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A Practical And Necessary U-Turn

Published

6 years ago

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It ‘s often said that a sign of a good leader is an innate ability to recognise when something is not working, and the courage to correct it immediately – even if it means him or her administering a complete u-turn. Such is the magnitude of the Buhari administration’s about-face during the past six weeks or so.

First of all we witnessed the truly pragmatic and wise decision to put an end to fuel subsidy – a total anathema to the administration’s commendable commitment to help and provide for those at the bottom of the financial ladder. It was an act of true courage – allowing common sense to prevail over deep rooted ideologies. The simple fact of the matter is the government / nation cannot afford the subsidy bill; leading to the proverbial question – ‘where’s the money going to come from??’

Then a few days ago the CBN Governor informed us the FX market is to be liberalised – thereby allowing the markets to determine the value of the naira. On hearing the news, aside from wanting to leap for joy, I promised myself I would write an article of thanks and congratulations to the present administration.

Okay so rather than taking immediate and decisive action at the start of the year when it was blatantly obvious the economy was heading in a bleaker than bleak direction, the government nonetheless decided to lead us on a merry dance (oops! Did I say ‘merry’? Pardon me I meant ‘galling’) through the long and utterly grim valley of the shadow of economic death. But as they say, ‘better late than never!’

The above two monumental decisions speak volumes of the tenacity and humility of President Buhari and his Vice President, Professor Yemi Osinbajo. Indeed the more I watch and listen to the Vice President the more I believe he’s a man that sincerely and diligently listens to people’s views and advice – be they pro or against.

To further buttress my point about pragmatic management / leadership, allow me to recall a Chelsea match I watched several years ago. Before proceeding I should point out that as a passionate Arsenal fan, saying complimentary things about Chelsea’s then manager Jose Mourinho is not only painful but sends the most devastating chills down my spine. So after taking a very deep breath I’ll say this as quickly as possible.

The Chelsea team of those days were known for their affinity to ensure goals were not conceded. Playing anything resembling creative or attacking football was more or less an after-thought. But despite this painfully sterile approach to the game they had an uncanny knack of scoring timely goals – usually either very early on in the game or with just seconds remaining. Such was the effectiveness of their steely defence they usually only needed one goal to win games.

During the first twenty minutes of a game against Sam Allardyce’s Bolton Wanderers (I think it was Bolton but can’t be completely sure) it was fairly obvious that Mourinho had got his tactics a little off. Not only was the Bolton team running riot down both flanks but the Chelsea team looked even more staid than usual when going forward. So what did Mourinho do? He made a double substitution in the first twenty minutes of the first half – The First Half!!! Ten minutes later Chelsea were three nil up. I had never really liked Mourinho up to that point. Actually I still don’t like him. But it was from that very moment that I started to have the utmost respect for his abilities as a superb tactician and manager; and as a result till this day I always listen to everything he has to say.

Why?

Because his actions that day sent two very clear messages.

1. A very public and fearless admission that he had fluffed his tactics

2. He had the courage, and humility I might add, to correct his mistakes immediately

The above two points are key attributes of good leadership. A good leader should never be too arrogant or proud to admit when he or she has made a mistake. Neither should he or she be too afraid to make the necessary changes.

So once again I doff my hat to both the President and Vice President. During the past six weeks they’ve shown that the government manning the oars of this potentially great nation is one that listens.

Now the FX market is liberalised we’ll see a greater inflow of foreign investments during the next few months – leading to more availability of dollars to pay for the necessary imports. Yes we want and will become a self sustained nation that imports very little, but that time is a long long way away – at least ten to fifteen years. Our agriculture, mineral, manufacturing, alternative energy, and education sectors need to develop and grow first. It will take immense planning, focus, sustained commitment, and perseverance, but we will get there. Until then we must be practical and accept that we need to import certain goods and services in order to sustain ourselves.

The other major present concern is the high level of unemployment. But in time this too will reduce. Industries, sectors / companies will start employing again once they have more confidence in the direction the economy and nation at large is going. Yes, the economic indicators may not look too encouraging, and yes they are important pointers of the nation’s health, but they too will improve as confidence grows.

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House Of Reps committee indicts oil firms for tax evasion….

Published

3 days ago

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May 26, 2023

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….As FIRS rejects allegations by the House Committee that he is not doing enough to recover outstanding taxes and bring evaders to book..

 

The House of Representatives ad hoc committee investigating the Structure and Accountability of Joint Venture (JV) Business and Production Sharing Contract (PSC) of NNPC has indicted several oil companies for alleged tax evasion to the tune of trillions of naira.

