President Bola Ahmed Tinubu yesterday tasked global partners to stand with Africa in its fight against growing and socio-political crisis springing up on the continent.

He gave the task at the opening of a summit on African Regional Dialogue of the Future titled: “The Africa we want and the UN we need” in Abuja.

Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, the President expressed concern over the rising threat of terrorism, insurgency and military intrusions in governance across Africa, particularly in West Africa,

He, however, pressed the African Union (AU) and the United Nations (UN) to devise innovative strategies to halt the flow of arms and light weapons into the continent.

Tinubu said: “As part of our collective response to these challenges which have grave global implications, may I urge the participants to find innovative and cost-effective strategies by which the African Union would collaborate with the United Nations and the international community to stem the tide of the proliferation of arms and light weapons into Africa, end terrorism and resurgent insurgency and to check the retrogressive return of the military in governance in Africa.”

The president commended the efforts of the Savannah Centre for Diplomacy, Democracy and Development and the Stimson Centre for organising the high-level Regional Dialogue, highlighting the global call for reform and democratisation of the UN System.

“The wide support by many reputable international Civil Society Organisations and research institutions…speaks the minds of honest and progressive global citizens,” he noted, emphasising the collective desire to improve global governance through multilateralism”, Tinubu said.

[TheNation]

Former President Olusegun Obasanjo, on Monday, advised that Nigeria should approach the government of Zimbabwe for a solution to the current all-time high inflation in the country.

He noted that since Zimbabwe was recently confronted with the same problem and came out of it, the southern African country would have useful advice for Nigeria.

In its latest release, the National Bureau of Statistics put Nigeria’s inflation at 29.9 per-cent.

The country is currently grappling with high cost of living, with pockets of protests breaking out across the country as Nigerians contend with increasing prices of foodstuffs.

Obasanjo, speaking on Monday at a youth leadership symposium as part of activities lined up for his 87th birthday, said Nigeria had Zimbabwe to learn from.

The symposium with the theme “Opportunities for Peace: Roles of the Youths in Conflict Prevention in Africa” held at the Olusegun Obasanjo Presidential Library, Abeokuta.

It was put together by the Centre for Human Security and Dialogue in collaboration with the Institute for African Culture and International Understanding, Olusegun Obasanjo Presidential Library.

The ex-President said the times of challenges were not to give up but to face the problem head-on and draw lessons from those who encountered similar problems in the past and overcame.

He said, “When the time is rough and tough, the tough must get going..no problem is new and no problem will be permanent. Committing suicide is not the end of any problem, confront it and take it to God because he could do anything. When you have a problem look at those who have had this problem before and how they overcame it

“We have this problem of galloping inflation in the country now but do we have a country with such problems recently? Yes we do, Zimbabwe had this problem recently.  Shouldn’t we ask them how they did it even if our approach will be different? Even if whatever we shall be doing will be different but we can ask questions to navigate our way out.”

Obasanjo also posited that dialogue, not guns or any form of violence, would help resolve the various conflicts on the African continent.

He said that like never before, conscious efforts to build and inculcate a culture of peace and security in the youth must be intensified to spur them to be at the vanguard of promoting peace rather than being used to perpetrate violence on the continent.

He said, “We must begin to bring up our youths in the culture of peace and security. The chances are where we have a culture of love, we will have peace. The first thing to do is to inculcate in the youths the ingredients of peace which is love and fellowship.

“Look at the attributes that God gave us to have a life of stability, life of peace, they are as I mentioned, kindness, mercy and forgiveness. All of these attributes are professed by God and He shared same with us to make life pleasant for us. But when we build negative attitudes, pull him down, then there will be a problem.”

He referenced biblical characters Esther, “who was able to secure her race from being exterminated,” and Joseph,  “who helped to fight famine.”

“The youth must be at the vanguard of pursuing peace. They must be able to persuade those who believe that gun and violence is the way out of conflicts to have a rethink. The way out is conversation and dialogue.

“We have had our issues here during the civil war. We killed ourselves mercilessly and destroyed our best facilities but we still came back to the roundtable to get the challenge resolved.

“Youths must develop the culture of peace, the culture of humaneness, the culture of living the way God wants us to live,” Obasanjo added.

