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El-Rufai’s last hurrah By Ibraheem Musa

August 15, 2023 by AFR Business

In the 70s, Tony Wilson sang about politicians and in that ballad, he highlighted their antics in ‘I Like Your Style’. Politicians, according to him, are men of many words and in other words, they say much but deliver little. At worst, they renege on their promises with reckless abandon. However, not all politicians are the same and clearly, Malam Nasir el-Rufai is of a different cut. Largely, he walks his talk and oftentimes, he shoots from the hips, firing from all cylinders, taking no prisoners as he does.

In Nigeria, this exception is a double-edged sword and for El-Rufai, it has been cutting both ways, either as a minister or governor of Kaduna state. Indeed, the political class, entrenched interest groups and the upper crust of society see him as a defiant outlier. Conversely, ordinary people, development partners and civil society applaud his consistency, achievements and derring-do.

Significantly, his solid achievements, belling the cat at critical times and taking on difficult assignments, are well documented in his public service career. For example, remodelling the Federal Capital Territory, reengineering governance and the Kaduna Urban Renewal Project stand out in recent times. In fact, in the run-up to the presidential primaries, the 2023 election and the emergence of President Bola Tinubu, his altruism came out in bolder relief. Indeed, El-Rufai’s principled position, insisting on the right thing and patriotic intervention, dates back earlier, when the polls were three years away. At this point, let me share a privileged insight.

In 2020, the Kaduna state government, in early January, organised a retreat for political appointees, where special advisers, senior special assistants and special assistants converged at Kaduna Business School. The team, for two days, listened to experts and bureaucrats, who walked us through the nuances of public service, its code of conduct and defined boundaries. Besides, the appointees bonded and exchanged banter amidst lectures, tea breaks and group tasks. El-Rufai, on the last day, graced the event and shared his diverse experiences, fielded questions from the team ranging from family life, professional career and governance.

Specifically, Malam Nasir El-Rufai was asked, amongst other questions, whether or not he would contest for the presidency in 2023. Point blank, the governor answered in the negative and his argument, without equivocation, hinged on justice, equity and fairness. The north, by the year 2023, would have held power for eight years at a stretch and its leaders, in the interest of national unity, should ensure power shift to the south. The north, he argued further, is known for keeping its word and in any case, power rotation is one of APC’s building blocks. Indeed, follow-up questions were asked but El-Rufai stuck to his guns, rooting for national cohesion, peaceful coexistence and the paramountcy of respecting covenants in politics. The retreat, in the manner of Chatham House, was a platform for frank and honest discourse, so El-Rufai wasn’t playing to the gallery.

However, in spite of his position, individuals and groups started mounting pressure on El-Rufai to run for the presidency. Predictably, he kept a deafening silence and continued serving the people of Kaduna state that voted for him. Undeterred, one Nassiriya Organisation, a northern-based group, instituted a suit in October 2020, to compel him to contest the 2023 presidential election. In fact, its national leader, one Garkuwa Babuga, said that Nassiriya has members in 21 states and overwhelmingly, they had endorsed El-Rufai based on “his track records of achievements”. Unyielding, El-Rufai kept a stiff upper lip over the call, insisting on a power shift to the south.

Regardless, a lot of permutation started making the rounds, from the probable to the ridiculous, aimed at muddying up the waters. At once, the idea of an El-Rufai and Amaechi ticket, El-Rufai and Yemi Osinbajo running together, and El-Rufai and Kayode Fayemi, the former Ekiti state governor gunning for presidency, were all on the cards. In fact, the Aso Rock cabal and its allies, in desperation, reached out to Goodluck Jonathan, the former president and a PDP stalwart to boot, to recontest on the APC ticket. Besides, they pencilled down CBN Governor, Godwin Emefiele, for the presidential ticket but the whim didn’t fly.

