President Bola Tinubu will on Wednesday present the 2024 Appropriation Bill to a joint session of the National Assembly.
This came as the Federal Executive Council on Monday approved the 2024 Appropriation Bill of N27.5tn.
This is an increase from the N26.01tn earlier considered by the council.
The Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed the approval to State House correspondents after the close of FEC’s weekly meeting presided over by Tinubu at the Aso Rock Villa, Abuja.
While disclosing that the Federal Government is projecting N18tn revenue for the 2024 fiscal year, Bagudu said further details of the appropriation bill would be released when the President presents it to a joint session of the National Assembly on Wednesday.
According to the minister, the Medium Term Expenditure Framework passed by the National Assembly is being reviewed by the Council.
Bagudu said “Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President.
“The bill has an aggregate expenditure of N27.5tn which is an increase of over N1.5tn from the previously estimated, using the old reference prices.”
He added, “The forecast revenue is now N18.32tn which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023. Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly”
The minister also announced some changes made in the MTEF benchmarks by FEC.
“That approved Medium Term Expenditure Framework has the exchange rate of N700 to $1 and equally, the benchmark crude oil price at $73.96 cent. However, in Mr. President’s determination to find more money to fund our priorities, today the Federal Executive Council further revised the Medium Term Expenditure Framework and Fiscal Policy Framework and two of the important decisions were to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96, meaning $4 more than the earlier approval,” he noted.
The minister said the changes “will significantly increase government revenue that the President intends to use in supporting the ministries, departments and agencies in the execution of the eight priority areas, particularly Health, Education, infrastructure, security and other developmental areas.”
$1bn budget loan
Also briefing, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the Council approved $1bn budget support loan from the African Development Bank.
The AfDB loan will have an interest rate of 4.2 per cent for 25 years with an eight-year moratorium, according to the minister.
He said, “The Federal Executive Council approved a $1bn concessionary loan for general budget support and to be used to improve forex availability in the country.
“The $1bn loan from AfDB is a budget support fund for ongoing economic reforms. It is to support government programmes in the power sector, social inclusion, and the fiscal policy reforms as a whole sector policy initiative.”
In October, Edun disclosed that the Federal Government secured a $80m loan from the AfDB to finance various projects in critical sectors of the economy. He noted at the time that the $80m was to help young people in the knowledge economy, technology, and communications.
The finance minister also spoke on the tax initiatives of the Federal Government.
Edun said, “There was a briefing by the Fiscal Policy and Tax Reform Committee, essentially they’ve been working for roughly 90 days, they’ve been working very well and very effectively, such that they are in a position to have even impacted the economy by coming up with initial reforms, as well as signposting the way forward in terms of very important targets.
“So in a nutshell, the policy on VAT removal on diesel is from them, they are looking to help boost fiscal situation of the government by increasing revenue, particularly tax revenue, through digitalisation, additional efficiency and rationalisation of the range of taxes that we have at the moment.
“They are looking to increase the ratio of tax-revenue-to-GDP to 18 per cent which is the average for Africa; so many countries are above that level. It is actually about the double of where we are now and within a matter of a few years, their target is to reach 18 per cent.”
The minister said the FG was contemplating other economic measures in the short-term, adding that the tax reforms council’s report was well received by the President and other council members.
Edun also stated that the Federal Executive Council approved a total limit of N2tn to be available for use by the Ministry of Finance to go in and out of the market and essentially to, where possible, bring down the interest rate on the current outstanding.
He said this was “in order to keep working hard and maximising the ability of the government to use the markets and to take advantage of different situations and improve situations.”
“So essentially, it will be refinancing and the view is that there will be an opportunity to save about N50bn or more in debt servicing over time by giving back expensive debt refinancing with cheaper funding,” he concluded.
Budget presentation
Meanwhile, the Secretary of Research and Information at the National Assembly, Dr Ali Barde Umoru, on Monday confirmed that Tinubu would present the appropriation bill to NASS on Wednesday.
Ahead of the budget presentation, Tinubu had three weeks ago forwarded to both chambers of the National Assembly, the 2024 – 2026 MTEF and Fiscal Strategy Paper where the sum of N26.1tn was proposed as the total expenditure profile for the 2024 fiscal year.
The Senate through its committee on Finance after two weeks of interactive sessions with heads of Ministries, Departments and Agencies on revenue and expenditure projections made for them, approved the MTEF.
It specifically approved the N26.1tn proposed as 2024 budget and other parameters as proposed by the President.
It also approved the new borrowings of N7.8tn, pegs benchmark oil price for 2024 at $73.96 and oil production volume per day at 1.78m barrels.
NASS assures Nigerians
Meanwhile, the Speaker of the House of Representatives, Tajudeen Abbas, also confirmed Tinubu would present the 2024 Appropriation Bill before a joint session of the National Assembly.
The Speaker disclosed this while declaring open a one-day capacity building retreat for chairmen and deputy chairmen of House committees in Abuja.
Speaking at the event, the lawmaker representing Zaria Federal Constituency, Kaduna State, revealed plans to convene a town hall meeting with stakeholders on the 2024 Appropriation Bill in order to get the inputs of Nigerians on the budget process.
The Speaker stated that in line with its slogan ‘Peoples House,’ the 10th House was committed to citizens’ greater participation of Nigerians in the governance/ democratic process.
He said, “As we expect to receive the 2024 Appropriation Bill in a few days, I wish to state that the House will convene a Budget Town Hall Meeting to enable citizens to make inputs into the 2024 Appropriation. It is the first time such an engagement is planned at the national level.
“I invite our partners to work with us in preparing for a vigorous and all-inclusive budget process. To ensure speedy passage of the 2024 budget, I charge all committees to double their efforts and finalise all considerations in two weeks.
He added, “However, this does not imply haphazard and superficial consideration of the budget. Rather, it is a challenge to you to deploy all resources and make the needed sacrifices to ensure we pass the budget in good time for the good of all Nigerians.
“It is no exaggeration to say that the National Assembly, especially the House of Representatives, has progressively exercised its powers to ensure that the executive is always answerable to the Nigerian people.”
The Speaker also maintained that despite the growing commitment of the Nigerian legislature in promoting good governance, the various committees face a number of challenges that impede their overall effectiveness.
He said, “Anyone familiar with the inner workings of the legislature knows the quantum of resources required to undertake robust oversight adequately, hire experts and consultants, undertake inspection visits and draft quality legislation.
“Ironically, while Nigerians expect the best representation from the National Assembly and its members, they do not always understand that this is only possible through adequate funding.”
Speaking on the theme of the retreat, “Improving Legislative Performance through Effective Committee Management,” Abbas said it was deliberately picked to provide a comprehensive understanding of the tasks ahead, especially for many of those who were taking up these legislative responsibilities for the first time.
