All Posts in "Day: November 18, 2021"

By
Ishowo Oluwatosin
I have lived for more than two decades; 14 years of those decades were dedicated to studying the political process due to the influence of my family who has a keen interest in politics and governance. However, my interest in economics and purchasing power is influenced by the fact that I assisted my mother in hawking, and myself sold leather pants meant for babies with minimal profits. So, I grew up wondering why some people are rich and why some are poor.
Also, during those days I was assisting my mum to hawk, I do wonder whenever the Emir of Ilorin passes why people hold him in high esteem, during that time, I don’t think I ever thought anyone was more important than the Emir until I grew and started discovering that Kings are appointed by the State.
 If the world fought, sacrificed, laboured, and made frantic efforts to establish a political process where a single man will not determine their fortune, life and where debates had to be held on things that affect their shared existence, why have they left the economy in the hands of people who rule and determine where the market will flow for decades despite not being government themselves or royalty?
An average Nigerian can bear testimony to the fact the labour market has been retired to the hands of individuals who rule like Emperors and exploit the defects of specialization. The Nigerian society has chosen to be satisfied with how things are and gave up on looking for ways to make them better. Hence, what we have in our economy are evil geniuses who privatize profits and publicize loss.
 Regardless of the level, these scavengers are our friends, family; they’ve transformed from humans into hyenas, feeding on the spoils and lack of aspiration of their nation.
Economists over the years have either pitched tent with either Karl Max or Adam Smith on Socialism vs Capitalism, only a few are determined to find balance on the birth, evolvement, and death of different economic orders.
The capitalists, both small and big in Nigeria have not learned the boundary of exploitation. The biggest profits of business owners in Nigeria are not because they sell their goods at higher prices, it is because they underpay workers in wages that contradict the value of the services and labour offered.
The Nigerian society has proven the likes of Karl Max to be right to an extent on the evil of capitalism, the government has left the workforce in the hands of individuals who will destroy the country regardless of the years it takes. Nigerians believe in political reform, the day they get equipped enough for the economic process, it will be the trigger to a very brutal revolution in the country. No aspect of the Nigerian workforce is not getting underpaid, regrettably, the negotiation of minimum wage was entirely ignored for private sectors.
 Hence, we have people who continue to suck people of labour banking on the surplus and free nature of the Nigerian market.The government at all levels must show that they are not comfortable with the way things are.
Growing business owners have inherited this evil mindset, underpayment is calculated and perceived as profit. Nigeria must be rescued from these path, if not even centuries and decade later, it will always appear like we have to rebuild the country from the scratch. Reforming the economic process should be seen as effort to avoid a revolution and a framework in addressing poverty in the country.
Organizations are destroying labour union formation within their fold or preventing one from being formed in fear for transparency and total domination, but employers are not the one doing the work, it is the employees and democratization of work environment must be ensured even if there has to be limitations.
The mode of profit should not be by exploiting workers and giving back what is less in value of their labour. The democratization of workers in organization decisions on things that affect them must be deployed to ensure people experience freedom, prosperity, and equality.
*ISHOWO,* Isiaq Oluwatosin
*Twitter:* @Tosinishowo
Online Editor by — November 18, 2021 in Opinion 0
 BEDC Receives Over 459,000 Complaints In Eleven Months

BEDC receives over 459,000 complaints in eleven months, says Enechaziam – The Sun Nigeria
Benin Electricity Distribution Company (BEDC) Plc, says it received over 459, 000 complaints from consumers from January to November, this year.
Abel Enechaziam,Chief Head of BEDC,who disclosed this at a programme tagged Consumer Complaint Resolution Platform organised by the Federal Competition & Consumer Protection Commission, FCCPC, and support from MacArthur Foundation held in Benin City,said the company has treated over 455,000 of the complaints.
Enechaziam said the company has given its workers mandate to treat every complaint as it comes without delay and that they have been doing just that.
Enechaziam urged customers to always chennel their complaints to the approriate quarter rather than depending on a friend who works in the company just as he asked complaints to always ask for the ticket number of their complaints for easy tracking than submitting them (complaints) without being able to track them.
