural achievements across the length and breadth of the state.

A recent visit to different communities within the local government showed that there has been enormous investment in infrastructure. These include the reconstructed Iberekodo General Hospital internal road, mobilisation of contractors to resume work on the Lafenwa roundabout road and Mokola flyover along Ajitadun-Adatan road, inherited from the previous administration.

To ensure all round security for people, Governor Abiodun established an agency to conduct, audit and provide a roadmap to actualising the “Light Up Ogun” project, with a view  to ensuring that most cities in the state have uninterrupted power supply. The objective is to regenerate the state’s old cities, places like Abeokuta, Ijebu-Ode, Sagamu and Ilaro, in a sustainable fashion and without compromising the future.

Another significant project was the revival of operations in the Arakanga water treatment plant which is responsible for supplying portable water to Abeokuta metropolis and its environs. Earlier this year, the governor had visited the comatose water plant and by March, households had started enjoying good water supply.

The governor’s bias for healthcare was evident in the reconstruction the public Primary Health Centre, in Adeun, Abeokuta North Local Government. The facility upgrade included the installation of solar power equipment and fencing.

Since the inception of the COVID-19 pandemic, the administration has set up a COVID-19 isolation and treatment centre at Iberekodo, carried out an aggressive distribution of palliatives to the youths and vulnerable, and fumigated Lafenwa, Olomore and Iberekodo major markets.

Prince Abiodun’s efforts in providing funds through the Central Bank of Nigeria (CBN) Anchor Borrowers Programme, supply of weed killer, fertilizers and agriculture fields to 3,500 farmers drawn from Abeokuta North Local Government and other LGAs are some of his giant strides in agriculture.

Similarly, the mass recruitment of youths into the Ogun State Environmental Protection Agency (OGEPA) and vocational trainings for artisans in plumbing, electrical and building works are under the direct labour initiative of the state ministry of housing. Also, several sons and daughters of Abeokuta North Local Government Area have been offered political appointments to the credit of the governor.

The establishment of Oko Owo Dapo and Care for Widows’ schemes have been great sources of empowerment and increased productivity for the beneficiaries. These welfare initiatives have positively impacted and improved the socio-economic activities in the beneficiary communities.

In like manner, the donation and installation of two new distribution transformers to Kemta/Ilugun in Abeokuta North Local government have resuscitated life and commercial activities.

And, fully apprised of the linkage between education and development, he also enacted the novel project of rehabilitating a school per ward in the state. There are 236 wards in Ogun and if every ward had a standard school with state-of-the-art facilities, the governor reasoned, the educational revival of the state would have begun on a sound footing.

The renovation of public classrooms in primary and junior secondary schools in Abeokuta North Local Government by Governor Abiodun’s administration has also been remarkable. The beneficiary schools include ANLG Primary School, Federal Housing, Elega, ANGL Primary School, Ilugun Asalu, Holy Prophet School, Isale-Ogun, OUS Primary School, Ikereku, Owu Methodist Primary School, Oke-Sokori and Moshood Abiola Model School, Adatan.

In addition, textbooks and teaching materials donated to public schools in the all local government areas, as well as the installation of Education Management Information System (EMIS) equipment in the Abeokuta North Local Government Education Authority to aid data collection and analysis. This has also been replicated in other Local Government Education Authorities within the state.

Over this feat, the National Association of Ogun State Students (NAOSS) commended him for what it called his administration’s remarkable achievements in the education sector within the last one year in office. The students’ body described governor as the most student friendly governor in the history of the state.

According to NAOSS, Governor Abiodun’s sincerity of purpose and sheer determination have changed the fortunes of the education sector for good.The Association attributed the unprecedented development in primary, secondary and tertiary levels of education to the commitment of the governor to restore the lost glory of education in the State.

The body lamented what it regarded as the negligence of education sector by the immediate past administrations in the state, claiming that “but for timely intervention of Governor Abiodun in the crises that bedeviled all the three levels of education in the State, the sector would have completely collapsed.

“We commend the courage, resilience and doggedness of Governor Dapo Abiodun in reviving the education sector of the State.” Says the students leader, Comrade Ogunrounmbi.

He added that, “One of the most remarkable achievements of Governor Abiodun is the rehabilitation of 236 primary schools across all the wards in the state.

“Besides these numerous achievements in the education sector, all other sectors of the State have also witnessed unprecedented development.”

NAOSS congratulated the Governor for achieving all the feats within a short period of one year and urged him not to relent in his effort to take the state to an enviable height.

He set up visitation panels to troubled higher institutions in the state and addressed the contending issues with dispatch. Since assuming office, Governor Abiodun has attended convocation ceremonies in all tertiary institutions in the state, interfacing with their management both formally and informally and seeking ways to make them deliver on their core mandates in research and innovation. He has given the best students in those institutions get automatic employment, to reward academic excellence and gradually build a civil service boasting the best materials. In any case, one of the first things he did upon being sworn-in as governor was to abolish the N3,700 educational levy imposed by his predecessor. The result? School enrollment exploded as parents heaved a sigh of relief.

In all that he has done in the past one year, Governor Abiodun has made the people’s comfort his mission. He has served and protected Ogun people, including from the ravaging impact of the coronavirus pandemic, about which the Federal Government recently gave a great testimony. He had set up five isolation centres, increased contact tracing, and set up testing labs. It was through his efforts that Nigeria’s index case was traced and quarantined. Returnees from Cote d’ Ivoire who could have transmitted the virus in Ogun were intercepted and the Osun State government alerted. For Abiodun, it’s been hard work all through, but the results have justified the labours.

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Building Trust & Re-affirming Faith in Nigerian Security System and our Humanity The NSCDC under the Watch of Ibrahim Gana Muhammadu

by with No Comment Monthly PostSecurity

Alhaji Ibrahim Gana Muhammadu, Nigeria Security and Civil Defence Corps (NSCDC) can be described  a “great Nigerian” who believes in God, hard work, courtesy, service to community, and creativity. Being  a long-standing epitome of tolerance, peace  and creativity, he has been working on taking the corps to the next level since his assumption of office in 2015.

