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NNPC plans trillion naira injection after investing N621 billion on roads

December 13, 2022 by AFR Business

The Nigerian National Petroleum Company Limited (NNPC) is planning to invest over N1 trillion to revamp selected Nigerian roads, months after announcing the release of N621 billion for a similar purpose, the national oil company’s Group Chief Executive, Mallam Mele Kyari, said yesterday.

Speaking during a tour of roads in the North-central and South-west, along with the Chief Executive of the Federal Inland Revenue Service (FIRS), Muhammad Nami and top officials of the Ministry of Works and Housing, Kyari stated that in the coming months, Nigerian road users will experience substantial comfort when commuting.

Recall that the programme was being executed under the tax credit scheme which is funded by the NNPC through FIRS and by extension the ministry of works, following Executive Order 007, signed by President Muhammadu Buhari.

Participants under the arrangement were entitled to utilise the total cost, referred to as “Project Cost”, incurred in the construction or refurbishment of an eligible road as a tax credit against their future Companies Income Tax (CIT) liability, until full cost recovery is achieved.

In the first phase, the NNPC was expected to construct a total of 1,804.6 kilometres of roads at a total cost of N621,237,143,897.35, with the North-central getting the highest chunk of N244.87 billion and the South-south emerging the second highest beneficiary of the NNPC roads project with the sum of N172.02 billion.

In addition, the South-west has a total allocation of N81.87 billion; it’s N56.12 billion for the North-east, while the South-east has N43.28 billion allocation. The North-west was allocated N23.05 billion.

Among the roads visited by Kyari were the one in Niger State where he carried out an assessment of the reconstruction of Bida-Lambata road in the state, with a length 124.81km and the Lagos-Badagry expressway along the Agbara junction and Nigeria/Benin border.

As a matter of priority, the reconstruction of the selected federal roads is being carried out by the NNPC in order to sustain a smooth supply and distribution of petroleum products across the country.

Kyari stated that the NNPC was taking cognisance of the importance of road infrastructure to the development of the Nigerian economy, explaining that it is the reason it is investing massively in roads infrastructure.

He termed the programme a game changer in the federal government’s quest to scale up infrastructure projects in the country, noting that the NNPC will continue to support any effort of government aimed at growing the Nigerian economy.

The GCEO expressed satisfaction with the progress of work so far done in the project sites visited, adding that the NNPC had done its part in releasing all the funds needed for their execution.

“We are very happy about the state of this road development. We are very happy with this intervention across the country not just in this place. We are doing 1,800km across the country. We are taking another set of over N1 trillion of investments in road infrastructure in the country.

“We believe that this tax credit system which Mr President has put in place is the game changer for our country. We believe that in the next 24 months, there will be massive change to the entire road network in this country and this is why NNPC is your company and working for all of us.

“We think that it is the best way to intervene and bring up our infrastructure. We are adding another set of cash, we have not reached the final numbers, but I know it is over N1 trillion,” he added.

Kyari stated that the quality of work was top-notch, revealing that the consultants deployed during Buhari’s stint at the Petroleum Trust Fund (PTF), were handling the jobs.

“We are using the same consultants in partnership with the Federal Ministry of Works and the FIRS to make sure that this works for all of us and we can see from the quality of work.

“This is the best framework for delivering infrastructure in the country. We are funding partners. We are development partners and enablers. So, whatsoever the FIRS and the ministry of works approve for us, we will consider from our cash flow and fund them,” he assured.

In his comments, the Director, Roads, Ministry of Works, Folorunso Esan, said through the intervention, the NNPC has been able to improve the pace of the project from 10 per cent to about 40 per cent within a very short period.

“From what we can see, the intervention from NNPC has taken this project from 10 per cent to 40 per cent in a very short time.

“And we have achieved a lot and you can see that the construction is still ongoing and what they have done already is quality work which everyone has attested to. And they are ready to complete this project with the funding available,” he said.

In his remarks, the Oba of Ibereko in Badagry, Israel Okoya, stated that prior to the NNPC’s intervention, motorists spent between two to six hours daily on the traffic in the area, stressing that currently travel time of the road has been reduced to less than an hour.

Earlier in Niger state, the Etsu Nupe, Alhaji Yahaya Abubakar, lauded the initiative and called for closer collaboration among the all the parties involved.

Also, Nami stated that: “This road will facilitate trade, movement of people from one destination to another and ensure safety of lives and property.”

Alex Alozie

December 13, 2022 by AFR Business

Alex Alozie, UBA’s Executive Director/Group Chief Operating Officer, joined the bank in 2019. He was charged with the responsibility of driving the bank’s digital transformation and operational efficiency.

Just before he joined UBA, Alozie was the head of operations in Diamond bank and Head of Digital and Head Office Operations in Access bank, where he successfully carried out various digital renovations that boosted the institutions.