While venting his anger at the event over what he tagged over billings, Counsel to the Hotel Proprietors of Nigeria, Edo State, Mr. Peter Askhaimo, Esq., on behalf of his clients, said he had this year written over 40 letters to the management of BEDC but with no response.
He added that he invited the Nigerian Electricity Management Service Agency, NEMSA, to carry out routine check on facilities in his clients’ premises after which BEDC was directed to supply NEMSA-sealed meters to his clients, lamenting that till now nothing has been done.
“I invited NEMSA who came in official capacity to carry out routine check on the facilities and the functioning capacity in all the premises of my clients. The outcome of that investigation was that BEDC should within a time frame supply NEMSA-sealed meters to my clients, but up till this moment, BEDC is adamant and still threatening my clients with over billing.
“The first question is, what is responsible for this over billing and high tariff of from NGN900,000 to roughly NGN4m in a month. A situation whereby hotel paid up to NGN5m monthly is unhealthy,” he lamented.
Online Editor by — November 18, 2021 in Power 0
Maye Stool: Olanipekun Akano Ruling House Wins In Appeal Court 

A Court of Appeal in Ibadan has affirmed lower court’s pronouncement of Akano Ruling House as the legal occupant of Maye of Ago-Amodu Chieftaincy Family in Saki area of Oyo state.
Justice A.B Mohammed,who read the lead judgement,dismissed the request of the five appellants,saying their brief of arguments because they are frivolous.
He also awarded the cost of N100,000 against the appellants.
He said:”In view of that,I affirmed the verdict of lower court delivered on 2011 and awarded N100,000 against the appellants”.
Prince Ademola Adeleke,on behalf of the Olanipekun Ruling House of the Mate of Ago Amodu Chieftaincy Family,had in 2006,dragged Paul Afolabi Okanlawon ,Oba Lawal Adebowale Alao(The Alamodu of Ago Amodu)and the Chieftaincy Committee of Saki East Local Government Council to Saki High Court in Oyo over some infractions in the Maye Stool.
Other defendants in the suit marked,HSK/25/2006,included Saki East Local Government Council and the Commissioner for Local Government and Chieftaincy Matters,Oyo state.
Adeleke,in his statement of claim,prayed the court that the first defendant nor being a member of the Olanipekun Akani Ruling House of the Maye of Ago Amodu Chiet Family or any other ruling house of the same chieftaincy,is not entitled to be nominates,selected and appointed to fill the vacant Maye of Ago Amodu Chieftaincy Stool.
He also wanted a declaration that the purported nomination of the first defendant in May 2006 to fill the vacant Maye of Ago Amodu Chieftaincy stool is illegal,unconstitutional, null and void.
He also prayed for an order of perpetual injunction restraining the fifth defendants from installing and recognising the first defendant as the holder of the title of the Maye of Ago Amodu Chieftaincy.
He further prayed for an order directing that a fresh nomination exercise affected by the Akano Ruling House of the Maye of Ago Amodu Chieftaincy family in respect of the vacant stool.
In his verdict,Justice Mashud .A.A Abass of Saki High Court,declared that the filling of the traditional chieftaincy of the Maye of Ago -Amodu is the exclusive preserve of male persons from Olanw Akano Ruling House of the Maye of Ago-Amodu Chieftaincy family.
“It is declared that the first defendant nor being a member of the Olanit Akano Ruling House of the Maye of Ago-Amodu Chieftaincy family,Ago Amodu,is not entitled to be nominated,selected and appointed to fill the vacant stool of Ago-Amodu.The purported nomination of the first defendant in May,2005 to fill the vacant stool of Maye of Ago Amodu,is illegal,unconstitutional, null and void” he held.
Dissatisfied with the lower court’s verdict,the defendants approached the appellate court in Ibadan with eight grounds of appeal.
They  claimed that the lower court erred in law when it assumed jurisdiction to entertain the suit it lacks the muscle to do so.
The claimant, they said, didn’t exhaust internal remedy provided in the statute before instituting the suit.
They also claimed that the trial  court erred in law to have made declarations of customary law relating to the  nomination, selection and appointment of persons as Maye of Ago -Amodu and the error occasioned a substantial miscarriage of justice.