“The legislature is central to our democracy, and a strong House is integral to ensuring that governance is conducted in an open, accountable, and representative manner.
On his part, the Deputy Speaker, Benjamin Kalu, stated that at the heart of Nigeria’s parliamentary democracy lies the House of Representatives, “an institution tasked with the solemn responsibility of representing the will of the Nigerian people.”
In his goodwill message, Chief of Staff to President Tinubu, Mr Femi Gbajabiamila urged leaders and members of the Standing Committees to unite while scrutinising the budgetary proposals during defence sessions.
Meanwhile, a member of the House representing Ede South/Ede North/ Ejigbo Federal Constituency, Osun State on the platform of the Peoples Democratic Party, Oluwole Oke, has allayed fears of possible difficulty in implementing the January -December budget cycle.
Oke, who chairs the House Committee on Judiciary, said the delay in the presentation of the budget might not be unconnected with the need for a thorough job by Mr President and his team.
Speaking exclusively with The PUNCH, the lawmaker said, “ Mr President and his economic team as assembled are professionals and I am sure they want to do a thorough job, more so that they’re just coming on board . I think we should give him benefit of doubt
“The parliament is also ready to give the budget accelerated consideration and passage in the interest of Nigerians.”
Similarly, the member representing Ezeagu/Udi Federal Constituency of Enugu State on the platform of the Labour Party, Sunday Umeha said the supposed delay might turn out to be a blessing for the benefit of Nigerians.
[Punch]
The Lagos State Government has crushed 1,500 apprehended motorcycles popularly called okada in line with the ban on okada operation in 10 Local Governments (LGs) and 15 Local Council Development Areas (LCDAs) in Lagos.
The State Commissioner for Transportation, Mr. Oluwaseun Osiyemi while supervising the crushing of the motorcycles at the Taskforce yard, Alausa, Ikeja, stated that the exercise shows that Government is not rescinding its decision to apprehend, impound and crush recalcitrant motorcycles plying the restricted areas.
He reiterated the government’s commitment to safety and security of lives and property in the state.
Osiyemi further emphasized that the regular crushing exercise is to further show okada operators, riders and passengers alike to stay off the areas where the ban is in place to avoid 3 years imprisonment if apprehended and prosecuted in line with the Transport Reform Law, (TSRL) 2018.
“The ban on Okada in specified regions is crucial for maintaining order, reducing risks associated with unauthorized motorcycle operation and also improve security,” Osiyemi added.
Daily Trust reports that the prohibited Local Government Areas include; Kosofe, Oshodi-Isolo, Somolu, Mushin, Apapa, Ikeja, Lagos Island, Lagos Mainland, Surulere and Eti-Osa.
The Local Council Development Areas under them which the ban also covers include; Ojodu, Onigbongbo, Lagos Island East, Yaba and Coker Aguda, with others at; Itire-Ikate, Eti-Osa West, Iru Victoria Island, Ikoyi-Obalende, Ikosi-Isheri, Agboyi-Ketu, Isolo, Ejigbo, Bariga and Odi-Olowo.
The Transportation Commissioner urged okada operators to obey the ban order in the prohibited areas, adding that Okada is not a safe means of commercial transportation and does not fit into the transport policy of the State.
Also present at the crushing exercise are the Permanent Secretary in the Ministry of Transportation, Mr. Olawale Musa and other Officials of the Ministry.
Nigerian comedian and actress, Helen Paul, who is now married to Femi Bamisele, related an event in which her former boss tried to talk her husband out of dating her.
She revealed this in a recent interview on the Honest Bunch Podcast, stating that her previous supervisor had questioned why her husband, a lawyer, would want to date someone like her.
The comic continued by revealing that her supervisor had even gone so far as to criticize her and suggest to her spouse that they should simply have a light romantic relationship rather than think about making a serious commitment.
“My boss called my husband and said, do you really want to date Helen, Femi?, You deserve better, but if you just want to have fun, it’s okay,” she shared.
Additionally, her HR manager commented on her husband’s clean and professional appearance, implying that he could do better than being involved with Helen.
Following her announcement, many people rushed to social media to voice their displeasure, with others sharing similar experiences.
After marrying her husband in 2010, Helen Paul welcomed two sons into their family.
The comedian had previously talked about her difficult life story, including the stigma attached to her birth as a result of rape and the rejection she experienced from her family.
She described how her aunts had told her over and again that she had “bad blood” and shouldn’t be receiving financial support from her grandmother.
Helen Paul has persevered in spite of her obstacles, achieving success in her career, and using her experiences as a source of empowerment.
Patrick Motsepe is known as one of the richest men in Africa, and Africa’s first black billionaire. As the president of the Confederation of African Football (CAF) and the owner of Mamelodi Sundowns, he is a prominent figure in the African Football scene.
Beyond sports, he’s notable for his investments in mining and is the founder of one of Africa’s largest Black-owned mining groups — African Rainbow Minerals. He also owns Sanlam, a South African financial services group. Despite his high-profile roles, Motsepe keeps his personal life very low-key and away from the public eye.
According to numerous reports, Patrice Motsepe has a penchant for high-end cars and has acquired some of the most exclusive and expensive cars in the world. As reported by The South African, he’s been seen behind the wheel of the following cars:
Bentley Continental GT: This is a high-performance grand tourer that can reach speeds of up to 333 km/h. It has a 6.0-liter twin-turbocharged W12 engine that produces 467 kW of power and 900 Nm of torque. It costs around R4 million.
Mercedes-Benz S65 AMG: This is a flagship sedan that is notable for its combination of elegance and power. It has a 6.0-liter twin-turbocharged V12 engine that delivers 463 kW of power and 1000 Nm of torque. It can accelerate from 0 to 100 km/h in 4.2 seconds and costs around R3.5 million.
Rolls-Royce Phantom: This car is a symbol of status and luxury and one of the most expensive cars in the world. It has a 6.75-liter twin-turbocharged V12 engine that generates 420 kW of power and 900 Nm of torque. It can reach a top speed of 250 km/h and costs around R10 million.
Lamborghini Aventador: This is a supercar that always turns heads with its stunning design and performance. It has a 6.5-liter naturally aspirated V12 engine that produces 544 kW of power and 690 Nm of torque. It can sprint from 0 to 100 km/h in 2.9 seconds and reach a top speed of 350 km/h. It costs around R8 million.
Private Jet: It is also rumoured that Motsepe owns a Hawker 4000 business jet, which can fly up to 10 passengers and has a range of 6,000 km. It costs around R300 million.
