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Philanthropists, Tony O. Elumelu, Bill Gates discuss the role of global philanthropy on business, politics and culture at Le Club de l’Economie hosted by Le Monde in Paris

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Speaking at the Le Club de l’Economie in Paris France on Monday, Tony O. Elumelu, Chairman of UBA Plc and Founder of the Tony Elumelu Foundation, made a call to the French business community, global stakeholders and influential Africans in the development world to embrace ‘structured philanthropy’ in support of rising entrepreneurs with great potential, as a means to achieving sustainable development in Africa.

 

He made this call during a live interview conducted by Serge Michel, Editor-in-Chief at Le Monde Afrique, to an audience of high level political and business leaders, including the French Development Agency, Ministry of Foreign Affairs, representatives of international organisations, such as the World Bank, and the IMF, as well as representatives of civil society and selected journalists. This is coming a few days before the Tony Elumelu Foundation Entrepreneurship Forum, the largest annual gathering of African entrepreneurs, scheduled to take place on October 28-29th in Lagos, Nigeria, to celebrate the 2016 cohort of Elumelu Entrepreneurs, selected from over 45,000 applicants in 54 African countries.

 

In what has become a formidable gathering featuring a series of talks on business and economic issues, this special edition of ‘Le Club de l’Economie’ was dedicated to the influence of global philanthropy on business, politics and culture, featuring the world’s most influential philanthropists, including the world’s richest man, Bill Gates. Prior to his participation at Le Monde, Mr. Elumelu paid a courtesy call to the French Development Agency (AFD), where he met with CEO Mr. Remy Rioux to discuss concrete ways in which AFD can be supported by local partners ahead of plans to increase its annual financing commitment to Africa. Mr. Elumelu was joined by Bill Gates, his co-panelist at the Le Monde Philanthropy Forum.

 

Elumelu explained the challenges in developing Africa. “The biggest obstacles to development in Africa are a lack of an enabling environment, infrastructure and access to electricity. Imagine a young entrepreneur having to provide power access for a growing business.”

 

He proffered solutions to some of the obstacles saying: “It is important that Africans increasingly embrace ‘structured giving’ because it helps us, assist worthy individuals who are not part of our families, or neighbourhoods, but who have great need and potential.”

 

Further expounding on the benefits of Africapitalism, Elumelu cited the achievements of the Tony Elumelu Foundation’s Entrepreneurship Programme as a valid example of how Africans can solve their own problems via entrepreneurship and better governance.

 

“Better governance will solve our problems. We can’t afford to ignore entrepreneurship. We need to do both. We need government to realize that the success of entrepreneurs will lead to more success for government. Government can’t create all the employment opportunities needed in the economy. Only the private sector can do this. Government must create an enabling environment to allow businesses to thrive.”

 

Bill Gates also a panelist at the event buttressed this point during his session,

 

“States can no longer fund themselves their development, by giving back, we tap into the best part of ourselves. Everything significant we’ve done was through partnerships.”

 

Elumelu concluded by encouraging French investors to connect with local partners, while also calling on both the public and private sector to invest back into the continent by focusing on entrepreneurship.

 

Le Club de L’Economie is organised by leading French newspaper, Le Monde. Other participants at the event included Bill Gates, Bill & Melinda Gates Foundation; Jean-Marc Ayrault, Minister of Foreign Affairs, France;

The Aga Khan, spiritual head of the Ismaili Muslim community and Remy Rioux, CEO of Agence Francaise de Development.

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Contempt: Again, court commits EFCC boss, Abdulrasheed Bawa, to prison

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The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has been committed to prison for allegedly disobeying court order.

The court also directed the Inspector-General of Police, Usman Baba, to effect Bawa’s arrest and remand him in Kuje prison for the next 14 days until he purges himself of the contempt.

Justice R.O. Ayoola of the Kogi State High Court, in his judgement on Monday, granted the application for committal to prison of the EFCC chairman for disobeying a court ruling delivered on November 30, 2022, wherein the EFCC chairman was directed to produce the applicant in the case, Ali Bello.

Ali Bello had dragged Bawa to court for arresting and detaining him illegally, with the court ruling in his favour, only for the EFCC to arraign him for alleged money laundering three days after the ruling.

The EFCC’s applications for setting aside and stay of execution of the ruling were refused for want of merit.

The Court had, in Form 49, Order IX, Rule 13, marked, “HCL/697M/2022” and titled, “Notice to Show Cause Why Order of Committal Should not be Made,” asked the EFCC Chairman to appear before it on January 18, 2022 to explain why he should not be jailed for flouting the order given on December 12, 2022 in a case filed by Ali Bello against the EFCC and Bawa, as the 1st and 2nd respondents, respectively.

The court ordered that the EFCC and Bawa be served the motion of notice together with Form 49 by substituted means.

The court had declared the arrest and detention of the applicant in the face of a subsisting court order made by a court of competent jurisdiction and without a warrant of arrest “or being informed of the offence for which he was arrested” as unlawful, unconstitutional, and in contravention of the personal liberty and dignity of human person guaranteed under Chapter IV of the Constitution of the Federal Republic of Nigeria 1999 (as amended).

The court had also ordered the respondents to tender an apology to the applicant in a national newspaper and awarded N10 million compensation for him.

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Court Jails Fidelity Bank MD, Onyeali-Ikpe, Bank’s Secretary.. (CTC documents attached)

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A Chief Magistrate Court at Ogba, Lagos on Monday morning sentenced the Managing Director of Fidelity Bank, Nneka Chinwe Onyeali-Ikpe to six weeks imprisonment over disobedience of a garnishee order of court restraining the bank from allowing a judgment debtor access to his account.