The coordinator of the programme and former Executive Secretary of the National Universities Commission, Prof Peter Okebukola, said the essence of the symposium was to further drive home Obasanjo’s commitment to the African youths.

Okebukola, who is the Director of the Institute for African Culture and International Understanding, Olusegun Obasanjo Presidential Library, said, “This event is a testament to the belief that it is not enough to grant young people a seat at the table; their involvement must be vital and meaningful.

“Through targeted interventions, inclusive policies, and international collaboration, we aim to empower West African youths as catalysts for positive change, paving the way for a more peaceful and harmonious society.”

[Punch]

Corporate Nigeria and some political titans turned up yesterday to celebrate the life and times of the late Chief Executive Officer of Access Corporation Plc, Herbert Wigwe who all of them described as a titan.

In  an emotion laden ‘Night of Tributes’ with touching memories, dignitaries from the public and private sectors, led by Africa’s richest man, Aliko Dangote, Minister of Finance, Wale Edun, governors of Lagos and Ogun states, Central Bank of Nigeria, CBN governor and bank chief executives sang praises of the late bank chief.

Wigwe, 57 years old,   who was also MD/CEO Access Bank Plc, died in a helicopter crash in United States on February 9, 2024, alongside his wife, Chizoba Wigwe, his Son, Chizi Wigwe amd former President, Nigeria Exchange, Mr. Abimbola Ogunbanjo.

Other dignitaries at the event include President, African Development Bank, AfDB, Adesina Akinwunmi, Chairman Zenith Bank Plc, Jim Ovia, Chairman Coronation  Capital, Mr. Aigboje Aig-Imoukhuede, CEO, GTHoldings Plc, Segun Agbaje, CEO of FirstBank Nigeria Limited, Adesola Adedutan and the President, Chartered Institute of Bankers of Nigeria, CIBN, Mr. Ken Okpara.

Dangote

In his tribute, Dangote descibed the late Herbert Wigwe as a loyal friend and a pillar of support for him and his family.

Fighting to hold back tears, Dangote narrated how late Herbert encouraged him in his business pursuits.

Dangote described the late Herbert as a visionary role model with courage second to none.

“I am proud to name him my devoted friend, mentee and supporter. I will forever cherish the warmth of his friendship,” Dangote said.

Dangote also disclosed plans to immotalise the late banker by naming the road to the Dangote Refinery as Herbert Wigwe road.

Adesina

AfDB President, Adesina Akinwunmi, in his tribute said:  ‘’Herbert Wigwe brought pride to Nigeria and to Africa.

“He was relentless, determined, bold, visionary, inspiring, with exceptional drive   for excellence. Everything he touched became gold

“Herbert is a   bankers   banker, and investors asset holder. His drive for major achievements sparks courage. Herbert was bankable and Access Bank was bankable.”

Aig-Imoukhuede

The chairman, Coronation Capital, Aigboje Aig-Imoukhuede, described Herbert Wigwe as a brilliant banker who help to transform the banking industry in Nigeria.

Edun

Minister of Finance, Wale Edun, described late Herbert as a pillar of support who was full of knowledge, ideas and creative thinking.

“He gave me his time and thinking. He had solutions, never at a loss,” said Edun.

Sanwo-Olu

Governor, Lagos State, Mr. Babajide Sanwo Olu, paid glowing tributes to the leadership qualities of late Herbert Wigwe, especially in rallying support to combat the COVID-19 pandemic.

“Herbert led from the front during the difficult period of COVID 19.

Describing the late banker as a brother, friend adviser, who supported the infrastructure drive of his administration, Sanwo Olu said Lagos would not forget Herbert Wigwe.

Gov Abiodun

Herbert believed in Nigeria—Dapo Abiodun

Ogun State governor on his part, praised the late Herbert for his commitment to Nigeria

“Herbert believed in Nigeria. He did everything to support Nigeria.  He was intelligent, bold and lived two lifetimes in one.”

Cardoso

CBN Governor, Olayemi Cardoso described  late Herbert Wigwe as a trully exceptional individual who played a pivotal role in transforming Access   Bank into one of Nigeria’s foremost financial institutions.

I spoke with Herbert 2 weeks before he died —Agbaje

Agbaje

The Group Chief Executive Officer of GT Holdings, Mr Segun Agbaje, in his tribute, said he spoke with the late Herbert two weeks before he died, just as he described him (Herbert) as a fierce competiton.