Motsepe’s net worth is currently estimated to be $2.4 billion, down from $3.2 billion at the beginning of the year. He is ranked as the fourth-richest person in South Africa, the ninth-richest person in Africa and the 1,064th richest person in the world.
[billionaires.africa]
Helen Paul has posted an apology to Lizzy Anjorin over a post she made.
Lizzy Anjorin has been engaged in an online spat with her colleague Iyabo Ojo for some days now.
Helen Paul then took to Instagram to share a question that reads, "My people, what is a baby lizzard called? Is it Lizzy baby?"
Iyabo Ojo, whom Lizzy Anjorin mocks with the name Sepeteri, liked the comment and also posted an emoji to show that she found the post hilarious.
Many in the comment section tagged Lizzy Anjorin as they said the post was directed at the actress.
Lizzy then took to her instagram account to threaten to hit back at Helen Paul.
The comedienne returned to IG to explain that her post was misinterpreted ans it had nothing to do with Lizzy.
*Hails Sanwo-Olu’s giant strides in Lagos
*Governor takes royal father on tour of state museum
As though advancing a closing argument on the 2023 general election, the Oba of Benin, Omo N’ Oba N’ Edo, Uku Akpolokpolo, Ewuare II, yesterday, in Lagos, declared that it must have pleased God to ordain Senator Bola Ahmed Tinubu as Nigeria’s president, if his difficult path to victory was anything to go by, including the many court cases that greeted his emergence.
The foremost custodian of the Benin tradition and culture, who further called on the Nigerian people to support the Tinubu administration as well as live in peace, also hailed the Lagos State Governor, Mr. Babajide Sanwo-Olu, for his giant strides in the state.
This was as Sanwo-Olu, in company with his Deputy, Dr. Obafemi Hamzat and other cabinet members, took the revered monarch on a tour of the Lagos Museum – the J. Randle Centre for Yoruba Culture and History, Onikan.
Speaking at the Lagos House, Marina, the Oba of Benin noted that Tinubu’s victory at the 2023 presidential poll and his eventual emergence as President showed that God ordained him to rule the country, hence the need for all Nigerians to support him to achieve the greater dream for Nigeria.
Harping on the need for peaceful coexistence in the country to achieve sustainable development in all areas of the nation’s economy, he said diversity was good for Nigeria and urged the people to iron out their differences and live as a family in peace, unity and harmony with one another.
“God has ordained that Tinubu would become President of Nigeria. We are all one. I am for peace and tranquility. We must live together as one. Nigeria is big. We must iron out our differences and learn to live together as one, big family,” he said.
The Oba of Benin, who congratulated Sanwo-Olu on his reelection and commended his giant strides, however, charged him not to rest on his oars but do more to achieve greater heights in his second term in office.
Sanwo-Olu, while speaking, assured the monarch that the state would continue to be home to everyone irrespective of ethnic, religious or political affiliations.
Eulogising the Oba of Benin for distinguishing himself among the traditional rulers, he said his protection of culture and promotion of traditional values, have earned him maximum respect across the country.
While conveying Tinubu’s greetings to the monarch, he urged the traditional ruler to continue his support for the present federal government to ensure citizens benefit from the dividends of democracy, which he noted were becoming evident in the third quarter of the year with a rise in the country’s GDP.
“On behalf of Mr. President, we want to thank you for your fatherly role, for your prayers and best wishes to the government and I am sure he will not disappoint you.
“He will do everything possible to ensure that he delivers the real dividends of democracy that will help our country to reduce the poverty in the land, give us a new set of hope and redefine social economic development.”
[ThisDay]
SUPER Eagles striker Umar Sadiq produced a sensational strike to help Real Sociedad to victory in Spain, while his international teammate Terem Moffi also scored for Nice in France last night.
It took Sadiq his 14th appearance in all competitions to open his goals account this season but it was well worth the wait.
The 26-year-old Nigeria international picked the ball up in midfield and glided past two defenders before firing a rising shot from about 30 yards out that gave the Sevilla goalkeeper Marko Dmitrovic no chance.
The sensational strike was in the 22nd second minute and Real Sociedad’s second goal following Dmitrovic’s third minute own goal.
Morocco striker Youssef En-Nesyri pulled one back for Sevilla on the hour mark but Sociedad held on to claim a tight victory.
Sadiq, who was making only his fourth LaLiga start of 12 appearances this season, was taken off to huge applause in the 75th minute, 13 minutes before Sevilla veterans Sergio Ramos and Jesus Navas were both sent off.
With the victory, Real Sociedad moved up to fifth in the LaLiga table while Sevilla are 15th.
In France, Super Eagles striker Moffi scored the only goal of the encounter as Nice defeated Toulouse 1-0.
Moffi struck in the 54th minute to take his Ligue 1 tally to four goals and two assists in 13 matches this season as Nice moved to within one point of leaders Paris Saint-Germain.
Also in France, Nigeria winger Moses Simon played the full game as Nice were held to a 0-0 draw by Le Havre, while Super Eagles defender Kevin Akpoguma was brought on at the start of the second half in Hoffenheim’s 1-1 draw at home to Mainz in the German Bundesliga.
PHOTO: Umar Sadiq celebrating his goal.
[NaijaTImes]
• Cardoso takes ownership of ‘housecleaning’, embarks on broad staff audit
• Prepare for new era of supervision, bank chiefs told
• Most operators ahead of recapitalisation plan
• Don’t burden banks with long-term funding risk, Adonri warns
Beyond his public address at the Bankers’ Night in Lagos at the weekend, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has kick-started a new era of banking supervision and the conduct of monetary policy in earnest, The Guardian has been involved.
Already, bank chiefs who are in the queue to curry the favour of the governor are said to have received a “prepare for a new era of banking supervision” message from Cardoso, who is said to have spent much of his time studying the operational processes of the apex bank in the past two months and consulting key stakeholders on issues of concerns.
Multiple sources disclosed last week that some bank chiefs have complained of the governor, who is said to have turned down requests for meetings, of not being accessible and deliberately avoiding them.
A reliable source, who is privy to the experiences of some bank executives and had the opportunity to interact with Cardoso, told The Guardian that the CBN boss, who he described as level-headed, calm in his approach to official issues but resolutely focused, deliberately avoids “making friends that will compromise and distract him”.
“The most important thing is that he listens and seeks clarification. The few times I interacted with him, I saw an individual who places value on knowledge and approaches issues with an open mind. He also understands that he is behind time. So, if he does not entertain unnecessary and frivolous requests, it is understandable,” the source said.
The governor’s resolve to stay the course in restoring uncompromising banking supervision is said to have rattled the industry mafias, who have to the trenches. Regulator-operator relationship, according to sources, has been much more formal than it was previously while responses to queries have been timely.