The Civil Defence is a para-military agency of rhe Federal Government under the Ministry of Internal Affairs mandated the Act of Parliament of 2003 as amended in 2007 with specific functions to protect critical national assets and infrastructure, register, train ,license and monitor private security guard companies in Nigeria, efficiently carry out disaster management through search and rescue, rehabilitation and mitigation among others.

And with growing security challenges, the corps involves in election assignments, help out in  monitoring examinations across the country. And where there security disturbances at the local level, the corps also helps calm the waters. Doing all these things have portrayed the corps as an agency that will help Nigeria achieve its future aspirations for a robust, thriving and sustainable economy.

These done, C-G Muhammadu  has also been  improving the relationship between the NSCDC and members of the public, building mutual confidence and putting the country’s security on a safer track.  He is keen to ensure that the NSCDC provide the highest levels of community happiness through providing the most innovative smart security services to the nation and members of the public. And true to his words, the Nigerian Security and Civil Defence Corps has been an example of relentless progress and the bedrock of trust in security and stability in the country.

Naturally, all human are into the aim of thriving our lives and security helps community live in peace as people want to have flourishing businesses and fulfilling lives, to nurture what is the best within themselves and improve their life experience. Creating assurance for people, civil Defence brings to our lives enormous benefits and that is what makes this security outfit as of pride and trust within the national security architecture. It is arguably the most trusted security outfit of government, with very disciplined and responsible officers, mostly credited with compassion. This has been the Nigerian Civil defence under C-G Muhammdu.

Appointed in July 2015 by President Muhammadu Buhari, Gana Muhammadu  embarked on agenda setting aimed at repositioning and re-defining the mandate of the corps in line with global best practices. His successes in NSCDC can be attributed to hard work and dedication to building symbiotic relationships which includes adding value to people, having the habit of giving and also working and partnering with the right people. Apart from these, his upbringing also plays a role in life and work.

Raised to be a God-fearing  family in a community of decent human beings, he has been taught early in life to believe in himself and value patience, which is why he is always grateful for all the experiences has had; the pleasant ones and the challenging ones, and all the people who have made an impact on him.

When you hear your parents talk about their values so often and you see them live those values, you tend to grow up internalizing those values as well. In his family, principles of forthrightness and fortitude were highly treasured. When he deals with colleagues and surbodinates, these ideals become quite useful, and every day he sees the results in the deep and long-term relationships he is able to build with partners and stakeholders.

Thus he focuses efforts on building the future of  NSCDC  based on a forward-looking vision that adopts global trends and developments, recruits  the brightest young minds  and supports officers,  encourages new innovations and creative ideas, and embraces advanced technologies to deploy security solutions to the nation. With these, NSCDC is fast becoming a defender of choice to the people.

In this context, it is important to look at the roles of the corps within the political-economy of Nigeria, especially when it relates to oil, emergency rescue and disaster mitigation. Refer to the fact that since oil is the backbone of the Nigerian economy, the NSCDC has the mandate of securing critical infrastructure. And it has been maintaining its leading role in the protection of oil pipelines and other critical oil assets across Nigeria with much integrity. And it has made significant progress in this area by reducing to the barest minimum incidences of pipeline vandalization and oil theft. Thus it is contributing a higher added value to the economy.

Another area of contributions of the NSCDC is in the area of building trust  and relationship with the civil populace.  The relationship between security agencies and the public has often been mired in crisis for much of the time. This is because many decision-makers  at the helm of affairs in the country security services believe that  building mutual confidence and putting relations with the public on  track will be a challenging long-term endeavour.

Communication with public seems to inch close to routine, deepening trust and making it more easy to reduce tensions and avoid miscalculation. The current state of affairs does serve the strategic interests of NSCDC and the country, and it puts national security  on a better footing.

This particular strategy has improved public perception of  the NSCDC under the watch of CG Muahammadu. Consequently, the significance of NSCDC in society has gathered more traction. And it is profoundly important to acknowledge, recognize and appreciate the roles of the civil Defence officers in helping to maintain peace and curtail sundry crimes such as rape, election violence and pipeline vandalism across the country.  As part of the security architecture of government, they help maintain law and order as well as promote the rule of law in security matters and enable justice to prevail. Their roles are significant and highly appreciated particularly in this era characterized by ethnic tension and large movements of people from one jurisdiction to another for various reasons.

Its officers are highly civil. Despite the fact that these officers deal with a wide range of, often complex and substantial issues, even outside tackling security problems, such as providing rescue  during emergencies. they display a high level of intellect, including honed emotional intelligence and the ability to master and deal with complex issues quickly. What matters most to them is fairness and justice. The public mood, political correctness and bias do not influence their decisions. They ensure that their decisions on the balance of probabilities are fair, sustainable and free from errors. They effectively approach their work with an open mind. When  they apprehend offenders, they scrutinize matters and evidences with a wider lens. And more importantly, they put service to the nation above self.

The recently concluded election in Edo state is a pointer to this. The Nigeria Security and Civil Defence Corps (NSCDC), had before that election disclosed that it deployed 13, 311 personnel and 60 sniffer dogs ahead of the Edo State governorship election to check electoral violence and ensure the safety of voters.

Commandant –General  Muhammadu, said the personnel were trained on COVID-19 pandemic safety guidelines for the election and to ensure that all electoral malpractices, violence, hooliganism and other vices that could affect the smooth conduct of the election were effectively checkmated.

He stated this during a meeting with chairmen of the Independent National Electoral Commission (INEC) and the Nigeria Centre for Disease Control (NCDC) in Abuja. Muhammadu said the agency would ensure that its personnel were well trained before being deployed to provide security anywhere in the country.

A statement issued by the Public Relations Officer (PRO) of the agency, Emmanuel Okeh, noted that the 13,311 personnel deployed to Edo State were drawn from the headquarters and neighbouring states of Kogi, Anambra, Bayelsa, Delta and Ondo to complement officers of Edo the State and Zonal Command in Benin

Despite the tumultuous episodes and frantic permutations preceding the Edo State governorship election, both the conduct and outcome of that election was not surprising to peace-loving Nigerians. Given the resources and goodwill expended, the election reflected some modest credibility and the peace, which well-meaning Nigerians didn’t anticipate.