In June, on the eve of the convention, the cabal conscripted Ahmed Lawan, the senate president at the time, for the presidential primaries in 2022. In fact, Abdullahi Adamu, the then APC national chairman, was the enforcer-in-chief of the project. Hurriedly, he convened a National Working Committee meeting and unveiled Lawan as the anointed candidate. Earlier, the Northern Governors’ Forum, at El-Rufai’s prompting, had met and insisted on power shift to the south. Indeed, foisting Lawan on them, as Adamu attempted, presented a fait accompli and they were at a crossroads. More so, the APC helmsman claimed that President Buhari, in a one-on-one meeting, had endorsed Lawan’s choice.

Again, El-Rufai came to the rescue, by leading the calvary charge against the cabal. In particular, the northern governors met Buhari, notified him of their resolution on the power shift and asked for his position on Ahmed Lawan’s anointed candidacy. Categorically, the then-president washed his hands off the phantom anointment and by so doing, cleared the doubt of APC faithful. Thereafter, El-Rufai rallied support for Tinubu, ditching friendship and other political alliances as a result. Afterwards, Tinubu won the primaries on the first ballot and by a wide margin.

Significantly, El-Rufai campaigned vigorously for Asiwaju, and engaged focal groups and the media, to sell Tinubu to the electorate. In the end, the APC presidential candidate won the election and thereafter, Tinubu sent emissaries to El-Rufai, to firm up his commitment to work with him. Specifically, the president-elect promised El-Rufai, in no uncertain terms, the new ministry of energy. Thereafter, El-Rufai mobilised his team and produced a blueprint that wowed Tinubu, about three weeks before his ministerial nomination.

Afterwards, the comedy of errors began, first by a security chief who, in a hurry to nail El-Rufai, breached official communications protocol. First, he wrongly sent a letter to the senior special assistant to the president on national assembly matters, instead of the senate president. Second, the letter was signed by a director of State Security Service and not the president. Third, the issues raised were rehashed political altercations and selective interpretations. Besides, the ban on El-Rufai from holding public office, a recommendation of a house committee, has been quashed by the court. The senate, on mere allegations, refused to confirm El-Rufai as minister.

However, when El-Rufai met with Tinubu, the usually forthright and straight-talking president, according to reports, pleaded for time to deal with the matter. Tinubu, at that point, started being evasive like the politician that Tony Wilson sang about. El-Rufai, on his part, has turned his back on the ministerial nomination, gone back to school, to learn, unlearn and relearn, to someday serve the public in another realm.

Ibraheem was El-Rufai’s senior special assistant on media and publicity

Global Infrastructure Partners and ADIA Agree to Acquire 72.55% Interest in European Rail Logistics Company, VTG

August 15, 2023 by AFR Business

LONDON, June 29, 2022 /CNW/ — Global Infrastructure Partners ("GIP"), a leading independent global infrastructure investor, is pleased to announce it has reached an agreement, alongside our partner the Abu Dhabi Investment Authority ("ADIA"), to acquire a 72.55% equity interest in VTG Aktiengesellschaft ("VTG"), the leading European railcar lessor, from Morgan Stanley Infrastructure Partners and Joachim Herz Stiftung.

Headquartered in Hamburg, Germany, VTG is a leading international wagon hire and rail logistics company whose more than 88,500 railcars comprise the largest privately owned fleet in Europe. VTG’s diversified fleet and pan-European operations allow it to offer services to a wide range of customers across the industrial, logistics and railway undertaking sectors. The VTG platform provides a differentiated offering to its customers through ancillary capabilities, including rail logistics and repair and maintenance.

Adebayo Ogunlesi, Chairman and CEO of GIP said: "We are excited by this investment and the opportunity to leverage GIP’s deep industry expertise in the rail sector to build on a market-leading European transport infrastructure platform. This acquisition is aligned with GIP’s energy transition and decarbonisation strategy given significant government support for the European rail sector as one of the most cost-effective tools for delivering on net zero emissions targets. We look forward to partnering with ADIA to develop this unique platform."