The committee also blamed and seek the prosecution of the Chairperson of the Federal Inland Revenue Service (FIRS), Mamman Nami, for allegedly not doing enough to recover the outstanding taxes from the oil companies, a charge the FIRS boss rejected, saying his agency is working hard to bring all tax evaders to book.

Responding to the allegations levelled against his boss by the committee, the spokesperson for the FIRS chairperson, Johannes Oluwatobi Wojuola, described the claim as untrue, telling PREMIUM TIMES the tax agency is investigating and prosecuting several tax offenders.

According to the report obtained by the News Agency of Nigeria (NAN), investigation by the committee span 1991 till date with alleged tax evasion running into trillions of naira.

The report is expected to be laid before the lawmakers this week.

The ad hoc committee investigation, chaired by Abubakar Fulata, revealed that the JVs and PSCs of NNPC sold Nigerian oil at lowest cost to their own subsidiaries in a ”tax haven”.

The committee alleged that the company subsequently sold the same oil to other buyers at full price, while inflating the cost of their Nigerian production operations and under-reporting the volume of oil they produced.

This, apart from outright circumvention of the Nigerian tax laws, the committee said is abusive and contrived tax avoidance scheme to minimise their tax liability.

The ad hoc committee is praying the house to adopt the recommendations with a view to bringing sanity in the oil and gas operation in Nigeria.

This according to the report of the committee would be a greater benefit to the citizens.

The committee report also showed that all international and national oil companies who enjoyed capital allowance in Nigeria had no Certificate of Acceptance of Fixed Asset (CAFA) as prescribed by the Industrial Inspectorate Act.

The report, however, said all oil companies that benefited from capital allowance without obtaining CAFA as prescribed by the Industrial Inspectorate Act be made to refund all the monies to the government treasury.

NAN reports that on 1 November, 2022 the House ad hoc committee investigating the structure and accountability of the Joint Venture (JV) Businesses and Production Sharing Contracts (PSCS) of the Nigerian National Petroleum Limited began probing oil companies accused of tax evasion.

The probe was at the backdrop of alleged tax evasion by some oil companies operating in Nigeria, which led to the constitution of the committee by Speaker Femi Gbajabiamila.

Mr Fulata, at a meeting with stakeholders in the oil and gas industry, cited relevant sections of the 1999 Constitution as amended.

“This committee is relying on Section 88 and 89 of the 1999 Constitution of the Federal Republic of Nigeria as amended and we are asking heads of agencies who failed to forward their submissions to do so.

“This committee cannot fail in its mandate and we might resort to the use of Police and other security agencies to compel heads of agencies to do so.”

Mr Fulata decried that tax evasion by oil companies, particularly the International Oil Companies (IOCs) has negatively affected the revenue for the country.

Mr Fulata has expressed disappointment that several letters of invitation sent out to some organisations were not responded to, revealing that those who responded did so shabbily.

NAN reports that on 16 November, 2022, the house committee summoned the chairman of the FIRS.

The representatives of the FIRS, a director and special assistant, were not permitted by members of the committee to make presentations as they insisted that only the chairman is expected to speak on behalf of the agency.

The FIRS representatives had earlier told the committee that the service does not have access to the Stock Certificate of crude oil being lifted.

The representatives said the tax agency only relied on the invoice produced and presented to it by the oil companies. The committee then described the arrangement as ridiculous.

(NAN)

 

 

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Dapo Abiodun, Amosun Trade Words Over Dangote Refinery Siting In Lagos

Published

4 days ago

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May 25, 2023

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Ogun State Governor, Dapo Abiodun and his predecessor, Ibikunle Amosun have traded blames over the siting of the Dangote Petroleum Refinery and Petrochemical Plant at the Lekki Free Trade Zone in Lagos State.

The refinery with capacity to produce 650,000 barrels per day which is owned by Africa’s richest man, Aliko Dangote was inaugurated on Monday by President Muhammadu Buhari and four other African Presidents.

A chieftain of the Peoples Democratic Party (PDP), Segun Sowunmi reportedly blamed the Ogun State Government for losing the siting of the behemoth Dangote Refinery to neighbouring Lagos State.

Interestingly, both Amosun, who was the Ogun State governor from 2011 to 2019; and Abiodun who has been the governor since 2019, attended the inauguration of the refinery.

The two politicians are members of the All Progressives Congress (APC) but operate from opposing camps in the state with Amosun preferring another candidate over Abiodun who won his re-election in the March 2023 poll.

‘Amosun Frustrated Dangote’s Efforts To Locate Refinery In Ogun’
In a statement, Abiodun’s Chief Press Secretary, Kunle Somorin said it is painful that the huge investment that should have accrued to the state was lost, especially when the mega project had been initially planned to be located at the Olokola Free Trade Zone, in the Ogun Waterside Local Government Area of the state.