Yet, Dr Chiwuike Uba, a development economist, said: “It is evident that capital base of most banks is already eroded as a result of currency depreciation occasioned by forex crisis. When the CBN raised the banks minimum capital base to N25 billion, that was equivalent of over $187 million, which is about N187 billion as at today. Even at that, if you factor the effect of inflation on the capital base, it then means that every bank may need a minimum capital base of almost N240 billion. How many of the existing banks’ minimum capital base is up to N240 billion as at date.
“Secondly, raising the minimum capital base may facilitate foreign investments, which will, in turn, lead to foreign capital inflow. This ultimately will cushion the current forex crisis to a reasonable extent.”
A chief executive of a tier-one bank is said to have written to executive directors, heads of departments and other senior executives on the need to step up compliance level to prevent possible sanctions.
Whereas some said the governor is apprehensive and would not want to make a grievous mistake, a banker who claimed to have known Cardoso long enough said “he is strict and holds ethical standards in high esteem” – values that may put him against a generation of crooked bankers.
The CBN offices are also anxious about how the governor policy onboarding plays and what dislocation could result from the processing.The Guardian also gathered at the weekend that the governor has commenced the process of overhauling what insider sources described as the “human aspect of reforms”.
As part of the process, the apex bank is said to have commenced a broad-based human-capacity audit to upskill and redeploy some of the employees for a new central banking era.
Whereas the shortcoming of the monetary policy is what is more in the face of the public, the new leadership, according to sources, has identified gaps in the banking supervision and other critical departments that must be plugged for effective operation.
A reliable source said the ongoing audit “goes beyond the routines” and seeks to correct fundamental operational flaws that were hitherto ignored.
“The scale of the exercise is evolving. But it is different from the usual process. The governor came into the system at the toughest time in the history of the bank. So, it is not expected that he would continue business as usual,” a source said.
The governor, according to information, alongside the Jim Obazee team, special investigators set up to probe the banks and associated business entities, is said to have kept a tab on a pending issue that borders on morality and ethics. Hence, the possibility of dismissal is not foreclosed but those indicted could tarry a little while as the CBN’s dismissal process is tedious and laborious.
“Even while you are found wanting with all evidence required to sanction you, the process of dismissing an erring employee follows about seven steps. So, you are likely going to have people relieved of sensitive positions and redeployed while they continue to attend to their queries,” a source informed.
Also getting prominent attention in the scope of restructuring, a word officials of the bank would avoid using to avoid sending an untoward signal, is the internal control system, which the external special investigators have faulted. The governor, alongside the board of directors, is said to have adopted a process that would tighten the internal control mechanism of the system to make collusion in financial misconduct difficult.
Whether the ongoing process at the CBN is labelled restructuring or not, what obtains is not remarkably different. Staff audit is ongoing; reporting and supervisory software are being updated to make the bank fit for modern regulation just as internal processes are also tweaked.
An insider drew an allusion between the system audit and President Ahmed Tinubu’s promised “housecleaning”, saying: “The Governor appears to have taken full ownership and he is running with it.” Cardoso hinted at the need for a change during his speech at the Annual Bankers’ Dinners at the weekend.
“The CBN is taking steps to enhance its in-house capacity so that it can assist other banks that still have progress to make in implementing their sustainability principles,” he said in a strict follow-up to the proposed comprehensive review of the licensing framework for payment services and developing a new regulatory and compliance framework for the technology-driven payment services sector.
Meanwhile, most operators may be ahead of the apex bank’s plan to raise the current capital requirements of the industry. Already, many banks are thousands of miles ahead of the current capital requirement and their assets are over the N1-trillion mark.
Today, Zenith Bank has a total net asset of N1.9 trillion; UBA’s net asset is about N1.7 trillion while FBN Holdings nets about N1.3 trillion. Even tier-two banks have built enormous financial war chests over the years; hence they would not need additional capital to meet new requirements even if the current bar is doubled.
This raises questions on what could have informed the CBN’s resolve to up the capital base requirements of banks. Speaking yesterday, an investment banker and economist, David Adonri, warned against burdening banks with the risk of long-term funding, which is better-taken care of by the capital market.
“The banks are adequately capitalised. Any bank that wants to increase its operations can individually take measures to scale up its capital base. However, if long-term economic development is the Federal Government’s objective, bank credit is not suitable for that purpose. Banks should not assume the risk for long-term capital formation, which the capital market is established for. Well-developed money markets and capital markets are the best sources to finance economic development sustainably,” he stressed.
He said raising the banks’ capital base as hinted by the governor may not facilitate the growth of the economy to $1 trillion in seven years as projected by the President.
Since the supply gap is the bane of the economy, policy should target the flow of long-term capital directly to the productive economy through the capital market, he advised, recalling that the country has gone the route before, which turned out disastrously.
But Victor Ogiemwonyi, another investment banker and ex-member of the Council of the Nigerian Stock Exchange (now NGX Group), insisted “there is the need to prepare for the future N1 trillion economy by getting our banks prepared and by raising new capital.”
The Guardian had reported that naira depreciation had eroded the real value of the capital base of Nigerian banks, a situation exacerbated by the compliance with the Basel Framework, which some experts have dismissed as only nice to have and not necessarily a yardstick for measuring the health of the banking industry of any country.
The latest of the framework, Basel 3, which built on the provision of Basel 2, set capital requirements of banks at seven per cent of the bank’s risk-weighted assets. However, there are other requirements, including the liquidity ratio requirement.
[Guardian]
Manchester United captain, Bruno Fernandes, has explained why he let Marcus Rashford take a penalty in their 3-0 victory over Everton on Sunday.
The England international forward hit a personal-best 30 goals for the Red Devils last season, but headed to Goodison Park in 2023-24 with just one effort to his name. He was able to double that tally from the spot on Merseyside, with club captain Fernandes stepping aside after a VAR review presented United with an opportunity to score their second goal of the game from 12 yards – following a spectacular overhead kick opener from Alejandro Garnacho.
Quizzed on why he passed the ball to Rashford, Fernandes – who is the Red Devils’ go-to option on penalty duty – told Sky Sports: “Because I felt that Marcus needed a bit of confidence, needed goals. Marcus is an excellent penalty-taker too. I’m 100 per cent sure that he could score the penalty. It’s not about who takes it, it’s about scoring the penalty and Marcus did it perfectly.”
Rashford has faced plenty of uncomfortable questions this season, on the back of signing a lucrative new contract at Old Trafford, but Fernandes says none of the 26-year-old’s team-mates have ever doubted his quality. He said when asked if Rashford’s confidence has dipped: “Obviously strikers, wingers, they want to score goals, they need to score goals, that’s part of their game and it gives you a boost. After the penalty, Marcus was unstoppable – he could take on everyone. I think sometimes you need this chance, this opportunity to get confidence back. But Marcus has been great for us. Obviously last season he was amazing, so everyone’s expectations for this season were higher. It’s just about getting his goals back and everyone will stay say that he is world-class again.”
