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All Posts in "Day: June 16, 2021"
Breaking News: President Buhari flags off construction of NLNG’s Train 7 Project
When An Indefatigable Business Icon Clocks 60
Sixty years is a milestone worthy of celebration in many respects. It connotes wisdom, fortitude, and grit in the face of life’s seemingly impossible odds. There is even more reason to clink glasses when the sexagenarian in the spotlight is Mr. Joseph Olaoye Jaiyeola, an advocate for economic reforms slowly but surely making Nigeria a favourable business environment for all.
Mr. ‘Laoye Jaiyeola is business-savvy and has over 30 years of experience in the financial services industry to his credit. He holds a bachelor’s degree in Economics from Obafemi Awolowo University, Ile-Ife (1985), a master’s in Banking and Finance from the University of Lagos (1995) and an MBA from Bangor University, Wales (2013).
Despite his enviable track record, Mr. Jaiyeola is hands-on. He rolls up his sleeves to get the job done when the situation calls for it. Little wonder he was appointed the Chief Executive Officer of the Nigerian Economic Summit Group (NESG) in 2015, following his longstanding membership of the Board. Undaunted, he took up the challenge.
Six years at the helm, ‘Laoye has returned the NESG to mainstream national discourse focused on economic growth and people-oriented governance. He has helped differentiate the Group’s value proposition from its peers’ as Nigeria’s foremost private-sector policy think tank. Rather than a mere theoretical approach to an inclusive economy, the Group is increasingly leaning towards more practical interventions. One of them is the Start-Up Pitch Competition, launched in 2017 to provide funding for Nigerian SMEs and help them scale up in Nigeria’s ultracompetitive business environment.
Mr. Jaiyeola obviously has his work cut out for him, but keeps his eyes on the ball. He is a Senior Executive Fellow, Harvard Kennedy School of Government. Under his stewardship, NESG has hit record milestones in line with its mandate to build a globally competitive economy leveraging stakeholder engagements. In 2016, he spearheaded the launch of the National Assembly Business Environment Roundtable (NASSBER) to help review business, investment and job creating laws in Nigeria.
Today, NASSBER boasts an expert network comprising professionals from academia, business, government and civil society who bring their expertise to bear in shaping legislative advocacy.
Earlier this year, the NESG’s interface with the Nigerian Governors’ Forum, tagged ‘the NESG-NGF Economic Roundtable’, was inaugurated to strengthen institutional relationships between all tiers of government. At the launch of the Forum, Ekiti State Governor Fayemi emphasized the intervention was timely and would help strengthen institutional relationships among all tiers of government.
Notably, Jaiyeola’s intent with these interventions is not window-dressing. Each sets the stage for an economy built on free markets, good governance and an enabling environment. One of the fallouts is the Companies and Allied Matters Act 2020 (CAMA), which has eliminated the hurdles associated with the registration of SMEs and is gradually making the Nigerian business environment competitive, as obtains elsewhere across the world.
Beyond legislation is building NESG as a brand. Good enough, Mr. Jaiyeola is also passionate about social inclusion. Thanks to his efforts, NESG has a more contemporary look and feel, and is increasingly capturing the interest of the younger demography. In 2019, the Group unveiled its new corporate identity, representing its evolution from an ad-hoc platform to one driven to make changes and positively impact economic discourse in Nigeria and beyond.
This dynamism could not have come at a better time. It obviously helped Mr. Jaiyeola scale the coronavirus pandemic to convene the first-ever hybrid Nigerian Economic Summit (NES). The 26th summit, tagged ‘Building Partnerships for Resilience’, comprised of in-person/virtual breakout and plenary sessions, and highlighted building strategic partnerships in the wake of the economic downturn and EndSARS protests that defined the last a quarter of 2020.
Fatherly and amiable, Mr. Jaiyeola nonetheless has a keen understanding of the Nigerian business environment honed by his professional experience, board memberships and training. Before his portfolio as the NESG CEO, he worked with the Central Bank of Nigeria (1979-1993), and rose through the ranks from Dealer to Managing Director at Kakawa Discount House (now FBN Quest Merchant Bank Limited, 1995-2015). He is the Chairman, Board of Fellows, Chartered Institute of Bankers of Nigeria (CIBN), and also on the Boards of FMDQ OTC and Financial Dealers Market Association of Nigeria, among others; Chartered Member, Chartered Institute of Bankers, Scotland (2020) and an alumnus of Lagos Business School’s Advanced Management Programme (2001).
