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THE NATIONAL BUDGET: My take… Dr Nicholas Okoye

Published

6 years ago

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I have read the response of the PDP as released by Olisa my brother. I disagree with the PDP position. I think this budget has carefully articulated programs to stimulate development. I will make an attempt to provide an analysis.

The full details of the budget are not yet available but I will take the President’s speech as a bedrock.

The largest share for capital vote went to infrastructure that is power, works, roads and housing. The largest share for recurrent went to education. I love this.

This means the Fed Govt seeks to stimulate growth in the business sectors by investing in infrastructure. And the future of Nigeria is being invested in by the focus on education. In addition the Govt is funding a scheme to employ 500,000 guaduate teachers for states and local govts. I love this too.

It means that the primary and secondary schools can expect a new generation of teachers that are Internet savvy and who belong to the Jet age. The Govt needs to make sure these new teachers are monitored so that standards can be high. The new teachers should also be encouraged to see their roles as a special national assignment so that moral and enthusiasm remains very high. I think giving them a special name or title will help and will go a long way.

The President equally talked about a commitment to private sector led job creation. He said they will fund loans for market women. I like this but I would rather like to see the model and procedure of disbursement of the loans.

I NEVER DID LIKE the YOUWIN program of GEJ as the grants were not repaid and so golden opportunities for repayment recycling were lost. There was no scheme to maintain the beneficiaries in a program for reeducation and sustainable success in business. If asked I am not sure the Fed Govt knows how many YOUWIN entrepreneurs are still in business.

We need to wait to get the break Down from the budget and planning minister and the minister of finance. However I am sure whatever they will say will not be too far from the analysis I have provided above.

If they can equally stimulate foreign exchange inflows by attracting more remittances, more investment and expanding non oil export revenues then the Naira will stop falling. In order to build the Naira back they must find a way to cut down on our import bills and expand away from our import dependent economy. There is no other way.

HIS BIO:

Nicholas is a Leadership Expert.with Core knowledge and coaching skills in all areas of the proven path to success FOR Individuals, Corporations, and Nations. He is a World Class Investment and trade promoter as well as global advocate for reform in youth empowerment, development and entrepreneurship. Nicholas is a Strategy expert with Executive forthsight and strategic direction skills.
Nicholas is a World Class speaker and constantly speaks around the World on key and strategic areas including PEAK PERFORMANCE for professionals and Corporations, National Development Strategy for National, Regional and State Governments and personal success principles and strategies for Entrepreneurs, business people and Professional individuals. Nicholas is a weekly writer on National Strategy for Development, in a four page weekly column in the Guardian Newspapers, Nigeria’s most prestigious and oldest News Publication Group, he also anchors a Radio Program every week that deals directly with solutions for National, Regional and individual success and development.

Nicholas also serves as an Adviser and a Member of several Corporate Boards including the OBIJACKSON Group parent company to Nestoil Plc, the largest Nigerian owned oil and gas servicing companies in Nigeria as well as Impac Nigeria, Century Power, Energy Works,, Neconde Oil owners of OML 42, , Gonowen Oil owners of OPL 917, Hammakopp Construction, Time Power Generation, B & Q dredging etc.

Nicholas is the convener and founder of Nigeria’s largest network of Entrepreneurs in Nigeria, Empower Nigeria, and is the CEO of the Empower Nigeria Fund, an SME targeted debt and equity fund. Nicholas is the founder of the Nigeria Leadership Summit, and President of the Anabel Group.

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Ecobank Alerts Customers on Sim Card Fraud

Published

7 hours ago

on

October 3, 2023

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Ecobank has once again, raised alarm on the dangers of SIM swap fraud, stressing that fraudsters could use it to impersonate them.

In a message to customers via email, the bank explained that SIM swap fraud occurs when scammers use your phone number to access your accounts.

According to the bank, “Scammers impersonate you and trick your mobile phone’s carrier into activating a SIM card, which gives them control over your phone number. It means scammers could potentially enter your username and password when logging onto your online banking platform and then receive the SMS verification code to access your account.

“Protect yourself against SIM swaps, don’t share personal information that fraudsters could use to impersonate you (such as your mother’s maiden name or birthplace) on social media. Never reveal your logins and passwords for your mobile phone, online bank, or credit card accounts to anyone. Please always report any suspicious activity”.

Ecobank also reminded the customers that the bank will not ask them to provide their personal or financial information, stressing that when they receive an email that includes a link to a website, they should ensure that the website is legitimate before visiting the site.

Ecobank further, urged customers not to respond to emails, SMS and unsolicited calls from people they don’t know asking for your personal or banking information.

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Bribery: UK court restricts Diezani’s movement, EFCC begins extradition

Published

8 hours ago

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October 3, 2023

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A former Minister of Petroleum Resources, Diezani Alison-Madueke, on Monday, appeared before the Westminster Magistrates’ Court in the United Kingdom over an alleged £100,000 bribe.

The district judge, Michael Snow, granted Alison-Madueke a £70,000 bail.

Snow further imposed other terms on Alison-Madueke including an 11 pm to 6 am curfew, an electronic tag to be worn by her at all times and a £70,000 surety to be paid before she could leave the court building.