United boss Erik ten Hag added to BBC Match of the Day when asked how much Rashford needed his goal: “A lot. You see also how great captain Bruno is. He assessed his team-mate needed that goal. He has the confidence in Rashy, who is a good penalty taker. As a team you need that leadership that you back each other. We have to go step by step. This is one step.”
[Leadership]
The Deputy Governor of Edo State, Comrade Philip Shaibu, has officially declared his intention to contest in the State gubernatorial election.
Naija News reports that Shaibu declared his intention in a press conference held in Benin, the state capital, on Monday.
Read Philip Shaibu’s full speech below:
SPEECH DELIVERED BY HIS EXCELLENCY, RT. HON. COMR. PHILIP SHAIBU, DEPUTY GOVERNOR OF EDO STATE ON THE OCCASION OF HIS DECLARATION OF INTENTION TO RUN FOR THE OFFICE OF GOVERNOR OF EDO STATE
27TH NOVEMBER, 2023
My dear citizens of Edo State,
We come from a lineage of greatness!
Our ancestors built the “Old Bini Empire” on bold ideas, breath-taking innovations and matchless diligence.
From the “Great Moat of Benin” to the world-famous “Benin Bronze Works”, our ancestors dominated their times, led the Nigerian dream from the front and created novel frontiers for the future.
When Edo State was created in 1991, our brilliant leaders, fully aware of our ancestral destiny named us “The Heart Beat of The Nation”. That was not an ordinary slogan. It was a call to destiny…mandate that we must collectively achieve.
As your Deputy Governor in the last seven years, I have had the privilege of working closely with our amiable Governor, His Excellency Governor Godwin Obaseki, to lay a solid foundation for progress in Edo State.
Under our administration, we have seen remarkable achievements and milestones, but there is still much work to be done.
I am aware of the need by the greater Edo people for a more inclusive government, a government of the Edo people, by the Edo people, and for the Edo people. A government of individuals who have been there and know the pains and wishes of an average Edolite.
A government, together, with the greater Edo people will reignite the Edo Spirit and transform our tomorrow!
Since my foray into politics three decades ago, I have lived among you and you have loved me as your very own son.
I have felt your pains at close quarters, sat with the elders to benefit from their words of wisdom, led the youth in many struggles for their rights, visibility and freedom, learned the intricacies of modern governance and built adequate service capacity.
You all are witnesses to my antecedents in government. When the waters of the Lagdo dam flooded our lands and threatened our means of livelihood, I led the emergency response team that managed the impact and kept it in check and continued to be involved in most humanitarian issues within the state.
When COVID-19 came to threaten our very existence, I put my life on the line in its very early days when protection was not available and worked to restore calm and order at the isolation centres.
Our Sporting treasure, Bendel Insurance, became my responsibility at some point within this administration. Through strategic management and relentless commitment, we have returned Bendel Insurance to the height of glory it belongs.
When kidnappers took some of our citizens from Ubiaja and Igueben Train station, I worked with the rescue team, led the rescue mission from the front and brought back the kidnapped citizens safe and sound.
Under my supervision as the Deputy Governor, our Internally generated revenue has grown impressively; thanks to the introduction of digital and cutting-edge ideas.
Back in the day, you didn’t just call me “Mr Constituency Project” for nothing. In my time as a legislator, I delivered 49 constituency projects at the state level and 13 solid constituency projects within my short stint at the federal level.
I have fought the good fight for you my people, Along the way, suffered humiliations and enjoyed many moments of victory but I am thankful in all things.
I have been pressed but not crushed, persecuted but not abandoned, badly hurt but not destroyed. I resonate with the tireless and irrepressible Spirit of the Edo People. By the grace of God, nothing and no one can stop us. After all, I be original Edo son…100% home boy.
This is why today, I stand before you with great conviction and resolve, as I declare my intention to run for the office of the Governor of Edo State under the platform of the
Peoples Democratic Party (PDP) in the upcoming 2024 election and I am confident that with your support, we can take Edo State to even greater heights.
My fellow citizens and party faithful, our campaign will be built upon five core pillars, each vital to the transformation and prosperity of our beloved state.
THE FIRST PILLAR OF OUR AGENDA IS INFRASTRUCTURAL DEVELOPMENT AND ECONOMIC DIVERSIFICATION.
We will commit ourselves to building modern, sustainable infrastructure that drives economic growth and enhances our quality of life.
By diversifying our economy, and exploring new sectors for growth, we will create more jobs and economic prosperity for all.
EDUCATION, SPORTS, SKILLS DEVELOPMENT, AND JOB CREATION FORMS THE SECOND PILLAR OF OUR AGENDA.
We believe that every child deserves quality education that will equip them with the skills necessary to thrive in a rapidly evolving world. We will prioritize the revitalization of our educational system, ensuring that no child is left behind.
We will restore the glory of Edo in the sports sector by ensuring that just like the Bendel Insurance, other aspects of sports will be given priority so that our teeming young people will be able to showcase their potentials, and make a living through sports.
In the same vein, we will ensure that our youths are empowered with the necessary skills to compete in the global job market.
THE THIRD PILLAR OF OUR AGENDA IS HEALTHCARE AND SOCIAL WELFARE SYSTEMS.
We recognize that a strong society takes care of its most vulnerable citizens. We will initiate a comprehensive overhaul of our healthcare system, ensuring accessibility, affordability, and quality healthcare for all.
Furthermore, we will implement social welfare programs that support those in need, providing a safety net for our people.
AGRICULTURE, RURAL DEVELOPMENT, AND POVERTY ALLEVIATION CONSTITUTES THE FOURTH PILLAR OF OUR AGENDA.
We pledge our commitment to empower our farmers, promote sustainable practices, and enhance food security for our state. Through agricultural initiatives, we will create opportunities for economic growth and work towards alleviating poverty in our rural communities.
LASTLY, SECURITY, ENVIRONMENTAL SUSTAINABILITY, AND TRANSPARENT GOVERNANCE IS THE FIFTH PILLAR OF OUR AGENDA.
The safety and security of our citizens is of utmost importance. We will strengthen law enforcement and implement community policing strategies to ensure the protection of all our people.
Additionally, we will prioritize environmental sustainability, while conserving our natural resources for future generations. We will govern with transparency and accountability, establishing a culture of trust between the government and the people.
My fellow citizens, comrades and party faithful, these five pillars of our agenda, among others, represent the values and priorities that we hold dear as Edolites. They represent our commitment to building a prosperous, inclusive, and viable future for all.