Thanks to the forceful measures taken to ensure peace, the September 14 election experienced relative calm. Graciously, contrary to the initial expectations of many watchers of the event, the security agencies, especially NSCDC personified in Gana himself, did not succumb to the parochialism and corruption. At least to the average man on the street, the expected deployment of ‘‘federal might’’ to determine the outcome of the election was virtually absent. This too wasn’t expected.

The lesson expressed here is that when people are assured of safety and protection from harassment during elections, the electorate would  not fear to exercise their franchise. NSCDC members, as a result of their institutional culture on their own disregard the overtures of selfish and non-performing politicians and comport themselves with civility during elections. What is further revealed is the level to which misguided leadership has affected Nigerians. For a long time, critical political watchers have described elections in Nigeria as a hopeless situation, a travesty of democracy and a threat to the principles of good governance.  But with performance of institution like the NSCDC that perception is changing.

Salute to  CG Muhammadu, the management team  and  leaders of the NSCDC. The deep-rooted and benevolent values that are embedded in the structure of the organization have created a strong perception of trust for it, allowing members of the public to feel secure with the presence of its personnel.

 The leadership of the NSCDC is guided by a high degree of professionalism, mutual respect, efficiency and empathy, which should be a benchmark for all security agencies to emulate and follow all over. Whatever the crisis, the NSCDC personnel have always stepped forward to provide help and solace to those in distress. In this way, this security institution is helping the  government has put good governance into place and has left no stone unturned in improving the lives of the residents.

Nigerians are extremely helpful, humble and welcome people openly. Their hospitality is amazing, and this is due to the strong virtues they carry wherever they go. With a discipline institution like the NSCDC in place to assure security in a friendly atmosphere, people are happy and truly proud to move freely in this amazing country, and warmly cherish the experiences  they have with members of the civil defence..

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AFRICA ECONOMIC DIVERSIFICATION AND HUMAN CAPITAL DEVELOPMENT IN THE FOURTH INDUSTRIAL REVOLUTION ERA

by with No Comment EconomyMonthly Post

The most urgent things for African Leaders to do now are economic diversification away from commodities as well as build vibrant, competitive human resources. Some countries are making effort to do something. Despite these efforts, data from international organizations such as the World Bank indicate that the regional economy is still significantly driven by commodities revenue.

However, this is not necessarily a deterrent to economic growth. For years to come, the economic outlook indicates that commodities and oil will continue to serve as the backbone of the African region’s economy and remain the mainstay of all development across countries in Africa if urgent steps are not taken. This means they must do things on the path of research and development (R & D) innovation and capacity building. They must do thing that focuses on new economic sectors to exploit the unique advantages of each country. Considered a safe haven for economic stability, these new sectors prioritize investing in human capital as the winning formula for the future economy.

Given the close connection that the countries of Africa share with commodities – one that goes beyond the economic diversification plans of these countries – the volatility of commodity prices defines growth, slow-down or decline levels in these countries. This is acknowledged in the World Bank’s Reports for some years now.

In this context, the pertinent question is – how does Africa build strong foundations for economic sustainability away from commodities fluctuations in the medium and long term? Also, how can it enhance the connection between human capital and growth in all the 54 countries?

While governments across the region have introduced reforms to improve the business environment, there has not been enough concern, with infusing the youth with confidence, skill-sets, and facilitating entrepreneurship, to help young entrepreneurs in achieving their objectives and create new investment opportunities in promising sectors.

Policy adviser must encourage Government to embark on these things. Doing so will help push Africa up in order to achieve sustainable economic growth. Of course, his belief is that African governments must continue their fiscal consolidation efforts, diversify economic activities, create jobs in the private sector specifically tailored for women and the youth, and perhaps most importantly, accelerate investment in human capital through stimulating current government strategies to improve health and education outcomes. Authorities must also develop new strategies to empower young generations with skill-sets and knowledge to fast-track the transition to a digital economy and prepare them for the future economy that will be largely based on AI, big data and innovation.

After all, nations that have significantly invested in their people by way of education, human development and youth empowerment have leapfrogged their way to advancement.

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SMEs and CBN Economic Stimulus Funds

by with No Comment EditorialMonthly Post

THE N200 billion relief support for small medium enterprises (SMEs) and other small businesses in the country from  Central Bank of Nigeria (CBN) and the Federal  Government comes with  too stringent procedures. These prevent too many SMS owners from accessing the fund.
Priority one on the NIRSAL Microfinance bank’s requirement is for those  SMEs intending to apply for loan to provide a certificate of completion of  Entrepreneurship before they could be considered at all. But we think financial literacy course, at no too much cost to those applying for the loan is necessary as well.

Many Nigeria SMEs are struggling in the area of financial literacy. Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.The lack of these skills is called financial illiteracy.

Central Bank of Nigeria  should know this was affecting the country’s ability to create or grow SMEs. Most banks look at the SMEs track record, which points back to financial literacy, before approving a loan request.

The crutch of financial literacy is about creating wealth and have a series of income making assets so if one breaks down, there are still other generating income.Financial literacy is not really about the power of money but having a sound mind that will help people know how to use money and channel it to work rather.
With financial literacy and a good cash flow, it enables people to make good decisions, have good homes and good standards of living and bring the country up the poverty line.

Financial literacy is important because it equips us with the knowledge and skills we need to manage money effectively. Without it, our financial decisions and the actions we take — or don’t take — lack a solid foundation for success.
Nearly half of the working Nigerians don’t expect to have enough money to retire comfortably and that is the reality.

Most households in the country appear to be generally better at managing immediate and shorter-term financial activities but are less competent at managing longer term financial activities (including activities which require forward planning) and more complex financial activities, including those which require engagement with the formal financial system.

According to our findings, many Nigerians obtain credit from unlicensed moneylenders and loan sharks. Though there are no official statistics available, it is estimated that Nigerias unregulated lending sector may range from approximately 50 to around 280 registered businesses that offer short-term (pay-day) loans to government employees and to some private sector employees.That is not even taking into account all the non-registered businesses offering the same services.