As a result, Alozie has been recognised by several regulators and has received numerous awards which include; CBN’s commendation for contributions in the introduction of cashless initiative, SEC’s commendation for his role in implementing E-Dividend, CBN/NIBSS Award as a member of the BVN Implementation Committee amongst others.

He is a Fellow of the following Institutions; Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Chartered Economists of Nigeria, Chartered Institute of Strategic Managers & Leaders, Association of Human Resources of Nigeria, and is also a committee member of CBN Committee on introduction of cashless in Nigeria, CBN/NIBSS committee on Implementation of BVN, CBN/SEC Committee on E-Dividend Mandate and CBN Committee on Shared Services.

FTX founder Sam Bankman-Fried arrested over multibillion-dollar crypto fraud

December 13, 2022 by AFR Business

The Attorney General of the Bahamas has announced the arrest of Sam Bankman-Fried, the founder and former chief executive of the defunct cryptocurrency exchange FTX, which collapsed a few weeks ago. The Attorney-General’s office issued the announcement on December 12, 2022 and said the fallen crypto chief was arrested by the Royal Bahamas Police Force.

Mr Bankman-Fried’s arrest followed the receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition.

“As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act.

At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States.

Responding to SBF’s arrest, Prime Minister Davis stated, “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law. While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.”

Putting African Aspirations First By Ebenezer Obadare

December 13, 2022 by AFR Business

This week’s U.S.-Africa Leaders Summit could not have come at a more opportune moment. The first since President Barack Obama hosted African leaders in 2014, it is taking place against the backdrop of a certain urgency, induced by a noticeable shift in the temper of U.S.-Africa relations.

The reasons behind this shift are not far-fetched, the most predominant one being a newfound assertiveness on the part of African leaders owing to the changed diplomatic and strategic milieu in the region. While differences between Africa and the United States over the Ukraine conflict have been pivotal, it is clear that they have merely brought to the surface tensions that were already simmering.

In part, those tensions pertain to African countries’ long-standing disgruntlement at the perceived sanctimony of U.S. foreign policy on the one hand, and persistent neglect, if not outright dismissal, of African agency on the other. To the extent that it instigated African countries to seek partnership and support elsewhere, this situation may have prepared the moral ground for the positive reception accorded China and Russia, to name just two of the major powers whose influence in Africa has grown over the past decade. Since 2009, China has overtaken the United States as Africa’s largest trade partner, bilateral trade between the two topping $254 billion as of 2021.

Efforts by the United States to regain affections or, where necessary, strengthen existing bonds with its African allies—something that became imperative in the aftermath of the African reaction to the Ukraine conflict—have hinged on underscoring the perceived ideological opposition between Washington and Beijing. The West has portrayed the latter’s Belt and Road Initiative, perhaps not inaccurately, as liable to trade short-term economic benefits for long-term concentration of political power. This is contrasted with U.S. commitment to democracy and human rights, an approach that, in this telling, guarantees economic prosperity and enduring political stability in the long run.

The recently released U.S. strategy toward sub-Saharan Africa [PDF] enshrines the identified shift in tenor. In the first place, its overall conciliatoriness speaks to a rare, if refreshing, readiness on the part of U.S. officials to accept African countries as partners and collaborators, and, consequently, defer to African leadership and concerns in matters affecting the region. More to the point, the strategy affirms U.S. willingness to leverage all of its “diplomatic, development, and defense capabilities” in the pursuit of four main objectives in Africa: fostering openness and open societies, delivering democratic and security dividends, advancing economic opportunity, and supporting climate adaptation and the transition to renewable energy.

If the outbreak of amity in Washington has prompted questions about U.S. intentions, correspondingly, it has increased pressure on African leaders to leverage it. In this spirit, a valid insistence on political and economic inclusion has led to calls for greater transparency and accountability within African countries themselves, since, for example, it is difficult to imagine democratic dividends being delivered where a basic commitment to democratic values does not exist.

The overwhelming pattern across Africa would seem to suggest a readiness to maximize U.S. promise. For one thing, Africans’ enthusiasm for democratic values contrasts sharply with skepticism about liberal democracy—or, in some worrying cases, broad sympathy for autocracy—in Europe and North America. For another, a slew of recent examples points to a growing emboldening of the judiciary and civil society against statist pressure. Targeted U.S. material and moral support will give these institutions much-needed inspiration and sinew.

This by no means suggests that the region is in the clear. The recent spate of military coups d’état in Burkina Faso, Guinea, Sudan, and Mali is a reminder that old habits die hard. At the same time, the fact that a handful of gerontocrats continue to hog power in a number of African countries signals that the old order will not go away quietly.

Besides, Africa continues to grapple with profound economic challenges.

Yet, never has a genuine African need for assistance coincided with a greater U.S. desire to oblige, a desire seemingly tinged with a measure of contrition for past malfeasance. Against this backdrop, the U.S.-Africa Leaders Summit offers an excellent opportunity for both sides to begin a new diplomatic chapter.