Agbaje said: “It is indeed a very difficult for me. Herbert was my colleague, friend, competitor and brother. Only Herbert could have been all those things to a human being. 

‘’We started as colleagues. I met Herbert in November 1991, we were both in the corporate bank. And then, as we all matured, Herbert became my real brother. 

‘’He would alweays make the phone call to get you out of the spot you were in. It is weird that my last conversation with him was two weeks before he died.

He came to my house to talk about his obsession which was his university.”

Banks now borrow more from CBN to shore up cash position

Amidst sustained liquidity 

mop-up and monetary policy tightening by the Central Bank of Nigeria, CBN, there are indications that many deposit money banks are now resorting to heavy borrowing from the apex bank to meet up with their regulatory and other liquidity obligations.

CBN’s Financial Data for February 2024 obtained by Vanguard shows that the banks’ borrowing from the CBN Standing Lending Facility (SLF) increased month-on-month, MoM, by 65.5 percent to N5.96 trillion in February from N3.6 trillion in January 2024.

The data also shows that the banks deposited N330.71 billion in the CBN’s Standing Deposit Facility (SDF) in the same period, representing a 72.4 percent MoM, decline when compared with N1.2 trillion deposited in January 2024.

This development is coming at the backdrop of the various CBN policies to prepare banks against vulnerabilities from within and outside the country.

One of the latest policies is the increase in the benchmark interest rate, the Monetary Policy Rate, MPR, to 22.75 percent from 18.75 percent and Cash Reserve Ratio, CRR, to 45 percent from 32.5 percent last week.

Analysts are of the opinion that the increase in interest rate would raise asset yields of some banks by an average of 400 bases points (bps) in the financial year end of 2024.

In their Banking Sector update report for March, analysts at Cardinal Stone Research said: “Based on the first and second-order impacts of the rise in auction stop rates and 400 basis points increase in MPR to 22.75%, we now forecast asset yields to rise by an average of 400 bps across our coverage banks in FY’24 (vs c. 150 bps in our previous communication).

“This adjustment suggests a mean 83.4 percent increase in interest income for our banking coverage.

“Whilst the discontinuation of daily CRR debits is positive, the recent decision of the MPC to raise statutory CRR to 45 percent may appear a downside risk to interest income, with direct inference suggesting that banks can now only deploy 55 percent of new deposits to interest-earning opportunities assuming other rules (such as the loan to deposit ratio) are adhered to.

“We are of the view that the surging interest rate environment may increase pressure on banks to step up on the dividend front in the coming months. This may open avenues for decent dividend income (vs de-annualized return from fixed income options) in the near term.

“In our view, adverse macroeconomic conditions are likely to increase the risk of Non performing Loans , NPLs, in FY’24 (mean of 3.7 percent across our coverage), with sectors that are heavily reliant on imported raw materials and equipment maintenances such as manufacturing likely to be badly hit by the short-term cost implications of ongoing reforms.”

[Vanguard]

An exciting journey into the heart of Punch Nigeria Limited would naturally commence from Mangoro, the suburban Lagos area from where it started operation, and end up at Magboro, a burgeoning new development area in Ogun state.

Between its birthplace where it spent 36 years and the Magboro permanent site, which is its befitting and edifying complex of the last 16 years, is where Punch newspaper’s exhilarating journey through Nigeria of the last 50 years was nurtured.
For a good reason, both locations play an important role in telling the visually-engaging story of this dominant quality newspaper, which is celebrating its 50 years of operation.

This commemorative photographic exhibition therefore captures various snapshots of history that PUNCH has served its numerous readers as a socially-conscious and people-oriented news organisation over the years.
The 50 works on display at this exhibition, along with several others that can be viewed on PUNCH website, underscore the newspaper’s enchanting connect to social relevance topically and how photo news serves as an integral part of good journalism.

At the centre of this collection are recurrent issues in Nigeria of the past half a century; the variegated emotions constantly on display showing on the one hand, the mood of the nation, and on the other hand, how PUNCH attaches importance to how they are captured.
These exhibits are as candid and thematically relevant as they can be; given their essence as functional photo journalism and indeed as work of insightful creativity.