After reviewing the facts of the matter,the appellate court judges agreed that the prayers of the appellants were frivolous
Counsel to the claimant,Barrister Bayo Toluwalase,commended the judiciary for the verdict inspite of the long years the matter linger in court.
He added that the appellate court’s verdict represents hope for the Olanipekun Akano ruling house to mount the stool as well as a formidable voice for the voiceless in Nigeria.
Prince Ademola Adeleke,representative of the claimant,expressed satisfaction with the verdict of the upper court,saying it offer
He appealed to other ruling house to see the victory for all and sundry, as well as opportunity to mend fences with a view to solidifying the Maye Stool
He told PremiumNews:”This victory is a victory for all and sundry.Having stayed in courts for over 15years and eventual delivery of judgment by an upper court, I think this is the period to again see ourselves as one and indissoluble family and work toward building the Maye stool on the crest of love,understanding and unity of purpose”
Online Editor by — November 18, 2021 in News 0
A.B.C. Orjiako  Quits As Chairman of Seplat Energy

Seplat Energy Plc has  announced that  its chairman, Dr. A.B.C. Orjiako,has  to step down  from the Board of Directors of the company.
Dr Orjiako notified the Board of Directors of his decision November 17, 2021,according to a statement.
In order to facilitate an orderly transition Dr Orjiako will remain as Chairman until the next Annual General Meeting in May 2022, when an Independent chairperson will take over.
Dr A.B.C. Orjiako is the co-founder and pioneer of Seplat Energy. Since 2009, as Chairman of the Seplat Energy Group, Dr. Orjiako has taken the Company through a number of acquisitions and was the driving force behind Seplat Energy becoming the first and only Nigerian corporate to dual list on the Nigerian Stock Exchange and the Main Board of the London Stock Exchange in 2014.
The Board of Seplat Energy   thanked its Chairman for his strategic vision, drive and limitless energy to create Nigeria’s leading indigenous independent energy company.
Dr. A.B.C. Orjiako, Chairman of Seplat Energy plc, commented: “The past twelve years at Seplat Energy have been exhilarating for me.  As Chairman, I am proud that the Board, Management and entire Staff of Seplat Energy were able to achieve several enviable milestones and exceptional successes, notably the acquisition of eight oil and gas assets, expansion of the Oben and development of the ANOH gas plants and the dual listing on both the Nigerian and London Stock Exchanges – a first by a Nigerian company”.
“While there were challenges along the way, we overcame these by the special grace of God, the outstanding performance and professionalism of each member of the Board and Management, and the sterling efforts of our staff.  I will continue to give my utmost energy and commitment to the Company until I step down from the Board at the next AGM,” he said.
 Mr. Basil Omiyi, a Senior Independent Director of Seplat Energy plc, commented: “On behalf of all members of the Board, I would like to thank Dr A.B.C. Orjiako for his immense contribution as a co-founder and Chair of Seplat Energy since inception.”
“He has been Chairman during both exciting and challenging times, and his dedication has been constant throughout.  The Board and Management look forward to working with him during the transition period and we will miss his insight, expertise and leadership when he finally steps down in May,” Omiyi said.
The Seplat Energy Chairman’s decision to step down and be replaced by an Independent Chairperson is a testament to the strong corporate governance and best practices he instilled in the Board.
Online Editor by — November 18, 2021 in Energy 0
NUPRC Promises Partnership With  Unions

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has pledged  to partner with the two oil and gas industry unions, Petroleum and natural gas Senior staff Association of Nigeria (PENGASSAN) and the National union of Petroleum and natural gas workers (NUPENG) for industrial harmony and smooth operations of the sector.
Its  Chief Executive Officer,  Mr. Gbenga Komolafe gave the assurance when the Presidents of  PENGASSAN, Mr. Festus Osifo and NUPENG,  Mr. Williams Akporeha both  paid him a courtesy visit in his office on Abuja
The commission’s Sp, Signed
Paul osu, who made gave the assurance in a statement, the said Mr. Komolaf
He explained that  the objective of the collaboration was to foster appropriate synergy to enable smooth operations in overriding national interest .
He said that since his assumption of office,  staff welfare has been his cardinal focus and that was the reason he immediately implemented the promotion of staff who had been stagnated over the years to motivate and promote industrial harmony.