Improved financial literacy can increase economic participation and social inclusion, drive competition and market efficiency in the financial services sector, and potentially reduce regulatory intervention.The push for financial inclusiveness is achieving considerable success, but greater understanding of money and savings is needed. This is where CBN should focus more.
Saving money is incredibly important. It gives you peace of mind, expands your options for decisions that have a major effect on your quality of life, and eventually gives you the option to retire. Most people who are wealthy got there through a combination of their own hard work and smart savings and investment decisions.
Only financial education will make a big impact on the SME ecosystem and  our community.

Prof.-Umar-Garba-Danbatta

NCC Remits ₦344.71bn into Consolidated Revenue Fund in 5 years

by with No Comment GoveranceNews

The Nigerian Communications Commission (NCC), says it remitted N344.71 billion into the Federal Government’s Consolidated Revenue Fund (CRF) in the last five years.

NCC Executive Vice Chairman, Prof. Umar Danbatta said this, when the House of Representatives Committee on Telecommunications, led by its Chairman, Mr Akeem Adeyemi, paid him a legislative oversight visit in Abuja.

Dr Ikechukwu Adinde, NCC Director, Public Affairs said this in a statement on Thursday in Abuja.

Adinde said that Danbatta attributed the successes of the commission in the last five years to its harmonious relationship with the National Assembly.

He said that the telecommunications sector’s contribution to Gross Domestic Product (GDP) increased from 8.5 %in 2015 to 14.30% in the second quarter of 2020.

”Through the support of the lawmakers, especially the Committee on Telecommunications, which the NCC leadership has worked with in the last five years, the commission has been able to generate and remit N344.71 billion into federal government’s CRF.

“The remittance is from spectrum fees and operating surplus.

“In financial value, the 14.30 % translates to N2.272 trillion in Q2.

The telecoms investment grew from around 38 billion dollars in 2015 to over 70 billion dollars currently,” he said.

Danbatta said that the NCC has also helped promote financial inclusion by encouraging Mobile Network Operators (MNOs), to actively participate in providing financial services towards actualising federal government’s 80 % financial inclusion target by 2020.

“Through collaborative efforts with critical stakeholders like the National Assembly, the NCC has been able to increase broadband penetration from 6 % in 2015 to 45.43 % as of September, 2020.

“Basic active internet subscription grew from 90 million to 143.7 million.

”Between 2015 and September, 2020, active voice subscription has increased from 151 million to 205.25 million with a teledensity standing at 107.53 %,as at the end of September, 2020.

“We are also empowering and protecting the consumers and ensuring we are able to sanitise the industry of improperly-registered Subscriber identification Module (SIM) cards through our impartial regulatory approach,” he said.

Earlier, Adeyemi, said the over sight visit was in line with relevant sections of the 1999 Constitution, as amended, which empowered the House to carry out its role of checks and balances on the executive.

He commended the leadership of the NCC for its transparency in ensuring remittances to CRF, considering the current revenue drive of the government.

Adeyemi urged the NCC to sustain its current template of ensuring effective regulation of the telecommunications sector, in a manner that would be more mutually beneficial to the industry players, the consumers and the government.

FirstBank-Logo

FirstBank: When a Bank Puts SMEs First

by with No Comment BankingNews

Last week will go down as one of the most challenging weeks, if not the most challenging, Nigeria has faced in 2020. What started out weeks before as very well-organised peaceful protests by young Nigerians campaigning to #EndSARS, was supplanted by hoodlums engaging in wanton looting, arson and destruction of public and private properties across many states at an unprecedented scale.

By the end of the week, many lives had been lost, many properties and businesses completely destroyed and Nigeria has been left reeling from a shock that dwarfs any the country felt even at the peak of the COVID-19 outbreak.

In keeping with the Nigerian spirit of being one’s brother’s keeper, equally unprecedented efforts by individuals, groups and corporate organisations to try to provide assistance for people and businesses affected by the crises of the past week, have followed.

Individuals and groups have announced donations of cash and materials, set up helplines to offer psychological counselling and support, and started online crowd-funding efforts in support of victims.

Among corporate organisations, we have seen banks take a leading role. Some banks, such as Access Bank and Stanbic IBTC, have announced funds or desks they have set up to receive requests from, and process assistance for, affected individuals and businesses.

One of these banks’ efforts include pledged interest-free loans and grants that affected businesses and individuals can access.

Another bank has seen thousands of requests for assistance pour in through the online channel it set up for the purpose. The requests have flowed in, not only because of the victims’ desperation for help, but also because of the humane approach to banking that this institution adopts.

Always putting the customer at the heart of its business, FirstBank has been showing empathy with all those who have experienced one loss or the other as a result of the crises. Since last week, the bank has been seeking every opportunity to identify with people who are currently grieving and hurting.

Although the largest and most prominent member of Nigeria’s leading financial powerhouse, the FBNHoldings Group that is a one-stop shop for financial services ranging from commercial and investment banking to financial advisory, insurance brokerage and pensions custodianship, FirstBank is neither immune nor removed from the challenges people face.

It is a human institution with thousands of humans working as employees to provide bespoke banking products and services to millions of other humans whose pulse the bank feels through its employees.

Being part of a group with expertise across the broad spectrum of financial services, makes FirstBank the banking partner with the broadest shoulders to assist SMEs buffeted by the wave of violence witnessed across the nation last week.

Given the interconnectivity between Nigeria and FirstBank’s history, it is no surprise that a tumultuous week in Nigeria is giving way to one with stories of hope and optimism by Nigerians badly affected by the crises of the past week, who are looking to FirstBank for assistance.

These Nigerians have been encouraged by the strides FirstBank has made over the years in the SME space as the bank of first choice for small businesses.

Built around seven strategic pillars – of connect to infrastructure, connect to talent, capacity building, policy and regulation, connect to resources, connect to market as well as connect to finance – considered essential for the sustainability and growth of SMEs and intended to promote a healthy business interaction and adaptability of the SMEs with their immediate environment, FirstBank’s involvement with SMEs, through SMEConnect (the bank’s branded bouquet of empowerment initiatives, products and services tailor-made for SMEs), has been one that has sought to facilitate their growth into future economic powerhouses playing ever-increasing roles in Nigeria’s economic development.

Since its maiden SME National Conference in 2014, FirstBank has annually engaged small businesses and SME owners in series of empowerment seminars and workshops designed to improve their business capacity.