In this exhibition, the viewer will encounter socially- relevant issues that have refused to go away for decades.
Issues that were as relevant in the 1970s and ’80s as they are relevant today.
There are images of dilapidated schools and collapsed buildings. Images of flooding, protests and police brutality.
Images of poverty and lack; of deprivation and desperation.

Yet, there are images of hope and humanity, of people and power brokers; activists and intellectuals and the causes they are seen to have championed over time.

Devoid of bias and drama, this exhibition invokes quiet contemplation and reflections, either in appreciating shots that project awe and universal beauty; or in encountering polarised realities of sadness and joy; losses and victories, anguish and celebration and sometimes carnage or carnivals.

Social realism is a constant point of reference, which underpins the type of discourses that photo journalists and editors go through daily, either on the field or in the newsroom, in selecting original photographs that are published for public consumption.

Events and accidents are on display!
So are notable individuals.
From the late Afrobeat singer, Fela Anikulapo-kuti to the late human rights lawyer, Gani Fawehinmi; or from the Nobel laureate, Professor Wole Soyinka to politician and activist Omoyele Sowore, and even from political power brokers like the late billionaire businessman, Chief MKO Abiola and Asiwaju Bola Ahmed Tinubu, all of PUNCH titles have feasted on issues affecting personalities with huge following and the circles they courted.

They are all captured in this exhibition which is akin to the result of candid cameras on the society in general and everyday life.
Some of the exhibits, especially those in black and white, speak to the days of little beginning of PUNCH, when technology was at infancy and artificial enhancement of images was low if not totally non-existent.

We see images of the ‘old Punch’, the old, bare logo of the newspaper when it served as “entrances newspaper for lively minds”.
We also see the entrance leading into the old premises where Punch was born and with it great journalism in 1973.

Veterans of the Punch alumni would reminisce, through this exhibit, about that buoyant enclave on Olu Aboderin Street (formerly Kudeti Street) Onipetesi, in Mangoro area of Lagos where dreams were made and careers formed.

In contrast, the all-coloured cover image of The PUNCH showing the new logo and current design of the newspaper, along with a couple of other images, highlights the beautiful product that the Magboro permanent site of the organisation has been churning out for more than 14 years.

And there are images of the founder of Punch, Chief Olu Aboderin, as a fitting tribute to his vision and legacy, exactly 40 years after his transition to eternal glory.

When journalists enthuse that ‘photo speaks’ or when people say ‘the picture speaks for itself’, these expressions are evident in this beautiful collection.
At its core is a celebration of great photographic skills as demonstrated by several of Punch’s photographers and reporters whose works are featured.

Yet, this commemorative exhibition is an appreciation of great journalism and a well-deserved applause for a legacy of courage, character and candid views that have endured beyond 50 years.
May the lenses at The PUNCH never go blurred or cracked.

Steve Ayorinde, a former editor of The PUNCH, curated this exhibition for PUNCH Nig. Ltd

Former President Olusegun Obasanjo says only dialogue without any form of violence, will help resolve conflicts in Africa.

Obasanjo spoke in Abeokuta, the Ogun state capital, on Monday at a youth leadership symposium organised as part of activities to mark his 87th birthday which comes up on March 5.

The symposium was titled “Opportunities for peace: Roles of the youths in conflict prevention in Africa”.

The former president said efforts to inculcate a culture of peace and security in the youth must be intensified.

He noted that such efforts would spur young people to be at the forefront of promoting peace rather than being used to perpetrate violence.

“We must begin to bring up our youths in the culture of peace and security. The chances are where we have culture of love, we will have peace,” Obasanjo said.

“The first thing to do is to inculcate in the youths the ingredients of peace which is love and fellowship.

“Look at the attributes that God gave us to have life of stability, life of peace, they are as I mentioned, kindness, mercy and forgiveness.

“All of these attributes are professed by God and he shared same with us to make life pleasant for us. But when we build negative attitudes, pull him down, then there will be problems.

“The youth must be at the vanguard of pursuing peace, they must be able to persuade those who believe that gun and violence is the way out of conflicts to have a rethink, the way out is conversation and dialogue.

“We have had our issues here during the civil war; we killed ourselves mercilessly, destroyed our best facilities but we still came back to the roundtable to get the challenges resolved.”