He emphasized that he set up  work teams on assumption of office with clear terms of reference to address issues of staff welfare like legacy issues which requires redress for the sake of justiceand fairness.
He promised that as part and parcel of the union he will continue to promote equity   in the affairs of the Commission and in accordance with the Petroleum industry Act (PIA) 2021
The Visiting team while congratulating the CCE on his appointment assured him of their readiness to collaborate with the Commission in all areas of oil and gas industry operations as a major stakeholder .
They reiterated their belief in dialogue as a means to resolve industrial issues and thanked the CCE for the recent promotion of stagnated staff.
Online Editor by — November 18, 2021 in Oil&Gas 0
FAAC Shares N671.910bn To Three Tiers Of Govt. In October   

FG reveals why salaries of lecturers reduced after IPPIS - Daily Post Nigeria
The Federation Accounts Allocation Committee (FAAC) has shared a total of N671.910  billion October 2021 federation account revenue to the Federal, States and Local Governments Councils.
Henshaw Ogubike, Director of Information, Press and Public Relations, in a statement noted that the allocation was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for November, 2021 held in Lagos State.
The N671.910 billion total distributable revenue comprised Distributable Statutory Revenue of N363.849 billion, Distributable Value Added Tax (VAT) revenue of N154.844 billion, Exchange Gain of N3.217 billion and N150 billion augmentation from the Non-Mineral Revenue.
The sum of N24.591 billion was the total deduction for cost of collection and N30.864 billion was total deduction for  statutory transfers, savings and refunds. The balance in the Excess Crude Account (ECA) was $60.860 million,last month.
The communiqué  disclosed that from the total distributable revenue of N671.910 billion, the federal government received N284.292 billion, the state governments received N209.838 billion, and the local government councils received N156.282  billion.
It added that the sum of N21.498 billion was shared to the relevant States as 13% derivation revenue.
The distributable statutory revenue of N363.849 billion was available for the month. From this amount, the Federal Government received N180.551 billion, the State Governments received N91.578 billion and the Local Government Councils received N70.603 billion. The sum of N21.118 billion was shared to the relevant States as 13% derivation revenue.
In October 2021, the gross revenue available from the Value Added Tax (VAT) was N166.284 billion. This was lower than the N170.850 billion available in the month of September 2021 by N4.566 billion.
The sum of N4.789 billion allocation to NEDC and N6.651 billion cost of revenue collection were deducted from the N166.284 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N154.844 billion.
From the N154.844 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N23.227 billion, the State Governments received N77.422 billion and the Local Government Councils received N54.195 billion.
The Federal Government received N1.495 billion from the total Exchange Gain revenue of N3.217 billion. The State Governments received N0.758 billion, the Local Government Councils received N0.584 billion and N0.380 billion was shared to the relevant States as 13% derivation revenue.
The Federal Government received N79.020 billion, the State Governments received N40.080 billion and the Local Government Councils received N30.900 billion from the N150 billion augmentation from the Non-Oil Mineral Revenue.
According to the communiqué, in the month of October 2021, Petroleum Profit Tax (PPT), Oil and Gas Royalties and Companies Income Tax (CIT) decreased considerably. There was a slight decline in Value Added Tax (VAT) while Import Duty and Excise Duty increased marginally.
Online Editor by — November 18, 2021 in News 0
Zenith Bank Advocates  Increased Partnership  With Nigerians In Diaspora

Nigeria: Zenith Bank CEO advocates increased diaspora investment in health sector – Oracle news
The Group Managing Director/Chief Executive of Zenith Bank, Ebenezer Onyeagwu, has emphasized the need for increased  partnership of Nigerians in the diaspora for the nation to achieve its economic growth targets.
He made the call during the 4th Edition of the Nigeria Diaspora Investment Summit 2021 organised by the Nigerians in Diaspora Commission (NiDCOM) in Abuja
In his remarks on this year’s theme: “Partnership and Linkages for Post Covid Economic Growth”, Onyeagwu noted the aptness of the theme of the summit, as it underscores Nigeria’s need for robust growth following the unprecedented impact of the COVID-19 pandemic, which triggered a severe macroeconomic shock.