To our traditional rulers and religious leaders, we acknowledge your place in the development of our state and we would ensure that under our watch, our ancestral heritage is promoted & preserved.
Therefore, it is time for us to rise above partisanship, sentiments and unite under the banner of progress and development. Let us all come together to build a brighter future for ourselves and for generations to come.
My dear People of Edo State, this declaration is not just a political affair. It’s a call to destiny; a call to become the heartbeat of this nation, not just in words but indeed.
Therefore, I humbly seek your support, your trust, and your nomination in this upcoming election, as we embark on this journey together; united in our determination to make Edo State a better place for ourselves and generations to come.
I am Philip Shaibu, Your Guy.
Your One Hundred Percent Homeboy!
Together, we will Reignite the Edo Spirit and transform our Tomorrow
Thank you.
God bless the Peoples Democratic Party!
God bless Edo State!
God bless the Federal Republic of Nigeria.
RT. HON. COMRADE PHILIP SHAIBU DEPUTY GOVERNOR, EDO STATE
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An analysis by Nairametrics Research has revealed that twelve publicly listed commercial banks paid over N87.1 billion to audit, consulting and other professional services firms between January and September 2023.
This compared to the N60.1 billion spent as of the same time last year, represents a 44.9% increase.
A breakdown of the data showed that audit cost stood at N5.87 billion, while professional and contract expenses was N81.2 billion.
For the purpose of context, banks seek the services of accounting firms as auditors to check the accuracy of their financial records.
This is a statutory requirement as it ensures that the accounts of the firm represent a fair and accurate picture of the company’s current financial position as of the date on the balance sheet.
There are several accounting firms operating in Nigeria, however, the Big 4s typically receive the bigger parts of the pie. The Big 4s in no order are PWC, KPMG, Deloitte, and EY. Further findings by Nairametrics Research showed that all the listed commercial banks on the NGX are serviced by either of these Big 4s.
On professional fees
In terms of professional fees, which include legal, consulting, tax, financial and risk advisory, as well as other technologically driven professional services gulped a total of N81.24 billion in the review period, a sharp contrast from the N55.64 billion recorded in the corresponding period of 2022.
- While these fees are not statutory, they form an important part of banks’ non-operating expenses. Banks require the services of law firms to represent them in case of litigations, which is not rare in Nigeria, considering the level of regulations in the industry and the risk attached to housing public funds.
- For example, Zenith Bank in its 2022 Audited results, noted that the group was involved in several litigations to the tune of N967 billion claims in 2022, which involved the partnership of their internal litigation group and external solicitors to contest those claims.
- Also, Union Bank in its 2022 results reports litigations with contingent liabilities running up to N1.5 trillion, which requires legal advisors to fight the claims.
- There are several law firms in the country, however, some of the big names that immediately come to mind in Nigeria’s corporate law are Aluko & Oyebode, and Bloomfield LP amongst others.
- It is also worth noting that some of the Big 4 firms offer legal services to clients.
Some other areas where banks spend on professional fees include consulting for HR and strategy, Mergers and Acquisition, capital raise, risk advisory, and tech products amongst others. Professional services are integral to the smooth running of banks as well as expansion plans.
Examples of some consulting firms in Nigeria are McKinsey and Company, Andersen, Phillips Consulting amongst others. Outsourcing to professional service firms enables the banks to face their core banking function, while other firms take up their responsibility on their behalf.
Due to the lucrative nature of these industries (Audit and Professional services), the space has also recorded increased competition in recent years. As professional service firms in their typical fashion try to pouch big-ticket clients.
Banks’ spend breakdown
United Bank for Africa (UBA) according to its nine-month 2023 financial statement spent a sum of N943 million as audit fees and N35.86 billion for contract services. This makes UBA the highest spender on aggregate and the highest based on professional service expenses.
FBN Holdings, the group company of First Bank incurred N11.61 billion as professional services cost in the review period, although did not report on its current audit spend, since the report is an unaudited financial statement.
Meanwhile, based on available data, the biggest audit spenders so far are Access Holdings, and GTCo with N1.52 billion and N1.09 billion respectively. This is not surprising considering that the two banks adopt a Holding company structure, with a lot more range of assets across different subsidiaries and sub-sectors.
[Nairametrics]
United Nigeria Airlines flight has explained why one of its aircrafts destined for Abuja on Sunday landed in Asaba, the capital of Delta state.
The airline, in a statement signed by its Head Corporate Communications, Achilleus Chud-Uchegbu, claimed the incident was as a result of bad weather in Abuja, so the pilot temporarily diverted the flight to Asaba.
It said the pilot was aware of the temporary diversion and had been briefed accordingly.
“A united Nigeria Airlines flight, NUA 0504, operating from the MM2 in Lagos enroute Abuja on Sunday, November 26, 2023, was temporarily diverted to the Asaba International Airport due to poor destination weather,” the statement reads.
“At all material time, the Pilot of the aircraft was aware of the temporary diversion and was properly briefed. However, a wrong announcement was made by cabin crew upon landing safely in Asaba creating confusion among the passengers.
“Meanwhile, the aircraft has landed safely in Abuja following improvement on destination weather.”
[OpinionNigeria]
Universities in Nigeria are battling a severe shortage of staff as thousands of lecturers leave the tertiary institutions to seek greener pastures in foreign lands amid the high number of retirements at the varsities.
The Academic Staff Union of Universities branches in separate interviews with The PUNCH on Sunday confirmed this, adding that the shortage was due to the surge in the exit of the lecturers out of Nigeria and the concerns around the Integrated Personnel and Payroll Information System.
ASUU at the Usmanu Danfodiyo University, Sokoto, said about 100 lecturers had left the university, while the union at the Federal University, Gusau, Zamfara, disclosed that the institution was in need of about 1,000 lecturers to fill the vacancies created by those who had left.
The union at the Federal University of Agriculture, Abeokuta, Ogun State said over 350 academic vacancies were available at the institution, while 27 lecturers had left two faculties at the University of Lagos, as 100 workers at the University of Uyo travelled out of the country.
The union disclosed that about 500 academic vacancies existed at the University of Ilorin in Kwara State, while both academic and non-academic staff of the Olusegun Agagu University of Science and Technology were leaving the country.
The Chairman, Olusegun Agagu University of Science and Technology, Okitipupa, Ondo State, Dr. Rotimi Olorunsola, said many of the staff of the institution, both academic and non-academic, had left the university.
Japa in varsities
Olorunsola said, “Yes, some have japa (travelled out of the country), both the academic staff and non-academic.”
The Head of the Media and Protocol, Adekunle Ajasin University, Akungba Akoko, Mr Victor Akinpelumi, confirmed that many workers of the institution had moved out of the institution.
