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THE NATIONAL BUDGET: My take… Dr Nicholas Okoye



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.


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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News and Report

Controversial Sterling Bank caught in the act! CBN sanctions, parades officials for hoarding new naira notes [VIDEO]




Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks, THE WITNESS reports.


In a trending video on social media, seen by THE WITNESS, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.


The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.


The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.


“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.


“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”



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FCMB Manager Arrested For Hoarding New Naira Notes



A manager of the First City Monument Bank (FCMB) branch in Osogbo, Osun State capital, has been arrested for allegedly preventing Automated Teller Machines (ATMs) loaded with cash from dispensing money to customers.

The spokesperson of the Independent Corrupt Practices and other related offenses Commission (ICPC), Azuka Ogugua, in a statement on Friday said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines

“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly’.

Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.


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New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage



The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage.

The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public.

The bank official, who is the branch service head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATMs) even when the cash was available and people were queuing at the ATM points.

The statement reads: “When the ICPC monitoring team stormed the bank at about 1:30pm on Friday to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, the team was informed by the branch’s head of operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash earlier around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“The ICPC said investigations were still ongoing and the Commission will take appropriate actions as soon they are concluded.

“Similarly, seven Point of Sale (PoS) operators as well as a security guard were arrested during an ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons were helping the anti-graft commission with information to assist investigations and bust other syndicates involved in the hoarding and sales of the redesigned Naira notes,” the anti-graft agency said.


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