Accordingly, while U.S. policymakers should, in the spirit of the new strategy toward sub-Saharan Africa, seek to work in Africa’s shoes, they should be careful not to conflate the wishes of African leaders with the yearnings and aspirations of ordinary Africans. What ordinary Africans want is clear enough: economic opportunity; security; political accountability; an end to corrupt Big Man rule; and improved investment in health, education, and infrastructure. Working with local partners and investors across the continent, the United States can help stimulate a new era of foreign direct investment in projects and initiatives that will spark economic growth and reduce dependence on frequently wayward states such as China.

For their intervention to be meaningful and effective, U.S. leaders and policymakers cannot afford to limit themselves to official interaction with African leaders. That is already the nub of China’s African diplomacy.

While the resolve to “amplify diaspora ties” is a step in the right direction, it should be seen as a first step toward incorporating young people and the remnants of civil society into the core of policymaking as it relates to the region. There is no other way to go if Washington takes seriously its vow to “bolster the region’s ability to solve global problems alongside the United States.”

*Professor Ebenezer Obadare is Douglas Dillon Senior Fellow for Africa Studies at the Council on Foreign Relations (CFR). This article was originally published by the CFR as part of the Diamonstein-Spielvogel Project on the Future of Democracy: https://www.cfr.org/blog/putting-african-aspirations-first

The Secrets of Tony Elumelu’s Success By Femi Adesina

December 13, 2022 by AFR Business

What a delightful week it has been for Mr Tony Elumelu, Chairman of United Bank for Africa (UBA), Heirs Holdings, and the Tony Elumelu Foundation.

Last Monday, he stood tall in Sokoto at the Chief of Army Staff Annual Conference to receive a Recognition Award, handed out by no less a person than President Muhammadu Buhari himself.

Elumelu was recognized alongside Chairman of Dangote Group, Alhaji Aliko Dangote, Chairman of BUA Group, Alhaji Abdulsamad Rabiu, Founder and Chairman of Zenith Bank, Jim Ovia, Col Hameed Ali, Comptroller General of Nigeria Customs Service, and Lt Gen Tukur Buratai, a former Chief of Army Staff. All these people had made salutary impact on the Nigerian Army in different ways.

What qualified Elumelu, particularly, through his Foundation? Entrepreneurial and philanthropic activities for our soldiers, both living and dead. He organizes and funds skill acquisition trainings for the army, extending his bowels of mercy to both the living and the dead. The Foundation cares for widows and children of deceased soldiers, and no less than 220 widows have been given succor, without a prompting.

After being trained, each widow is given a start up capital of two thousand dollars, while job opportunities are also given to retired and ex-service personnel in the conglomerate headed by Elumelu. This goes a long way to boost the morale of serving troops.

The next day after Sokoto, what news did we hear again about Elumelu, this worthy son of Nigeria, and of Africa? He had been named one of the winners of TIME 100 Impact Awards for 2022, for his selfless humanitarian activities and support for business upscaling for Africans in Africa. He had in 2020 also been named on TIME’s list of 100 most influential people in the world.

Of course, we know what Elumelu does for youths in Africa, spending millions of dollars annually to empower them for entrepreneurship. At a time people are bringing out smelly currencies from damp and dank places, to avoid the trap of naira redesign deadline, this Chairman of Elumelu Foundation is receiving National and global recognition for making money a servant, rather than a master.

What are the secrets of his success? This master investor with the touch of Midas gave a glimpse in a recent thread on Twitter. He said he is where he is today because of luck, noting: “luck is important but that doesn’t make it a substitute for hard work or labor.”
He added: “hard work and passion are the two most important ingredients for luck.
“I am where I am today because of luck. Let me be clear, luck is important, but it is not a substitute for hard work or labor. Luck is part of the cocktail that you need for success.
“There are two ingredients for luck – hard work and passion. The more work you put into something and the more passion you apply, the ‘luckier’ you find yourself.
You have to work hard and be more passionate and committed about what you do, to be successful and make your own luck.

“Hard work and passion are within your power and control, and you should apply them to earn your own luck and to help us foster a better and more prosperous world.”
Elumelu has successful investments in banking, power, oil and gas, hospitality industry, and many others. Self-effacing and hardly one to throw his weight around, he is a model, an icon for Nigerian and African youths.

In June this year, we were in Kigali, Rwanda, for the 26th edition of Commonwealth Heads of Government Meeting, and among the many world leaders that President Buhari met privately was Jamaican Prime Minister, Andrew Holness.

Before the bilateral meeting started, Holness disclosed that he had just finished meeting with Tony Elumelu from Nigeria.

And with a chuckle, the Nigerian leader said: “Tony? He’s a restless young man. Quite irrepressible. I see him all over the place.”

That’s our President for you. He does his things quietly, unobtrusively, but he notices everything. He sees people all over the place. He cares for the big, and the small. The billionaire investors, and the start-up farmer. He keeps tabs on everyone under his care, including the Dangotes, the Rabiu Abdulsamads, the Jim Ovias, and the Tony Onyemaechi Elumelus.

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