“It is true many workers, both academic and non-academic, have left the university, but as I am now, I can’t give a specific number. I can confirm that many workers of the university have gone,” he stated.
The Chairman of ASUU, University of Benin, Dr Ray Chikogu, said the shortage of staff in UNIBEN and other universities had been a problem that existed for a long time due to the embargo on employment by the Federal Government.
He said this constituted undue interference by the government in the running of the universities, especially as it affected the recruitment and promotion of staff.
He said, “The teaching staff department is grossly understaffed. For a very long time, academic staff have been overburdened with work in the University of Benin and many other universities in the country.
“It has been a problem for a number of years now because of the embargo on employment in federal universities and the process of recruitment of staff is a very cumbersome one. The university has to obtain permission from the head of service through the accountant-general’s office.
“This is interference by the Federal Government on the internal affairs of the school. What should have been handled by university senates and councils has now been centralised to the point that everything has been muddled up in the university system. It is a very sad situation.
“Many are retiring and they are not being replaced and due to the unfavourable condition much academic staff work under, they have left their jobs and travelled abroad to seek greener pastures, adding to the big problem of brain drain, which is taking its toll on the university system and nothing is being done about it. It appears that the Federal Government is deliberately suffocating the system for reasons best known to them.”
Bureaucratic bottlenecks
The ASUU Chairman at the Federal University of Kashere, Gombe State, Dr Shehu El-rasheed, said a lot of vacancies existed in the varsity due to bureaucratic bottlenecks.
He said, “A lot of vacancies exist but filling the vacancies has become very difficult due to the tough bureaucratic bottlenecks. A vice-chancellor needs to get clearance from about seven Federal Government agencies and parastatals before a single staffer is recruited.
“Senior professors are retiring and no replacement. In FUK, academic staff are leaving in numbers to countries such Malaysia, Oman, New Zealand, and the US.”
El-Rasheed noted that inadequate academic staff in FUK could be associated with inadequate funding, “by the Federal Government and bureaucratic bottlenecks brought by IPPIS; poor remuneration and harsh economic conditions.”
IPP was introduced by the Federal Government a few years ago as part of measures to solve the problem of ghost workers and civil servants who earned multiple salaries.
However, a lot of workers, particularly those in universities, are not comfortable with the initiative, as it does not enable the institutions to employ workers even when such universities are highly understaffed.
The management of the Obafemi Awolowo University and the leadership of ASUU in the institution, while speaking in separate interviews, said there was a shortage of staff members in the university.
The Chairman of the OAU ASUU, Prof Tony Odiwe, decried the poor treatment of academic staff members and demanded a better working environment for the lecturers.
He said, “The government doesn’t care about the system, treating us as if we are slaves, terrible conditions of service, no motivation, and poor facilities. In addition to this, retired members are not being replaced, we are extremely overworked.”
On the shortage of lecturers, Odiwe said, “Our members have gone and many are still planning to leave especially, the younger ones in the system.
“Yes, Japa has contributed immensely to it. It is natural as humans that we want to work or live in a place where we are valued, where we will be fulfilled and contribute to the growth and development of our society.
“Yes, retirement has contributed to it. For example in my department, over five of our members have retired in the last five years and they have not been replaced. You should also add the fact that some of our members have passed on. The IPPIS has caused enormous damage and the earlier it is scrapped the better for all of us.”
Speaking on behalf of the management, OAU Public Relations Officer, Abiodun Olanrewaju, said the institution was facing a shortage of both academic and non-academic staff.
Olanrewaju, however, could not give the number of vacancies in the institution.
He urged the Federal Government to allow the Vice Chancellor of the university, Prof. Simeon Bamire, to fill vacancies that exist within the institution’s workforce.
In Katsina State, the issue of inadequate academic staff in the state-owned Umaru Musa Yar’adua University was raised by workers in the institution.
Findings showed the institution made use of visiting lecturers from the nearby Federal University, Dutsinma, and from other universities across Nigeria.
It was also found that many of the university lecturers also handled extra courses aside from those assigned to them because of inadequate academic staff.
Meanwhile, the ASUU Chairman of the Federal University, Dutsinma, Dr Jibrin Shagari, said, “The FUDMA is affected by mass academy staff exodus, two professors exited the Faculty of Management Sciences last month, as well as a lecturer.
“Some of the staff died, while some slumped and are suffering from stroke. Many academic staff have lost interest in their jobs because of insecurity, overloaded work, non-living wages, no leave due to semester running, withheld salaries, wages, and promotion arrears.
The ASUU Chairman, Usmanu Danfodiyo University, Sokoto, Prof. Nurudeen Almustapha, called on the government and other relevant authorities to urgently address the issue of brain drain in Nigerian universities.
He said the brain drain was a result of the japa syndrome, as well as the non-replacement of retiring staff.
“We are having a serious shortage of lecturers here at UDUS, and I know the issue of Japa syndrome among university lecturers cannot be overlooked.
“Most of the young lecturers who are still very energetic now look for opportunities outside the country where they can explore their God-given talent better.
“Also, there has not been any recruitment in the last few years to replace those who are retiring or leaving the profession for greener pastures.
“Even though the laws that established universities give the governing councils the power to hire and fire, bureaucracy doesn’t allow it to materialise.”
He, however, confirmed that between the year 2000 and now, at least 100 persons had left the school either due to retirement or japa syndrome.
The chairman further said the introduction of IPPIS also contributed to the problem faced by the universities in the country.
“The introduction of IPPIS was also a major factor contributing to Japa in the school as most of those leaving the system are citing irregular payments,” he stated.
UNIJOS laments
The University of Jos decried the shortage of manpower in the institution.
The spokesman for the university, Abdullahi Abdullahi, said the last employment in the university was in 2017, adding that the situation was affecting its operations.
Abdullahi said, “I may not be able to give you a concise figure but what I can tell you is that there is a huge number in terms of manpower shortage in the University of Jos. Right now, the university cannot recruit because the process is very cumbersome and we need to have approvals first in that regard.
“As a matter of fact, the last time the university was allowed to recruit was in 2017 and since then we have had people who had left either by retirement or death without being replaced.”
It was learnt that the worst hit by manpower shortage in UNIJOS were members of the academic staff in the institution.
The Chairman of the institution’s chapter of ASUU, Dr Jurbe Molwus, blamed the mass exodus of his members on the Integrated Payroll and Personnel Information System introduced by the Federal Government which had worsened the plight of university lecturers in the country.
He said in UNIJOS, we have such an exodus taking place among our members. It is really affecting our staff strength and the matter is even more complicated because of IPPIS, as universities are unable to employ workers unless they go and get permission from the people there.