Only this year, FirstBank held its inaugural SME Business Clinic in Lagos, Port Harcourt and Abuja with many SMEs in attendance.

The SME Business Clinic featured Abayomi Adewumi, CEO of the Global Leadership Institute and an industry expert and business growth consultant with vast experience working with SMEs.

He engaged participants on the FirstBank SME diagnostic tool designed for SMEs to check the health of their business, better understand it and drive profitability.

In 2019, FirstBank organised a weeklong SME event which had owners of SMEs in different sectors mentored across multiple states in the country. It was the first of its kind in the industry.

Organised in partnership with SME Traction, a leading business coaching platform, it was aimed at empowering SMEs to make informed choices about their businesses, thereby facilitating growth and bolstering their contribution to the development of the economy.

At the event, FirstBank’s Deputy Managing Director, Gbenga Shobo, underlined the importance the bank attaches to SMEs.

He said: “At FirstBank, we recognise the impact SMEs have in promoting growth of the economy and are excited at the opportunity to continue to enable them prosper by strategically contributing to the sustainability of their business.

“We remain the trusted financial partner of SMEs and reiterate our resolve to be known as the brand that enables their success; much the same way that we have for over 125 years enabled Nigerians and the economy at large.”

This same point was elaborated at another FirstBank SME event, “Food Souk”, convened in 2019 in partnership with Eventful Limited, an events management firm, where the bank restated its commitment to the Federal Government’s diversification drive, promising to continue to support the agricultural value chain from production to consumption to create opportunities for SMEs in the food sector so they could in turn create job opportunities.

The bank also extended its hand of partnership to all small businesses involved in organising different trade fairs and exhibitions.

A food vendor at the event, Ms Ijeoma Ebeneme, the Chief Executive Officer, JEM N Iris, commended FirstBank for putting the event together. Ebeneme said she was at the food fair to make profit, meet new clients as well as create the needed publicity for her brand.

It is for people like Ebeneme that FirstBank maintains an SME website with rich resources to help SMEs build capacity and improve how they run their business.

On the website is a blog featuring business articles and tips, SME business toolkit, SME products, Microsoft 365 Business Basic and a whole lot more.

In support of owners of SMEs operating in the education sector, FirstBank, in partnership with the Lagos State Employment Trust Fund (LSETF), set up a matching fund scheme of ₦5 billion LSETF-FirstEdu Loan.

Officially launched in September by Governor Babajide Sanwo-Olu of Lagos State and Dr Adesola Adeduntan, Managing Director/CEO of FirstBank, the scheme aims to cushion the impact of Covid-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate.

Speaking at the launch, Dr Adeduntan said: “At FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole.

“The commitment by the Lagos State Government – including this partnership – to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.”

It is for efforts like all those highlighted above and many more that the 2019 edition of KPMG’s Annual Banking Industry customer Satisfaction Survey named FirstBank as the biggest mover in the SME space.

The 2014 edition of the Survey had named the bank as the most popular bank among MSMEs for both deposit transactions and credit/loan facilities with 26 per cent of the SMEs surveyed identifying the bank as one where they had an ongoing loan facility or had obtained one in the recent past.

It is also for the same reason that the unfortunate events of the last week have reignited the bond between Nigerians and FirstBank, a partner that they can bank on in times of need.

The bank’s track record leaves no one in any doubt of its unwavering commitment to continue to weather all storms with Nigeria and Nigerian SMEs with whom it shares a common destiny. [BusinessDay]

Fidelity-Bank-Nnamdi-Okonkwo-800x445-1-696x387-1

Fidelity CEO Reaffirms Commitment To Sound Ethical Business Practices

by with No Comment BankingNews

Fidelity Bank CEO, Mr. Nnamdi Okonkwo has restated the bank’s commitment to the highest standards of ethical and professional conduct in its dealings with customers and all stakeholders. Okonkwo gave the assurance on Monday as part of activities marking the 2020 Corporate Compliance & Ethics Week.

Stating that the week-long celebration provided a great opportunity to beam the spotlight on compliance and ethics, he said it was important to however institutionalize the culture of compliance and ethics as an imperative for building a strong and enduring financial institution.

“Let us all be reminded in all our dealings that we need to coexist and prosper together with all stakeholders including customers, suppliers, partners, local communities, and employees who are integral to our survival as a business. “‘Doing the right things, the right way’, is the best approach to building a sustainable business”, Okonkwo explained.

Whilst reiterating that Fidelity Bank has kept ethics and professional integrity at the forefront of its business in the over 3 decades of existence, he emphasized that bank would continue to utilize digital technologies to deliver innovative financial services that meet with the needs of customers.

Commencing on November 2, 2020 and running up until Friday, November 6, 2020 the bank has organized a series of employee engagement initiatives as part of the annual activities to celebrate the week.

Corporate Compliance and Ethics Week is organized annually by the Society of Corporate Compliance and Ethics (SCCE) provides organizations and employees with the opportunity to educate and drum attention to the twin issues

akinwunmi

Akinwumi Adesina and the Challenges of post-pandemic Africa Economy in his second term as AFDB President Nigeria’s

by with No Comment Policy

Dr. Akinwumi Adeshina has been re-elected as the President of the African Development Bank (AfDB), for another five-year term. The re-election took place electronically during AfDBs’ 2020 Annual Meeting in August. But days after his re-election,  analysts are already asking what will a post-pandemic economy in Africa look like? What contributions will Adeshina and his management put on the ground to help ensure inclusive growth in Africa?

Of course, a day before Adeshina’s election, he had said he wanted to seek a second term in office, and being given a second chance would assure the need for unity to enable the continent to pull together and stay focused on the goal of fighting the effect of the pandemic on Africa’s economy. According to him, “pulling together has always been the strength of the African Development Bank.”

He said that Africa has lost a decade’s worth of economic growth due to the pandemic and that despite Africa’s recovery being long, the need for unity would be needed now more than ever in the AfDB.

“Now we must help Africa to build back, boldly, but smartly, paying greater attention to quality growth: health, climate, and the environment,” he added.