Khadem AlRemeithi, Executive Director of the Infrastructure Department at ADIA, said: "The growth of Europe’s rail freight market is backed by a modal shift to rail as a key enabler of the decarbonisation of supply chains. This investment in VTG aligns with our continued focus on pursuing infrastructure opportunities backed by strong energy transition-related tailwinds. For this transaction we have worked hand-in-hand with GIP, a long-standing partner, to invest in a market leading business with an established track record."

The transaction is subject to customary regulatory closing conditions.

GIP is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. Headquartered in New York, GIP operates out of 10 offices: New York, London, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP manages c. US $84 billion for its investors. GIP’s portfolio companies have combined annual revenues of c. US $68 billion and employ c. 104,000 people.

Established in 1976, the Abu Dhabi Investment Authority ("ADIA") is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.

Standard Chartered agrees to sell sub-Saharan units to Access Holdings

July 14, 2023 by AFR Business

July 14 (Reuters) – Standard Chartered said on Friday it has reached an agreement to sell its subsidiaries in sub-Saharan Africa to Nigeria’s Access Bank, putting into motion a plan announced last year to divest those businesses.

Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access. It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings.

Standard Chartered said in April last year that it would exit seven countries in Africa and the Middle East (AME) as it seeks to improve profits by focusing on faster-growing markets in the region.

"Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered’s businesses across the five aforementioned countries," Standard Chartered said in a statement.

The agreement is in line with Standard Chartered’s global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale," it said.

A value for the deal, which is expected to be completed in the next year, was not disclosed. The deals are subject to regulatory approvals in each of the countries as well as in Nigeria.

"This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential," Sunil Kaushal, Standard Chartered’s regional CEO for AME, said in the statement.

The statement said the deal would help Access "build a strong global franchise focused on serving as a gateway for payments, investment, and trade within Africa and between Africa and the rest of the world".

"With our recent European expansion and our deepened presence in key trading corridors across Africa, we will bridge the gap between cross-border and domestic transfers across all business segments," Access Group Managing Director Roosevelt Ogbonna said in the statement.

AfDB, WAMI advocate capital market integration

July 11, 2023 by AFR Business

The African Development Bank(AfDB) and West African Monetary Institute (WAMI), have called for capital markets integration to boost cross border investment in the West African region.

This will be done through West African Monetary Institute Capacity Building/Sensitisation Programme on West African Capital Markets Integration (WACMI) Phase II Project holding on July 11 to 12, 2023 in Lagos.

The programme will foster collaboration and enhance the understanding of the opportunities and challenges associated with the integration of capital markets in the West African region.

The director-general of WAMI, Dr. Olorunsola Olowofeso said, integrated capital markets will foster cross border investment, stimulate and deepen the regional financial markets through a series of activities aimed at harmonising capital market operational rules, while providing aggregated financial markets information.

He added that an integrated capital market will equally provide common market infrastructure, enhance liquidity, promote efficient allocation of capital, increase investment opportunities, reduce costs for market participants, and foster economic growth and stability.

Olowofeso stated that, “the project emphasises knowledge transfer and capacity building through workshops and technical training sessions to build the capacity of market operators, regulators, asset managers, financial infrastructure providers and other capital market participants on a range of financial market issues including regulations, supervision, innovative financing, cross-border investments and settlements.”

The project is funded by the African Development Bank (AfDB) and implemented by the West African Monetary Institute (WAMI) while Lead anchors are the West African Capital Markets Integration Council (WACMIC), a platform for chief executive officers of the Securities Exchanges and Central Securities Depositories in West Africa, and the West African Securities Regulators Association (WASRA), comprised of directors-general of the Securities & Exchange Commissions in the region.

The programme is expected to sensitise relevant stakeholders on efforts at enhancing cross-border investments across the region through the establishment of a common and integrated platform for the listing, trading, and settlement of securities transactions within West Africa.