“So, the IPPIS has simply taken over part of the responsibility vested in the governing council of Nigerian universities to the detriment of the institutions’ autonomy. It is really a big problem because as our people are leaving, you can’t manufacture them from the labour market.
“It takes a lot of time to train them and there is a level of qualification you attain over time. And even when you want to send people for training, they are not attracted to come back because of the ugly situation on the ground. So that is the situation we have found ourselves in.”
The ASUU Chairman of the Federal University of Agriculture, Abeokuta, Dr Adeleye Oluwagbemiga, said the academic vacancies in the university were over 350.
He said the chief reason for the inadequate academic staff in the university was the irresponsibility of the government in terms of funding the university to get more hands.
He said, “The major reason we have inadequate academic staff in the university is due to the irresponsibility of the government that is not prioritising funding the university adequately.
“The last employment was done around 2019 or so and we keep having lecturers who are retiring, some died and some moved out in search of greener pastures. It is the duty of the government to fill up these vacancies but this the government has failed to do.
“Rather it places embargoes on employment. The standard according to the National University Commission is to have one lecturer to 50 students or so, but what we have here in our university is one lecturer to between 200 and 300 students. The academic vacancies here are over 350, at least with this we shall have a record of a minimum 70 per cent coverage of all the departments.
“The solution remains that the government should get more serious with funding of the university so that it can engage more hands.”
On his part, the ASUU Chairman of Federal University, Gusau, Zamfara state, AbdulRahman Adamu, said the university had been facing the problem of inadequate staff for the last three years.
According to him, the number of teaching staff was grossly inadequate, stressing that the university has about 300 teaching staff.
He said the university needed about 1,000 teaching staff to handle the growing student population.
“We have up to 300 teaching staff and we need more. I can tell you that most of the departments need more staff due to the current number of student population.
“Since three to four years ago, there has not been employment of teaching staff and the number of students is increasing, but the population of staff is decreasing because of appointments elsewhere,” he stated.
Efforts to speak to the Vice Chancellor of the university, Prof. Muazu Abubakar, failed as he could not be reached at the time of filling in this report.
Dr Emmanuel Ojukwu, the Special Adviser on Public Relations and Special Duties to the Vice Chancellor of the Nnamdi Azikiwe University, Prof. Charles Esimone, said there was a massive shortage of lecturers at the institution.
Ojukwu said the shortage of lecturers at the institution was because many of the workers had relocated abroad, while some had retired without any replacement for them.
He stated “Yes. There is a shortage of lecturers at UNiZIK. Many lecturers are relocating abroad and there is no replacement for retired lecturers because of the government’s current policy.
Dr Emmanuel Oshiyemi, ASUU Chairman of Tai Solarin University of Education Ijagun, also attributed the lack of required numbers of academic staff to the refusal of the government to employ more hands due to the financial implications.
The ASUU Chairman, Ambrose Alli University, Ekpoma, Dr Cyril Onogbosele, while noting that only the school authority could talk of the staff strength, said there were cases of staff complaining of being overworked.
He said, “It is only the Vice Chancellor and the Registrar that can say that. However, the recruitment done in the school does not follow due process. The management just employs people, especially when there is a strike, just to counter our strike. They employ a lot of staff without applying the condition of service. They said they would formalize their employment but only the registrar can answer that.
“Members have complained of being overworked. In some cases where the volume of work is high, members can talk about the excess work that is being done (we call it excess workload). It exists in some cases where you have few staff doing the job larger ones should have done.”
The Federal University Oye Ekiti, however, stated that it was not in shortage of academic staff despite the exit of some lecturers.
FUOYE Public Relations Officer, Foluso Ogunmodede, said, “Although there are some members of staff who resigned, that is not to say FUOYE has insufficient academic staff. Despite the resignation, the academic staff strength is still okay.
“In view of those who resigned, the management has approached the Head of Civil Service of the Federation for replacement and recruitment is due any moment from now. Very soon FUOYE will start recruitment to replace those who have left.
“Those who resigned may have been in a bid to look for greener pastures, which is a normal thing for human beings,” Ogunmodede said.
Also, the Chairperson of the FUOYE branch, Congress of Nigeria Universities Academics, Dr Ademola Akinsorotan, said Nigerian universities generally did not have enough academic staff.
“That is why you see people calling for an adjunct position, sabbatical, visiting so that they can augment what they have in the institution,” he stated.
On reasons for the exit of some members of the academic staff, the CONUA chief said the present hard times in Nigeria and the effect of the non-payment of the eight months salaries last year, made some lecturers find their ways outside the country.
He said, “The Japa syndrome is basically because of the economic situation. The Japa syndrome is real, it is taking its toll on academic activity, but we hope that the Federal Government will do something very soon and they will be able to arrest the trend as soon as possible.”
Former Minister for Lands, Housing and Urban Development, Chief Nduese Essien, has asked former President Olusegun Obasanjo not to blame Western democracy for Nigeria’s leadership woe.
Speaking on Sunday in Uyo, Akwa Ibom capital, Essien said the seeming failure is because democracy is not practised according to the rules in the country.
“Let me start by saying that this was an interesting assessment by former President Olusegun Obasanjo, but he took it out of context with realities on ground. Western style democracy has not failed in Nigeria because we have not practised it according to the rules.
“We inherited the parliamentary system from the Colonial masters and that is a system of democratic government where the head of government drives their democratic legitimacy from the ability to command the support of the legislature.
“This worked up to the independence supervised by the colonial masters. By 1966, the military said it was marred by corruption so they discarded it. But by 1979 we adopted the Presidential system. That also worked for four years until the military struck again under the excuse of petty corruption.
“By 1999, we resumed with the Presidential system which of course involves rigid adherence to the separation of powers between the executive, the legislature and the judiciary. So in 1999 the system was delivered safely.
“But the operators of the system decided to modify the separation and put all organs of government under the control of the executive calling it ‘Guided Democracy’. The executive embarked on deciding the President of the Senate, Speaker of the House and the leadership of the National Assembly.
“So we reached a stage where the executive decided to take full control of the National Assembly, selecting the leadership of the Assembly. Thereafter they went on to choose and remove the leadership of the parties under the whims and caprices of the President.
“Then next, the judiciary fell into the hands of the executive. Then the electoral process fell into the hands of the executive. So what we have practiced since 1999 is not the presidential system of Western democracy, but a modified form which I would agree with Obasanjo is the Afro Democracy.
“Let us not blame the Western democracy, let us blame ourselves for introducing our own version of democracy with unending modifications to bring every institution under the control of the head of government to ensure the next election is won. So let us find some other excuse for not doing well, and not be blaming Western democracy,” he stated.