He also disclosed that the bank’s Board of Directors was able to launch support schemes to Adesina said his first term as President of the Bank saw the implementation of the five strategic goals for Africa’s development, called the “High 5s”.cushion the effects of the pandemic. “

Adesina said the impact of his five years as President had enabled 18 million Africans have access to electricity, 141 million people have benefitted from improved agricultural technologies for food security. 15 million people have access to finance, 101 million people have access to improved transport and 60 million people have gained access to water and sanitation.

“With these positive results, President Adesina asked the Board of Governors to renew their trust in him for the next five years. “Dear Governors, these Annual Meetings are my opportunity to offer you my services and seek a second term as President of the African Development Bank. I do so with humility. I do so with an acute sense of duty and commitment. I do so to serve Africa and our Bank,” he stated.

Of course, he got his second term at a difficult time when it is clear that the world is currently in the midst of some kind of inflection point. But in confronting this inflection point, will Adeshina be able to deliver impact beyond that which he had delivered in his first five years as President of the AfDB, enabling more Africans to have access to electricity, access to health,  water and sanitation, access to improved food security,  access to finance?

Andy Grove, noted author and pioneer, introduced the concept of strategic inflection points as moments in time when the fundamentals of business change, requiring a major shift in how we operate. The dilemma is when to take action — move too early, you will waste resources; wait for a while, you will get buried.

The COVID-19 presents no such dilemma since this inflection point is here-and-now, and serious. Luckily the world is easing out of it, and the mortality rate is low due to social distancing and lockdowns but the impact on the global economy is big. In Africa, it is huge, something not witnessed in our lifetime.

Analysts point out the dismal disappearance of normality in the way people live and do things, it’s important to acknowledge how awful this is going to be for a great many people who are dependent on daily wages and monthly salaries. Many companies may soon refuse to pay, forcing workers to quit.

Observers assert that pandemics have often catalyzed social change. Water, sewage, and public health authorities all emerged from previous epidemics. Social change can also come from economic change, such as industrialization and the creation of the first instance of mass inequality in what came to be called the Gilded Age.

They say Dr. Adeshina should work better with African leaders and policymakers to work on early warnings scenarios, so as to be able to pull people out of the cave of economic pains. And that using inflection points, AfDB, and African leaders can build scenarios and early warning systems for the post-corona future of Africa. This will be like a “thin-ice” moment because things are moving very quickly but the framework may still be useful for decision-makers.

The proposed framework, they insist, will articulate two (or more) crucial uncertainties, create a story about the future states that different values of the future uncertainties might imply, define a “time-zero” event and work backward to create an early warning system. says  Dr. Tade Olugubile, Covenant University, Ota, Ogun stat he explained that this was part of the issues  Rita McGrath, a professor at Columbia University. M Muneer and the co-founder of Medicine Institute Foundation for Diversity and Innovation raised recently.

“Let us create four quadrants for potential post-corona economic scenarios. The first dimension (X-Axis) shall be the current capitalistic “maximizing shareholder value/profits” on the left side and the new “maximizing shared value”, which is neo-socialism, or reimagined as “stakeholder capitalism” where suppliers, customers, workers and society flourish along with the business, on the right.

For the other dimension (Y-Axis), choose “prolonged global slowdown” on top and “bounced-back economy” on the bottom.

He explains that the next step is to create a short “story” about the future state each scenario represents.

Four scenarios emerge Maximising shareholder value:

1) With economic catastrophe, the result could be pervasive poverty and inequality, economic insecurity even for middle class, and political instability in many countries.

2) With economy bouncing back, rinse and repeat of the last many years — middle and lower classes continue to struggle, high levels of inequality remain.

3) When doom happens, there will be expanded social security programmes, greater taxation, or even some nationalisation of private wealth, and alliances between government and NGOs.

4) Economy bouncing back, things will return to the consensus on distribution of societal wealth, inequality narrows gradually and social goods made more affordable.

“Now come up with what we call a “time-zero” event for each of the four scenarios — in other words something that might be in media that represents either positive or negative signal of an inflection point. Once the “time-zero” events are established, work backward to identify information that would represent leading indicators of the event becoming a reality. If you see lots of indicators piling up, it is highly likely for the event to become reality”.

Dr. Adeshina on a thank you visit President Muhammadu Buhari at ASO ROCK Villa

Interestingly, we see weak signals that any of the four scenarios outlined above could be in our future. In fact, for all of them, we are able to find real, in-the-here-and-now headlines reflecting that scenario coming to fruition.

The question for all of us is whether we can create strategies that are robust in the face of all of these possibilities or whether we should bet on one.

Let us assume the time-zero event, “death of the soul of capitalism”, ensues in which case governments will have to turn tough on profiteering private enterprises for the sake of the larger working class, both local and migrants. Some indicators we might see are:

A rise in the popularity of authorities to take coordinated action

Pressure builds to eliminate easy access to stock buy-backs that lead to mass layoffs

Restrictions on executive compensation

Investors to take a hard look at cash reserves of firms

Minimum sustainable income plans

Increased health and social benefits to the labour class

While these aren’t predictions about what is likely to happen, it’s clear that we are in the midst of some kind of inflection point.

We’re going to be asking questions about many of our taken-for-granted assumptions: That globalisation and trade are always good; air travel should be accessible to everyone; we shouldn’t have to invest in building resilient systems, just efficient ones; nationals cannot do hard labour; and so on.

African Development Bank,  under Akinwumi Adesina, needs to make Africa able crawl out  of economic crisis created by COVID-19  fast. In this way, he will justify his re-election as head of the AfDB  to serve Africa  “with an acute sense of duty and commitment.”

sunday

Sunday Dare: X-ray of One Year Score card as Minister of Youth and Sports

by with No Comment Sports

Hon Minister Mr Sundae Dare is a man who believes that Partnership is the way forward in governance– information is released in a timely manner. This is what has helped him got commitments from business leaders on the renovation of some stadia in the country. It is also what has made him achieve great results and admiration in the last one year. “Today, August 21, marks the first anniversary of my appointment as sports minister by President Muhammadu Buhari. All praises to God Almighty for His favour and faithfulness. I’m grateful for the opportunity to serve our country. Thanks to Mr President.” Dare said.