He  lauded  the Federal Government and the Central Bank of Nigeria (CBN) for the “Naira 4 Dollar Scheme” initiative among other policies that create an enabling environment for investment in Nigeria.
The policies, he said, contributed to boosting diaspora remittances by providing incentives for recipients of international money transfers; adding that the policies also encourage the senders and recipients to channel inflows through the official market, knowing that they will not be shortchanged.
Onyeagwu also said  Nigeria’s enormous investment potential, especially the nation’s huge market and youthful population.
Advocating  the need for partnership and collaboration of Nigerians in the diaspora to achieve Nigeria’s economic growth targets, Onyeagwu said that across the globe, the diaspora community plays a critical role in their home country’s economic growth and development.
Onyeagwu, who noted that Nigeria has enormous potential to attract significant diaspora inflow said the remittance inflows and investments, which are counter-cyclical, would help in ameliorating foreign exchange challenges as the funds form a significant buffer for the country’s foreign reserves.
He identified the healthcare sector as one area where diaspora investment and intervention are urgently required.
He said, “by leveraging the expertise of our diaspora healthcare professionals in some of the emerging world-class health facilities in Nigeria, such as Evercare Hospital, Ibom Specialist Hospital and Base University Hospital, we can begin to curb the loss of foreign exchange to medical tourism.”
Onyeagwu called on the various associations and groups of Nigerians in the diaspora to pull resources together and identify viable investment opportunities in the homeland.
Whilst commending the untiring efforts of NIDCOM led by Honourable Abike Dabiri-Erewa in supporting the engagement of Nigerians in diaspora in the country’s policies, projects, and development programmes, Onyeagwu canvassed that the narrative should shift from diaspora remittance to Diaspora Direct Investment as advocated by Honourable Abike Dabiri-Erewa and Mr Emeka Offor, Acting Executive Secretary/CEO, Nigeria Investment Promotion Commission (NIPC).
According to him,as a socially responsible organization, Zenith Bank continues to play its part in promoting investment in Nigeria.
“In the light of this, the bank is proud of its partnership with the Nigerians in Diaspora Commission (NiDCOM) and the Nigeria Diaspora Investment Summit (NDIS) and remains committed to creating value for Nigerians in the diaspora through its unique products, services and quality service, including mortgage”, he added.
Online Editor by — November 18, 2021 in Banking&Finance 0
SEC Spends 90% Of Revenue On Overheads-Senate

Senate, SEC disagree on revenue spending – Blueprint Newspapers Limited
The Senate has criticized the management of the Securities And Exchange Commission (SEC) for spending over 90 percent of revenue generated on staff salaries and emoluments, accusing it of wasteful spendings.
The Chairman, Senate Committee on Capital Market, Senator Ibikunle Amosun, also accused the commission of frivolities.
He  said:”Your emolument was almost N6 billion out of the N9 billion and other expenses, so clearly you are spending almost all of the revenue that comes to you on staff emolument and other related things.
“You should give us the number of staff that you have in the commission such that we need to look at what is happening. If you generate about N9 billion and almost N8 billion is purely for servicing the staff.You are having a huge deficit of almost N4 billion. When you continuously make this deficit, year in, year out, then something is wrong”, he said.
Presenting its 2022 fiscal projections, the Director General of SEC, Yuguda Lamido,disclosed that a  total of N11.5billion was projected as revenue for   2021 out of which N2.689billion was realised as at June with the hope of making more before the year runs out.
“Total recurrent expenditure for 2021 was budgeted at N13.53 billion but the actual expenditure was N4.063 by the end of June.
“Our budgeted deficit was N5.173 billion but the actual deficit as at end of September was N2.834 due to funding of it from our reserve.Though revenue performance is still weak but series of innovations like newly introduced charges for secondary Investors will boost it up from 2022 fiscal year and beyond.
“In giving room for more financial inflow , we are planning to retire about 152 top management staff with fat salaries in paving way for recruitment of fresh workers with attendant less financial burdensome on the commission.There are measures at reducing expenditure and also measures at increasing revenue of the commission.”
Online Editor by — November 18, 2021 in News 0