The programme was organised by the Centre for Human Security and Dialogue in collaboration with the Institute for African Culture and International Understanding, Olusegun Obasanjo Presidential Library.

Peter Okebukola, former executive secretary of the Nationa Universities Commission (NUC}, emphasised Obasanjo’s commitment to African youths’ pivotal role in achieving peace across the continent.

[TheCable]

On Monday, November 11, 2019, I wrote a very critical article on the government of Kogi State at the time. In my opinion, the state governor, Alhaji Yahaya Bello had not done enough to lift the poor condition of the state’s infrastructure and nearly 30 years after the state was created, the capital, Lokoja, still looked like a fishing settlement.

The piece, published in TheNEWS, went with the title ‘Ajaokuta: The tragedy of Yahaya Bello’s misgovernance’. My concern was the poor manner in which the government in a state reeling with unemployment, lack of any visible industrial base and a few opportunities for private commercial activity, was treating the industrial strip that was rising in Ajaokuta.

It was easy to conclude that if it was a true reflection of the governor’s attitude to the state’s development, then he had no business being on the ballot for reelection in a few months. 

 

The gigantic Federal government-owned steel complex in Ajaokuta is still lying comatose, but beside it, however, a new industrial complex had arisen, attracting multi-million dollar investments from Nigerian industrialists and the ubiquitous Chinese. Giant ceramics factories were springing up along the major road in Ajaokuta, covering over 5 kilometers on both sides before the bridge across the River Niger, the same stretch where the road is most horrendous.

What could be more discouraging to those investors, that the road through which their products were to be evacuated, could not receive the state government’s priority attention?

The raw materials for ceramics abound in the area, and though the cluster of industries utilizing the raw material is impressive, it is still a tip of the iceberg compared to what is to come in the future. With such potential, it was a paradox that the state would do so little to encourage the firms and embrace the opportunities in those investments. The road in that same 5-kilometer stretch represented the worst anywhere in Nigeria. It was so bad that motorists queued for hours on that bad stretch, with some inside the hollow craters in the median.

Kogi State is strategically located in the centre of Nigeria, but commuting through its cities was always a nightmare. If the traffic in Lokoja, Okene and Kabba are bad, that of Ajaokuta was horrifying at the time if you add the menace of hundreds of trucks and articulated vehicles that now converge there, waiting to move ceramic products from the factories.

Ajaokuta was not an isolated case as the Zariagi-Kabba road, the Kabba-Isanlu-Egbe road and the Dekina-Bassa roads were also impassable. While some have argued that those roads should not be the yardstick with which to assess Bello’s performance, mainly because they are federal roads, the question that comes to mind is: which state governor enjoyed a chummier relationship with President Buhari than Bello who was the President’s favourite political godson? If Bello could convince the President to approve the release of a whopping N10 billion to him on the eve of an election, in the name of refund for the state government’s intervention on federal roads, getting him to repair a 5 kilometer road, with all the spiral economic benefits should not have been too difficult.

Kogi deserved more than the low-energy performance that Bello was offering in most sectors. Misery and hopelessness were generally prevalent and they were all written on the people’s faces. The civil service was crumbling and the security situation in the state was easily one of the worst in the country.

Anyways, that was the background to the piece I wrote over 50 months ago. Suffice it to say that Yahaya Bello was eventually on the ballot against my thoughts, and he won his reelection in 2019. It is arguable but many say his last 4 year tenure as Kogi State governor was markedly different from his first. The visit by officials of the Nigerian Guild of Editors penultimate weekend was an opportunity to see what changed. 

Lokoja may not have changed dramatically, but the expansion of the major internal road has eased movement of traffic, just like the state’s first flyover at Ganaja junction improved substantially on the flow of vehicular traffic. The Muhammadu Buhari Square, which compares well with the popular Eagle Square in Abuja, gives the capital a venue to host major outdoor events. Apart from the new look of the hitherto bad portion of Ajaokuta road, the 31 kilometer Itakpe Junction-Okene road is the other critical intervention in the state road network. 

There are, however, a few other shining lights in the administration’s records, and the investments in healthcare and education readily come to mind. 