Although she did not formally enter a plea, her attorney, Mark Bowen, informed the court that she would plead not guilty, Reuters reported.

Her next court appearance will be on October 30 at Southwark Crown Court, which deals with serious criminal cases.

In August, the UK’s National Crime Agency said it suspected that Alison-Madueke had accepted bribes in return for awarding multi-million-pound oil and gas contracts.

In a statement published on its website, NCA said the ex-Nigeria minister “is alleged to have benefitted from at least £100,000 in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties.

“Her charges also detail financial rewards, including furniture, renovation work and staff for the properties, payment of private school fees, and gifts from high-end designer shops such as Cartier jewellery and Louis Vuitton goods.”

In March 2023, the NCA also provided evidence to the US Department of Justice that enabled them to recover assets totalling $53.1m linked to Diezan’s alleged corruption.

Head of the NCA’s international corruption unit, Andy Kelly, said the “charges are a milestone in what has been a thorough and complex international investigation. Bribery is a pervasive form of corruption, which enables serious criminality and can have devastating consequences for developing countries. We will continue to work with partners here and overseas to tackle the threat,” Kelly added.

Diezani was the minister of petroleum resources from 2010 to 2015 during the administration of former President Goodluck Jonathan.

Shortly before Jonathan handed over to President Muhammadu Buhari in 2015, she left the country for the UK.

The Economic and Financial Crimes Commission alleged that the former minister stole $2.5bn from the Nigerian government while she was a minister.

Efforts by the EFCC to arraign her have been unsuccessful as she has not returned to Nigeria since 2015. But the anti-graft agency said on Monday that it had commenced an extradition process to bring Diezani back to Nigeria to face trial.

The spokesperson for the EFCC, Dele Oyewale, said, “The EFCC welcomes, with keen interest, the arraignment of former Minister of Petroleum Resources, Diezani Alison-Madueke, at the Westminister’s Court in London, United Kingdom, following alleged bribery allegations.

“Although the charges preferred against her at the London court, are diametrically different from the 13 counts, bordering on money laundering that the EFCC has raised against her, it is instructive to note that criminality is criminality, irrespective of jurisdictional differences. No crime can go unpunished. The money laundering charges for which Madueke is answerable to the EFCC, cover jurisdictions in Dubai, the United Kingdom, the United States of America and Nigeria.

“To bring the former Minister to trial in Nigeria, an arrest warrant has been obtained and extradition proceedings have been initiated. The commission is on course on her trial. She will soon have her day in our courts.”

 

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Mike Adenuga-led Conoil rewards shareholders with N1.73 billion dividend

Published

5 days ago

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September 28, 2023

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  • Conoil Plc declares a substantial $2.2 million dividend for fiscal year 2022. 
  • Shareholders to receive N2.5 per share in recognition of Conoil’s outstanding financial performance. 
  • Mike Adenuga’s leadership drives Conoil’s profit before tax up by 60% in 2022.

Leading petroleum marketing firm Conoil Plc, headed by the third-richest man in Nigeria and multibillionaire businessman Mike Adenuga, has declared a sizeable dividend distribution to shareholders of N1.73 billion ($2.2 million).

The $2.2-million payment, which is the last dividend for Conoil’s fiscal year 2022, is equivalent to N2.5 ($0.00319) per share for all 693,952,117 of the company’s outstanding common shares.

At Conoil’s 53rd Annual General Meeting, which took place on September 22, 2023, in Uyo, Akwa Ibom State, shareholders accepted this choice.

According to the information reaching us, the final dividend, which recognizes Conoil’s outstanding financial performance in its 2022 fiscal year, will be deposited to shareholders’ accounts on September 29, 2023.

Conoil’s profit before tax increased dramatically under Adenuga’s direction, rising from N3.83 billion ($4.9 million) in 2021 to N6.13 billion ($7.84 million) in 2022 while confronting various obstacles and a challenging working environment. During the same period, earnings after tax rose by an equally astounding 60%, from N3.08 billion ($3.94 million) to N4.96 billion ($6.35 million).

The increasing profitability of the petroleum-marketing subsector boosted Conoil’s profits per share to N7.14 ($0.0091), a stunning 60.8 percent rise over the N4.44 ($0.00568) generated in 2021.

The company’s board of directors decided to approve a final dividend of $2.2 million, or N2.5 ($0.00319) per share, as a result of this exceptional achievement.

Conoil has strengthened its position as a major player in Nigeria’s petroleum marketing sector under the shrewd leadership of Adenuga. The business is well known for its proficiency in the marketing of a variety of lubricants sold under the “Quarto” brand, including diesel, kerosene, gasoline, aviation fuel, and other liquids.

Adenuga, a well-known telecom tycoon and one of Africa’s wealthiest billionaires, continues to have majority ownership in the oil marketing firm of 74.4 percent, or 516,298,603 shares, further solidifying his position as a key player in the continent’s oil sector.

Conoil’s dedication to providing value to its shareholders and its tenacity in overcoming obstacles in the Nigerian market are both shown by this dividend payment.

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