 

Joined with the Managing Director to serve the imprisonment is the Company Secretary of the bank, Ezinwa Unuigboje.

 

Magistrate Lateef Owolabi gave the sentence sequel to a garnishee order he gave on December 6, 2022 asking 16 banks not to allow a judgment debtor, Prince Enabulele Ozaze access to his bank accounts pending the payment of N2.8 million judgment debt in suit involving the sale of a Toyota Corolla car.

 

 

In the main suit, Magistrate Owolabi had given judgment on October 13, 2022 in favour of the plaintiff, Jibrin Ahmed who sued the defendant over the payment of N2.8 million he made to the defendant for the purchase of a Toyota Corolla car. Magistrate Owolabi in the judgment said that the claim before the court is summons used in action for debt or liquidated money demand with or without interest. Liquidated demand, according to him, is one ascertainable as a matter of arithmetic precision without further investigation.

He then said: “I have examined the whole process filed by the claimant and hold that the claimant is entitled to judgment not necessarily because the defendant is absent, but because the claimant has made a case worthy of being entitled to judgment. The totalities of evidence presented are relevant and reliable”.

 

There magistrate thereafter entered judgment against the defendant in the sum of N2.8 million which is due to the claimant over the transaction that took place in July 2022.

 

In order to reap the fruit of the judgment, the claimant’s lawyer, Alayo Akanbi filed a garnishe proceeding before the court and attached 17 banks, and asked the court to stop the banks from allowing the defendant to draw money from his accounts with them pending the liquidation of the debt. The garnishe order was granted on December 6, 2022.

 

However, on January 25, 2023, the claimant, now judgment creditor deposed to an affidavit before the court where he showed that the garnishe order have been flouted by Fidelity bank. He showed instances of how the judgment debtor had been withdrawing funds from his account to the extent that he had depleted the funds in his account with Fidelity bank. He claimed that the judgment debtor has N3, 165, 759.05k in his account with Fidelity bank as at January 12, 2023 when the garnishe order was served on the bank.

 

By January 15, three days after service, the judgment debtor had withdrawn N725,547.80k from the account. The following day, January 16, 2023, another N251,305.90 was transferred out of the bank. On January 17, the legal officer of the bank Obianuju Nwosu confirmed service on the bank as at December 22, 2022 and further apologized for the transactions on the account.

 

On January 18, 2023, the court ordered that ordered that the Managing Director, and Company Secretary to appear in person before the court to explain why they should not be committed to prison for allowing the judgment debtor to dissipate the funds in his account after the service of the garnishe order nisi.

 

At proceeding on Monday February 6, the Managing Director and Company were not in court as ordered. Lawyer to the judgment creditor told the court how the two had disobeyed the garnishe order of the court.

 

Magistrate Owolabi in his ruling sentenced the Managing Director and Company Secretary to six weeks imprisonment each. He further ordered Lagos State Commissioner of Police and any officer under his command to arrest the duo, bring them to court for onward transfer to the appropriate correctional center.

 

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Petition signatures to Emefiele over new naira hit 1653..

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Petition signatures to Emefiele over new naira hit 1653

 

Following the crisis over the non-availability of the redesigned N100, N200, N500 and N1000, over 1653 Nigerians have petitioned the Central Bank Governor, Mr Godwin Emefiele, to end what they termed ‘hardship’ on the citizens.

 

The petition, hoisted on the global change website, change.org, which was started on Friday, garnered over 1653 signatures on Saturday.

 

As of the time of filing this report, many bank customers have yet to access the new notes as many automated teller machines are either not dispensing cash or completely shut down because of the crowd.

 

Protests have erupted over the situation in some parts of the country and some banks vandalised by hoodlums, demanding access to their money lodged in several accounts.

 

 

 

There have also been controversial videos showing bank officials sabotaging the process by hiding the new notes behind old ones in vaults.

 

The President, Major General Muhammadu Buhari (retd.), has requested seven days from Nigerians to fix the mess.

 

Part of the petition stated, “The recent shortage of physical cash in Nigeria has caused major untold hardship to Nigerians. People are spending hours in long lines at banks just to withdraw cash, and many are forced to rely more on digital transactions which tend to be unreliable due to poor bank networks.

 

POS operators also charge outrageous amounts; as much as N1000 for a N10,000 withdrawal. The Central Bank of Nigeria has stated that the shortage is temporary, but it is causing serious disruption to the daily lives of many Nigerians.

 

“We call on the government, stakeholders, law enforcement agencies and the CBN to take urgent action to address the cash shortage crisis in Nigeria. We demand that the CBN increase the distribution of physical cash to meet the demand, and also any POS operator found charging outrageous amounts for withdrawal should be arrested.’’

 

Meanwhile, the National Association of Nigerian Students has expressed displeasure over the issue, noting that the process was not only ill-timed but also not well thought out.

 

Speaking to Sunday PUNCH during a telephone interview on Friday, National Vice President (External Affairs), Akinteye Afeez-Babatunde, said, “The whole situation is crazy. We are tired. Students are crying and complaining. They can’t get cash. The leaders have confirmed to us that they don’t care for the people. The policy is fine but the process to get it done is to the detriment of our own lives as Nigerians. Our day-to-day activities have been disrupted. Nigerians are suffering.’

 

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