Within this first year in office he has achieved so much that he was rated among the three top ministers in Nigeria by an organization. In an interim scorecard released by Transparency Watch, Dare came third behind Hon Minister of Humanitarian Affairs, Disaster Management and Social Development-Hajia Saddiya Farouk and Transport Minister Rt.Hon Rotimi Amaechi.

Apart from his achievements in the last one year, Dare is still racing gracefully on to ensure he buoys the psychology of Nigerian youth, helping them to discover themselves and build self-worth.

Recently President Muhammadu Buhari approved November 1 every year to commemorate the National Youth Day.  This is part of  Sunday Dare’s effort to further widen opportunities and more space for the youth. He explained, in his twitter handle, that the national day would be celebrated to draw attention and find solutions to the issues that affect the youth.

Before this time, in July, a month before Dare’s one year in office,  President  Buhari approved the establishment of a N75 billion Nigeria Youth Investment Fund (NYIF) for three years, following a memo presented by Dare,. Back then he said, “The NYIF is to serve as a sort of Youth Bank that will fund and support the innovative ideas, skills, talents, and enterprise of the Nigerian youth.”

As soon as he was inaugurated in August 2019, Sunday Dare rolled out the four-point agenda he would deploy to revive the ailing sports sector.  These were grassroots development with states governors and educational institutions all anticipated to play key roles, provision of facilities, which include resuscitating the moribund ones and adding new ones, where needed, creating a clear business model for the sector as it is the case in developed climes, Athletes’ Sustenance Fund, which will ensure that Nigerian athletes are always well-funded for training and other activities in and out of competitions. The last one was the well-being of the Nigerian youth.

Achievements

Hon. Minister Sunday Dare receiving a report from the permanent secretary of the Ministry, Mr. Gabriel Aduda

Adopt A Talent Initiative

One of the biggest problems of sports in Nigeria is funding. Over the years, athletes got little or no financial support from the sports ministry. They had to fend for themselves, straining their lean purses to pay coaches who trained them for major tournaments. But, Dare has been lauded for introducing what he called “Adopt A Talent Initiative” on his assumption into office.

Helping our sporting heroes

The sports minister won more friends than enemies when he revisited the long-awaited demand to reach out to ailing sports legends and the vulnerable. He believes there is a need to reconnect with people that laboured to put the country’s name on the world map. In this regard, the likes of Sunday Eboigbe, Kadiri Ikhana, Christian Chukwu got financial support to treat their ailments.

Similarly, the minister has extended his assistance to the mothers of late Rashidi Yekini, Samuel Okwaraji and quarter-miler Sunday Bada while the families of late coaches Shuaibu Amodu, Stephen Keshi, and Mudashiru Lawal Manga Muhammed are now on his monthly welfare scheme package.This gesture has widely been commended and even pricked the conscience of the likes of the Nigerian Football Federation to follow suit.

Sports Industry Policy

Following his promise that he would take sports away from being just a pastime or mere recreational activity to becoming  business as it is done in developed countries , the minister  came out with  a newly drafted Sports Industry Policy (SIP). And he is  serious in this direction.

This Sports Industry Policy provides the much-needed framework that will transform sports in Nigeria from being recreational to business-led and unlock a ton of investments in the sector Minister of Sports Sunday Dare has declared.

Speaking after he had received the draft document of the National Sports Industry Policy Abuja,t he minister said the newly revamped SIP would replace the obsolete 2009 version and will address four key areas “3 Is and 1 P” – Infrastructure, Investment, Incentives and Policy, that would catapult sports in Nigeria to the next level.

The draft SIP is a revamp of the 2009 National Sports Policy carried out under the auspices of the Sports Ministry by members of the steering committee of the Sports Industry Working Group (SIWG), the policy validation committee, the National Sports Industry Policy drafting committee, relevant MDAs and Ministries.

Praising the efforts of all involved in the project, Dare described the new SIP as “a new dawn” for sports in the country and assured that the policy will stand the test of time when it is adopted by the Federal Executive Council.

“On behalf of the Federal Ministry of Youth and Sports Development, I congratulate all members of the committee for this giant stride, your commitment, dedication and doggedness to bring this draft sports policy to reality,” Dare said in a statement.

“This policy no doubt is a new dawn that will drive the process of moving sports away from being recreational to business.

“I recall the opportunity I had during the 25th Nigerian Economic Summit, to chair its Sports Industry Business Roundtable Session. The session featured various speakers from all sectors emphasizing the challenges in developing sports as a viable business sector capable of attracting investments and delivering returns to investors.

“This gave birth to setting up various groups to review our 2009 sports policy which no doubt is now obsolete.

The Minister commended the permanent secretary, Mr Gabriel Aduda, the co-chairman of the steering committee Mr Ufot Udeme and other members of the committee for their invaluable contributions towards the drafting the new National Sports Industry policy.

Nigerian Youth Investment Fund.

The Nigerian Youth Investment Fund (N-YIF), which was approved by the Federal Executive Council (FEC) late July, can easily pass as one of the biggest gains of Dare in the office so far N-YIF is dedicated to investing in the innovative ideas, skills, talents, and enterprises of youth. N-YIF has a target to reach 500,000 youth between 2020 and 2023.

To ensure efficient managemt of the fund, the ministry has set up a focal group to help manage the utilisation of the newly-approved fund.The focal group is an assemblage of youth leaders and groups from diverse fields, entrepreneurial experts and individuals with youth development and finance experience.The group is entrusted with processing concerned parties’ views and inputs about the Fund and making the same available to the NYIF’s Technical Committee.

Commitments for rehabilitation of the Lagos and Abuja National Stadia

Still in line with his promise of revamping moribund sporting facilities, the Minister has shown he has better ideas of getting things to work again than most of his predecessors.

The Minister sometime ago announced that he had secured commitments from business moguls Aliko Dangote and Kensington Adebutu (Baba Ijebu) for the renovation of the Abuja and Lagos National stadia respectively. The development is commendable as the government will no longer have to dip its hands into its own lean purse to spend on facilities it allowed to go bad in the first place.

Hon Minister Mr Sundae Dare is a man who beleieves that Partnership is the way forward  in governance– information is released in a timely manner. This is what has helped him got  commitments from business leaders on the renovation of some stadia in the country. It is also what has made him achieve great results and admiration in the last one year. “Today, August 21, marks the first anniversary of my appointment as spoerts minister by President Muhammadu Buhari. All praises to God Almighty for His favour and faithfulness. I’m grateful for the opportunity to serve our country. Thanks to Mr President.” Dare said.