“In truth, everyone knows that Segun Sowunmi is referring to the immediate past governor, Ibikunle Amosun, as the man who frustrated the efforts to locate the refinery in Ogun State.

“We are all aware that the penultimate administration made appreciable and concerted efforts to ensure that the Olokola deep sea port and other ancillary projects in the OKFTZ, become a reality, by rallying major players in the oil and gas sector, including Dangote Group.

“The present governor, Dapo Abiodun, served as the Chairman of the Committee on the Olokola Free Trade Zone projects during the first term of the immediate past governor,” the statement partly read.

Dangote Took Business Decisions — Amosun
However, Amosun, in a counter-statement by his media office signed by Bola Adeyemi, said the Olokola Free Trade Zone project was not solely owned by the Ogun State Government.

He noted that Dangote took a business decision by siting the refinery in Lagos after initial consideration for the Olokola Free Trade Zone.

“From its conception in 2007, it was a Joint Venture. The Federal Government of Nigeria owned the majority 51%, Ondo State Goverment (14.5%), Ogun State Goverment (14.5%), and strategic core investors (20%). Alhaji Aliko Dangote, according to the information availed us when we took office, subsequently bought, and took over the 20% equity of the core investors,” the statement partly read.

“Ogun State was a minority equity stakeholder only, without proprietary strength and capacity to take sole decisions on the Joint Venture enterprise.

“As mere holder of 14.5% equity interest, it is most uncharitable for anyone to churn out lies that Ogun State was in a position to unilaterally frustrate the project or was responsible for the logjam.

“With respect to all sides, it accords more with logic to appreciate the fact that Alhaji Aliko Dangote took business decisions of his own in accordance with the goals of his business strategy and risk assessment.

“No amount of concocted lies, blackmail and orchestrated falsehood will blight these unparalleled facts.

“It is, therefore, interesting to read that the present Ogun State governor holds me responsible for allegedly scuttling the Olokola project.”

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FrieslandCampina WAMCO DDP Revolution Delivers Nigeria’s First Girolando Crossbreeds

Published

5 days ago

on

May 24, 2023

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FrieslandCampina WAMCO DDP Revolution

Delivers Nigeria’s First Girolando Crossbreeds

 

FrieslandCampina WAMCO has announced the successful crossbreeding and birth of 25 Crossbreed Girolando calves achieved locally across various farms in Oyo, Ogun and Kwara states, thus spearheading a production revolution and transformation of Nigeria’s dairy sector.  

 

The announcement made by the dairy company’s Executive Director, Corporate Affairs, Ore Famurewa, explained that the Girolando breed is a composite of ‘Milking Gir’ from Brazil and Holstein Friesian from the Netherlands and has produced tremendous results for many decades in Brazil, leading to its transformation to a world power in dairy production. 

 

“In addition to having a high milk yield, the Girolando breed is heat-tolerant, tick-borne disease resistant and possesses other characteristics ideal for production in tropical countries like Nigeria. The Girolando calves are the first generation of a new high milk producing breed in Nigeria” Famurewa said.

 

FrieslandCampina WAMCO continues to contribute to the development of the dairy sector and national food security through its Dairy Development activities and partnerships such as the Value4Dairy Consortium.

 

Launched in April 2021, the Value4Dairy Consortium made up of four strategic partners namely FrieslandCampina WAMCO (Nigeria’s foremost dairy Company), URUS (the largest cow genetics company in the world), Barenbrug (a leading grass seed company) and Agrifirm (a leading feed and supplement company in the Netherlands).

 

The consortium is making progress in implementing sustainable strategies to fast-track growth and development of the Nigerian dairy sector, with proven track records in various agri-related value chains.

 

Two partners of the Consortium, FrieslandCampina WAMCO and URUS Group LP, the global leader in cattle breeding and dairy herd management programs, selected the Girolando breed for introduction to Nigeria and subsequently signed an agreement with a local breeding farm-SMAP Farms Limited. The strategic partnership will maximize success in crossbreeding and increased milk yields on local farms in a sustainable way.

 

In 2022, 1400 Girolando semen straws were produced and 610 artificial inseminations achieved, and 25 Crossbreed Girolando calves have been birthed till date. FrieslandCampina WAMCO sees this key milestone achievement as an important step to give smallholder farmers access to affordable good yield dairy cows in Nigeria.

 

FrieslandCampina WAMCO and other partners of the Value4Dairy Consortium remain committed to providing scalable solutions to agri-related challenges in the Nigerian dairy sector. 

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