The establishment of the Confluence University of Science and Technology, CUSTECH, and the Kogi State University, Kabba, easily stands out as notable legacies of the Bello administration. CUSTECH, which sits on a land area of nearly 400 hectares in Osara, along the Okene-Lokoja road, is a well-conceived tertiary institution with well laid out road networks and imposing buildings. Conceived in 2000, the university commenced academic activities in 2021; today, it has nearly 3000 students in the 7 faculties so far approved by the National Universities Commission. 

The Kogi State University, Kabba, which he also established last July, has also taken off to a convincing start, holding its first matriculation last January.

Only the six gigantic teaching and reference hospitals spread across the state – two per senatorial district – come close to the universities in terms of magnitude and strategic importance. 

Indeed, Yahaya Bello did well in the field of education: primary, secondary, and tertiary. Though he only inherited the one established by Prince Abubakar Audu in Ayangba, it is to his credit that Kogi State has today joined the few states in Nigeria that boast a state university in every senatorial district.

Would those be enough to score that administration a pass? It is doubtful.

My general perception of the man may not have changed substantially, but those investments in key development areas are worth noting. How they counter whatever deficit his administration recorded in other areas of the state’s development, is another thing.

The House of Representatives’ Committee on Financial Crimes has recommended that the parliament should evoke its powers to subpoena and arrest top executives of Binance Holdings Limited for financial infractions and terrorism financing.

The Reps committee made the call against the failure of Binance to appear for the public hearing organised by the panel.

The call was sequel to non-appearance on Monday, of the company over allegations bothering on terrorism financing, money laundry, tax invasion and other crimes at the committee’s public hearing.

The Chairman of the Committee, Hon. Obinna Ginger lamented the non-appearance of the Chief Executive of Binance Holding limited, Mr Richard Teng, after many invitations.
The Committee had in a letter dated 12 December, 2023 summoned Tang to appear at the public hearing.

The Committee got infuriated with Binance disregard of the invitation and failure to send legal representatives to the public hearing.

Ginger said the committee will be forced to recommend the arrest Binance executives to the House over its failure to appear before the it.

“As long as the Committee is concerned, Binance is not at this meeting, because we have said it severally that we do not want representation by lawyers but that the chief executives should appear before us.

“Binance is not here.We have taken a position on it in our last sitting that we are not going to entertain legal representation from Binance and that position stands.

“Based on the fact that Binance is not here, we need to make a recommendation to the House of Representatives for the House to invoke its powers of subpoena to issue a warrant for the leadership of Binance to be arrested and be brought to this Committee to answer questions of the grave allegations leveled against them in the petitions brought to us by the Empowerment for Unemployed Youths Initiatives and Niger Delta youths Council.

“This Committee has resolved to recommend to the House to invoke its constitutional powers by issuing a subpoena and a warrant for Binance executives to be arrested and brought to this Committee to answer these questions relationship financing of terrorism, money laundering and other financial crimes as stated in the petition including evasion of tax,” Ginger said.

Counsel to Binance, Senator Ihenyen who appeared for the company pleaded with the Committee to give the firm ample time to appear before it.

Ihenyen disclosed that two of the company’s executives that arrived the country for the meeting were arrested by the Office of the National Security Adviser.

“Following the arrest of two executive, other persons could not come into Nigeria because they are afraid of arrest too.

“Binance has responded appropriately to the demands of the Committee and as our client, we are pleading that this honorable committee consider taking the report,” he said.

An employee of the Benin Electricity Distribution Company, (BEDC), was on Monday electrocuted while carrying out repairs on a 33KVA line.

The tragedy occurred at Evwreni community in Ughelli North Local Government Area of Delta State.

LEADERSHIP gathered that the deceased simply identified as Kingsley was electrocuted while reconnecting a damaged cable on the high tension cable transmitting current to Uwheru, Patani, Bomadi and other communities in the state.

Speaking on the condition of anonymity, a source from Evwreni disclosed that the deceased met his untimely death when electricity was suddenly restored to the high tension pole on which he was working.

“He is from Evwreni community and we know him as a BEDC Staff all these years until the unfortunate incident occurred on Monday afternoon,” the source said.

When contacted for her response, BEDC’s Public Relations Officer, Evelyn Gbiwen said she was on leave and has not been briefed about the incident.