At 60, Mr. Jaiyeola has a plethora of accomplishments driven by his quest for continuous learning and great interpersonal relationships.
He is an avid reader, enjoys public speaking, mentoring people and teams, listening to classical music, and watching football. It does not look like these attributes will change any time soon as he looks forward to ever impactful interventions that will change the face of business in Nigeria. Indeed, hearty cheers are in order for ‘Laoye Jaiyeola, an indefatigable business icon who has joined the ranks of Nigeria’s sexagenarian giants.
Nigeria Should Review Power Privatisation-Olubiyo
The Consumer Protection Network, has emphasized the need for the Federal Government to conduct a mid- term review of the country’s power privatisation.
President of the group,Kunle Olubiyo,explained that the development was necessary in view of the erratic power supply in Nigeria with attendant consequences on its economy.
Olubiyo,who said the only way forward to the post privatisation issue was to put in place an urgent review of the exercise,added that there was need to redefine franchising which was inimical to competitive economy or competitive electricity market
He lamented poor supply in the country recently,saying:“It is killing, it is not working, every night the issue of energy reliability and stability cannot be guaranteed, energy stability is near zero.If you move round Abuja and other cities in the country, it is usually enveloped in darkness, this is not a good picture.So we want the Federal Government to move and do a mid -term post privatisation review and redefine the contract and franchising”
He advised the government to review the contract and framework and ensure that the regulator performs its roles creditably in the power sector.
The impact of the epileptic power supply,he said,was quite enormous in spite of government good moves to improve the sector.
“The Federal Government has secured a lot of credit line from multilateral lending institutions, World Bank, African Development Bank among others for the power sector.The Federal Government has also intervened by providing funds for the National Mass Metering Programme.So there is no better time than now for government to bring all the stakeholders together and know if the grid limitation is as a result of aged equipment or deliberate load rejection, ‘’he said
WHO Worries Over Surge Of COVID-19 Cases In Africa
The World Health Organization (WHO),has expressed concerns over the surge in new COVID-19 cases across Africa in the last two weeks – over 53 percent increase.
The WHO Country Representative, Dr Kazadi Mulombo, made these known in Abuja, during a joint press briefing on COVID-19 vaccination updates of the National Primary Health Care Development Agency (NHCDA), the WHO and UNICEF.
He said: “Following the decision of India not to export COVID-19 vaccines, as you know, the G7 has also announced when they were addressing the issue of vaccine equity, that there is a push towards lifting the patent and to try and decentralise the vaccine production.
He disclosed that there is a consideration to select up to three countries in Africa to install that capacity, so that they will install local production and upscale the production.
“The G7 also pledged more than 800 million doses of COVID-19 vaccine to be shared through the COVAX mechanism. It is expected that over the next few weeks, the availability of vaccines will improve.
“COVID-19 cases on the African continent will soon pass the 5 million mark and as Africa heads towards a sad milestone and a looming third wave, many African lives are at stake. In the last two weeks, Africa recorded a 53 percent increase in cases compared with the previous fortnight.
“There are, however, five countries (e.g., Democratic Republic of the Congo, Namibia, South Africa, Uganda and Zambia) currently experiencing a resurgence.
He said the threat of a third wave of COVID-19 is real and is rising in the African Region, including Nigeria.
He said rapid rollout of COVID-19 vaccines is therefore important, while intensifying COVID-19 preventive measures such as physical distancing, wearing a mask, keeping rooms well ventilated, avoiding crowds, cleaning your hands, and coughing into a bent elbow or tissue.
He said:“While an increasing number of persons in Nigeria are being fully vaccinated, there is a need for all to continue to adhere to the Non-Pharmaceutical interventions as recommended by the NCDC/PSC.COVAX Facility recently informed that Nigeria has been allocated AstraZeneca/AZD1222 (AZ/AZD1222) vaccine doses. Nigeria is among a group of Participants being prioritized to receive the AZ/AZD1222 vaccine due to the negative impact of the SII/Covishield global supply constraints.
“COVAX expects to announce another round of dose allocations where Nigeria may receive further allocations. WHO position on the AstraZeneca vaccine remains the same: the benefits of vaccination are far greater than the risk of the rare side effect. The vaccine remains a valuable tool in the fight against severe COVID-19 illness and has been shown to reduce severe illness, hospitalization and reduce deaths due to COVID-19 by over 80 percent.”
FG Expects Delivery Of Second Batch Of COVID-19 Vaccines July
The Federal Government has said that it is expecting the delivery of the second batch of 3.92 million doses of Oxford/AstraZeneca Covid-19 vaccine between the end of July and early in August this year.