The key objectives of the programme include: Enhancing awareness of the WACMI Phase II Project and its significance for the region’s capital market ecosystem: Facilitating knowledge exchange on regulatory frameworks, market structures, and operational aspects to support integration efforts and Discussing challenges and identifying solutions to strengthen cross-border investment and trading activities.

Speakers at the event will include; director-general WAMI, Dr. Olorunsole Olowofeso; director-general Securities and Exchange Commission (SEC), Mr. Lamido Yuguda; CEO, Nigerian Exchange (NGX) Mr. Temi Popoola; Deputy Governor Economic Policy Directorate, Central Bank of Nigeria (CBN) Dr. Kingsley Obiora; and the Project manager, WACMI Phase II Project, Dr. Abdulrasheed Zubair.

[tags: AFDBWAMI]

NCDMB commits to 70 per cent local content

July 11, 2023 by AFR Business

The Nigerian Content Development and Monitoring Board (NCDMB) has reiterated its commitment to achieving its target of 70 per cent.

This is as the board vows to ensure full implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010.

The executive secretary of the Board, Mr Simbi Wabote, said this at the 2023 Nigeria Oil and Gas (NOG) Energy Week yesterday in Abuja.

The NCDMB has already successfully grown local content implementation in Nigeria’s oil and gas sector from 26 per cent in 2017 to an impressive 54 per cent in 2002.

Speaking at the NOG Energy Week, which started yesterday with the theme: “Nigerian Content Role in Achieving Energy Security,” Wabote said the implementation of the Act would help to drive development and utilisation of in-country capacities.

Wabote said that in the last five years when NCDMB started implementing the Strategic Roadmap, and promised to deliver on his mandate in reaching the target of developing the capacity of the local supply chain for effective and efficient service delivery to the oil and gas industry without compromising standards.

He also encouraged oil and gas industry players to familiarise themselves with the Nigerian Oil and Gas Industry Content Development Act (NOGIC Act) as well as the Nigerian Content Regulations.

He said the NOG conference would continue to serve as an excellent platform to provide clarity, expositions, tips, and guidance to industry practitioners on the provisions of the NOGICD Act (2010).

He said it aimed to provide ministerial regulations, guidelines, tools and initiatives such as the Nigerian Content Equipment Certificate (NCEC), the Nigerian Content Intervention Funds (NCIFund) and Expatriate Quota, among others.

”We believe this will provide a good basis to facilitate the understanding of one of the key enactments guiding the oil and gas industry in Nigeria.

”We have selected three processes and initiatives for a deep dive during the panel sessions which are the NCEC, the NCIFund, and the HCD Guidelines.

”We aim to provide you with the information needed on these selected topics, get feedback on faced challenges, and provide guidance on steps to resolve the challenges free of charge,” he said.

The executive secretary also dwelt on the functions of the Board as stipulated in Section 70 of the NOGICD Act.

This, he said, would serve as a refresher for some of the participants while also providing clarity on misconceptions about some of the board’s interventions.

Wabote said the board had embarked on several initiatives to assist local contractors and Nigeria companies to develop their capabilities and capacity.

”This will ensure further attainment of the goal of developing Nigerian content in the oil and gas industry.

”The board have been able to implement all these projects because of prudent management,” he said

Giving a background of the, NOG Energy Week, executive vice president, Upstream, NNPCL, Adokiye Tombomieye, said the conference is a gathering of Nigeria’s foremost international energy stakeholders.

He said the gathering draws together policymakers, regulators, and leaders from the private sector to discuss Nigeria’s vital energy agenda.

According to him, the NOG Energy Week has attracted over 100,000 attendees from over 75 countries and over 50 national and international oil companies, in addition to hosting a world-class conference with over 1000 speakers, over 23,000 delegates, and 345 sessions, since inception in 2000.

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