Within this first year in ofice he has achieved so much that he was rated  among the three top ministers in Nigeria by an organization. In an interim scorecard released by Transparency Watch, Dare came third behind Hon Minister of Humanitarian Affairs, Disaster Management and Social Development-Hajia Saddiya Farouk and Transport Minister Rt.Hon Rotimi Amaechi.

Apart from his achievements in the last one year, Dare is still racing gracefully on to ensure he buoy the  psychology of Nigerian youth, helping them to discover themselves and build self-worth.

Recently President Muhammadu Buhari approved November 1 every year to commemorate the National Youth Day.  This is part of  Sunday Dare’s effort to further widen opportunities  and more space for the youth. He explained, in his twitter handele, that the national day would be celebrated to draw attention and find solutions to the issues that affect the youth.

Before this time, in July, a month before Dare’s one year in office,  President  Buhari approved the establishment of a N75 billion Nigeria Youth Investment Fund (NYIF) for three years , following a memo presented by Dare,. Back then he said, “The NYIF is to serve as a sort of Youth Bank that will fund and support the innovative ideas, skills, talents and enterprise of the Nigerian youth.”

As soon as he was inaugurated in August 2019, Sunday Dare rolled out the four-point agenda he would deploy to revive the ailing sports sector.  These were  grassroots development with states governors and educational institutions all anticipated to play key roles, provision of facilities, which include resuscitating the moribund ones and adding new ones, where needed, creating  a clear business model for the sector as it is the case in developed climes, Athletes’ Sustenance Fund, which will ensure that Nigerian athletes are always well-funded for training and other activities in and out of competitions. The last one was the well-being of the Nigerian youth.

Achievements

Adopt A Talent Initiative

One of the biggest problems of sports in Nigeria is funding. Over the years, athletes got little or no financial support from the sports ministry. They had to fend for themselves, straining their lean purses to pay coaches who trained them for major tournaments. But, Dare has been lauded for introducing what he called “Adopt A Talent Initiative” on his assumption into office.

Helping our sporting heroes

The sports minister won more friends than enemies when he revisited the long-awaited demand to reach out to ailing sports legends and the vulnerable. He believes there is a need to reconnect with people that laboured to put the country’s name on the world map. In this regard, the likes of Sunday Eboigbe, Kadiri Ikhana, Christian Chukwu got financial support to treat their ailments.

Similarly, the minister has extended his assistance to the mothers of late Rashidi Yekini, Samuel Okwaraji and quarter-miler Sunday Bada while the families of late coaches Shuaibu Amodu, Stephen Keshi, and Mudashiru Lawal Manga Muhammed are now on his monthly welfare scheme package.This gesture has widely been commended and even pricked the conscience of the likes of the Nigerian Football Federation to follow suit.

Sports Industry Policy

Following his promise that he would take sports away from being just a pastime or mere recreational activity to becoming  business as it is done in developed countries , the minister  came out with  a newly drafted Sports Industry Policy (SIP). And he is  serious in this direction.

This Sports Industry Policy provides the much-needed framework that will transform sports in Nigeria from being recreational to business-led and unlock a ton of investments in the sector Minister of Sports Sunday Dare has declared.

Speaking after he had received the draft document of the National Sports Industry Policy Abuja,t he minister said the newly revamped SIP would replace the obsolete 2009 version and will address four key areas “3 Is and 1 P” – Infrastructure, Investment, Incentives and Policy, that would catapult sports in Nigeria to the next level.

The draft SIP is a revamp of the 2009 National Sports Policy carried out under the auspices of the Sports Ministry by members of the steering committee of the Sports Industry Working Group (SIWG), the policy validation committee, the National Sports Industry Policy drafting committee, relevant MDAs and Ministries.

Praising the efforts of all involved in the project, Dare described the new SIP as “a new dawn” for sports in the country and assured that the policy will stand the test of time when it is adopted by the Federal Executive Council.

“On behalf of the Federal Ministry of Youth and Sports Development, I congratulate all members of the committee for this giant stride, your commitment, dedication and doggedness to bring this draft sports policy to reality,” Dare said in a statement.

“This policy no doubt is a new dawn that will drive the process of moving sports away from being recreational to business.

“I recall the opportunity I had during the 25th Nigerian Economic Summit, to chair its Sports Industry Business Roundtable Session. The session featured various speakers from all sectors emphasizing the challenges in developing sports as a viable business sector capable of attracting investments and delivering returns to investors.

“This gave birth to setting up various groups to review our 2009 sports policy which no doubt is now obsolete.

The Minister commended the permanent secretary, Mr Gabriel Aduda, the co-chairman of the steering committee Mr Ufot Udeme and other members of the committee for their invaluable contributions towards the drafting the new National Sports Industry policy.

Nigerian Youth Investment Fund.

The Nigerian Youth Investment Fund (N-YIF), which was approved by the Federal Executive Council (FEC) late July, can easily pass as one of the biggest gains of Dare in the office so far N-YIF is dedicated to investing in the innovative ideas, skills, talents, and enterprises of youth. N-YIF has a target to reach 500,000 youth between 2020 and 2023.

To ensure efficient managemt of the fund, the ministry has set up a focal group to help manage the utilisation of the newly-approved fund.The focal group is an assemblage of youth leaders and groups from diverse fields, entrepreneurial experts and individuals with youth development and finance experience.The group is entrusted with processing concerned parties’ views and inputs about the Fund and making the same available to the NYIF’s Technical Committee.

Commitments for rehabilitation of the Lagos and Abuja National Stadia

Still in line with his promise of revamping moribund sporting facilities, the Minister has shown he has better ideas of getting things to work again than most of his predecessors.

The Minister sometime ago announced that he had secured commitments from business moguls Aliko Dangote and Kensington Adebutu (Baba Ijebu) for the renovation of the Abuja and Lagos National stadia respectively. The development is commendable as the government will no longer have to dip its hands into its own lean purse to spend on facilities it allowed to go bad in the first place.