It noted that the vaccines which will be channeled through the COVAX facility will be from non-Ind sources like South Korea, due to the pandemic situation in India.
It further stated that the administration of the second dose of the covid-19 vaccine will end by June 25, 2021, while it resumes the administration of the first dose of the vaccine in the second phase of vaccination.
It also assured Nigerians that the Oxford/AstraZeneca vaccine is 92 percent effective against the Indian (Delta) variant B.1.617.2
The Executive Director of the National Primary Health Care Development Agency (NHCDA), Dr Faisal Shuaib, who disclosed these in Abuja, during a joint press briefing on vaccination updates, with the World Health Organization (WHO) and UNICEF,said: “As of today, we have administered 1,978,808 first doses of the COVID-19 vaccine and 680,345-second doses.We now have information that Nigeria will get 3.92m doses of Oxford/AstraZeneca by the end of July or early August. As we receive additional information on the exact dates in August, we will provide an update regarding timelines and details of this.
“Recent research from Public Health England (PHE) shows that the Indian (Delta) variant B.1.617.2 is 92 percent susceptible to Oxford/AstraZeneca. It is therefore comforting to know that the vaccine used in Nigeria can protect against this variant that caused high morbidity and mortality in India. However, it underscores the need for us to ramp up our vaccination to more Nigerians.
“I will once again remind those listening that we are advising that all Nigerians who have received their first dose to check their vaccination cards for the date of their first dose and ensure that they receive the second dose between 6 – 12 weeks after their 1st dose to gain full protection against COVID-19.
“Please note that in some cases the location of your second dose may be different from your first dose, so please be sure to confirm this.
“I, therefore, urge all Nigerians who have received their first dose at least six weeks ago to visit the nearest vaccination site to receive their second dose, for full protection against COVID-19 on or before 25th June when we shall close the administration of the second dose.”
He added: “Recall that we officially closed the vaccination for the first dose on 24th May 2021. Since then, we have been inundated with requests by Nigerians to be vaccinated. In response, we have decided to reopen the vaccination for the first dose from today.
“This means anyone 18 years and above who has not been vaccinated should visit the nearest vaccination site for the first dose of the AstraZeneca vaccine. For such persons, their second dose will be due in 12 weeks and by then we would have received the next consignment of vaccines.
“We are ramping up vaccination to avoid an increase in cases as experienced in other African countries.”
Peter Hawkins, the Country Representative of UNICEF, who was represented by Dr Gupta Gagan, urged Nigerians, especially the frontline workers, health workers, and persons with co-morbidities like diabetes, hypertension, asthma etc., to ensure that they get vaccinated.
Twitter Ready To Dialogue With Us-FG
The Federal Government has confirmed that Twitter has formally written to seek for dialogue on issues leading to the indefinite suspension of its operations in the country.
The Minister of Information and Culture, Alhaji Lai Mohammed, confirmed this when he featured on “Politics Nationwide,’’ a Radio Nigeria call-in programme
“I can confirm that Twitter has written the Federal Government that they are ready to talk.As we have always maintained, the door is not locked and we are open-minded but Twitter must work toward it,” he said.
The minister reiterated the government’s position that it would not tolerate any platform that would be used to destabilise the country.
Mohammed said among other conditions for Twitter to resume operation in Nigeria, there must be an agreement as to what contents it could post.
He said Twitter and other platforms must also register as a Nigerian company, obtain license from the National Broadcasting Commission(NBC) and be guided by the rules of the licensing as well as pay taxes.
According to the minister, regulation of social media platforms is becoming a global practice.
He said most countries were just waking up to the fact that the platforms were becoming more powerful than even government and needed to be regulated.
BCW Advised To Promote Unity,Growth With Digital Platforms
Prince Sina Ademuyewo, an entrepreneur and business promoter, has advised the new elected officers of the Board of Church Warden, BCW at St. Agnes Catholic Church, Maryland Lagos, to use the mission to foster unity in the church and the country.
He admonished the new officers to build capacity of young talented minds to create opportunities that will promote unity using the social media platforms.
Speaking after the board’s general election, he said the church has a major responsibility to mould characters for socio-economic development and transformation of the country.
“Character and attitude is key to society transformation and using evangelism would help to enhance activities of transformation and society such as the Board of Church Warden, is a critical unit and a launch pad for character moulding. We are in a digital age and I think most of you are conversant with these tools and it is important we deploy it effectively for good of the society.
The important thing here is to see how we can use all these to build capacity and make the Board more acceptable and respected” he added.
In his acceptance remarks, the new e chairman of the board, Chika Izuora, promised to provide responsible leadership that will engender discipline and transparency
He commended Ademuyewo, for his unflinching support for the board, and sought the support of members in the task of sustaining the Board.
He said the new leadership will drive commitment, discipline and capacity development of members.
He commended immediate past chairperson of the Board, Mrs. Okhumeode for restoring hope and providing strong leadership especially at the heat of the COVID-19.
The newly elected officers are : Mr Chika Izuora, Chairman, Mr Vitus Ngobidi vice Chairman and Secretary – Ms Omowunmi Adenusi.
Others are, Ass Sec – Ms Chidinma Ezeh
Financial Sec – Mr Amuche Ekwueme, Treasurer – Mr Adaobi Alex-Oni, Welfare 1 – Mrs Lucy Ekoyo and Welfare 2 – Ms Ulumma Obaegbu
UNICEF Urges FG On Protection Of Schools
The United Nations Children Fund (UNICEF) has implored the Federal Government to take all measures in protecting schools in the country so as to make learning more secure for children.
The call was made following the highly risky schooling environment for children in the country due to the persistent abduction of children in their schools.
Officer in Charge, Representative UNICEF Nigeria, Rushnan Murtaza, who conveyed the advice in a statement,also called for the immediate and unconditional release of the 150 abducted children of Salihu Tanko Islamiya school in Tegina, Rafi Local Government Area, Niger State, penultimate week.
Rushnan said UNICEF was disturbed that two weeks after their kidnap from school, the children are still under their captors.
Rushnan said: “Parents are grieving their children’s disappearance, siblings are missing their brothers and sisters, these children must be immediately and unconditionally released and safely reunited with their families”.
He said UNICEF also laments that children in schools continue to be targets of attack and that in this particular incident, children as young as three years old were abducted.
“We can only begin to imagine how frightened they are and the impact this will have on their mental health and well being”, Rushnan said.
NDPHC Seeks Water Resources Ministry’s Support On Hydro Projects.
The Niger Delta Power Holding Company (NDPHC),has sought the support the support of the Ministry of Water Resources in its effort to develop small and medium hydro projects in the country.
The company’s Managing Director,Mr.Chiedu Ugbo,gave his words on Tuesday when led the management team of NPDHC on a courtesy visit to the Minister of Water Resources in Abuja to
He explained that the company was considering setting up small hydro plants on existing dams in the country, especially those in the northern part of the country.
He said: “We are here to pay you a courtesy visit and at the same time let you know what our programmes are with regards to renewable so that we can start discussing with your Ministry in earnest on how we can develop small hydro resources around the country, preferably, in the northern part of the country because of the quality of electricity in the area”.
He noted that though the company has ten power generation plants with eight linked to the national grid with about 4,099 mega watts, most are located in the southern part of the country and are unable to generate optimally due to poor transmission and distribution infrastructure.
He added: “We have 4,099MW but not all are taken in the grid due to systemic problems. If you check today, we have 500-700MW on the grid. That is not to say our machines are bad, it is because of transmission and distribution challenges.In those areas too, NDPHC has done significant work. We pride ourselves as having invested about 50 percent of the transmission assets in the country. We have invested heavily in transmission and distribution assets all over the country, in every state.
“We have also invested in solar home systems. We started from not just underserved but un-served communities. We did 20,000 in the first phase called beyond the grid programme. We started the second phase in Kazuare Emirate in Bauchi State with 100,000 connections.But having developed our thermal plants reasonably, we thought it is time to move to the next phase of our project development and that phase is where after optimizing gas resources, we have to optimize other resources we have for power generation.
“In renewable energy, we are working on solar, not just stand alone but also mini-grid and on utility scale, that is on one side. We also thought that part of the programme is the hydro electric and the best way to start it is the dams”, he added.
He said the company was interested in the dams especially those with hydro electric capabilities already installed or can be recovered.
In his remarks, the Minister of Water Resources, Engr. Adamu,disclose that Nigeria has over 240 dams across the country with most having the capacity for hydro power.
The Minister,who pointed out that the dams have the capacity from 40MW and below, stated that most of the projects have been halted because of poor planning.
He explained that most irrigation projects in the country require a lot of water which also needs a lot of electricity to operate.
He urged NDPHC to support the projects by installing solar projects in the irrigation areas.